KARACHI, Feb 8: Stocks on Friday closed the weekend session on an easy note despite strong support on selected counters as investors played on both sides of the fence owing to risks involved during the intervening two official closures.

But the opening was fairly encouraging as a section of leading investors, including some institutional traders picked up blue chips at the lower levels apparently for quick gains.

An idea of the market’s volatility may well be had from the fact that the KSE 100-share index after having risen early by about 60 points showed either way movements amid alternate bouts of buying and selling.

The final close in the after session was at 13,938.33, off 54.42 points as compared to 13,992.75 a day earlier despite the fact that some of the leading shares, notably Pakistan Oilfields, Habib Bank, Bank AlFalah, and some others ended with smart gains.

In the absence of some positive leaks from the election front, notably the prospects of a winning party, investors are in two minds and are not inclined to take long positions on any of the counters, including the safe havens, a leading analyst Ahsan Mehanti said.

“No one is in a mood to go beyond their stipulated buying or selling limits as the city law and order situation is still tense as the mourning of a political leader enters the second day out of the declared 3-day,” he added.

Although the city limped back to near-normalcy after the last two days tense situation, investors are still in two minds how to react in the prevailing conditions, some others said.

However, instances of dividend-linked covering purchases on selected counters were not lacking, which in turn allowed the market to resist lager fall, analyst Ashraf Azkaria said.

He said board meetings of some of the leading companies are due by the next week, which could give the needed push to stock trading as some would like to make speculative buying for quick gains.

Leading gainers were led by AKD Securities and Pakistan Engineering, up by Rs25.75 and 16.90 followed by IGI Insurance, EFU Life, United Sugar, BOC Pakistan, Shield Corporation, Shell Gas, and Hino Pak, which posted gains ranging from Rs5.05 to 15. JS & Co and JS Global were leading among the losers, off by Rs26.90 and 25.45, respectively, on weekend selling. Other notable losers included Service Industries, Netsol Technologies, Unilever Pakistan, Sanofi-Aventis, Pakistan Services, Arif Habib Ltd, EFU General and Lakson Tobacco, which suffered fall ranging from Rs6.50 to 19.

Trading volume was light at 133m shares as compared to 139m shares a day earlier but gainers managed to hold modest lead over the losers at 146 to 137, with 44 shares holding onto the last levels.

NIB Bank topped the list of actives, steady by 10 paisa at Rs21.95 on 7m shares, Norrie Textiles, which was shifted from the defaulter counter to the ready section up 25 paisa at Rs2.25 on 6m shares, Netsol Technologies, sharply lower by Rs6.90 at Rs131.90 also on 6m shares, Pakistan Oilfields, higher by Rs2.85 at Rs318.50 also on 6m shares, Arif Habib Securities, up 45 paisa at Rs177.75 on 5m shares, Bank AlFalah, up 80 paisa at Rs53.80 on 6m shares and Habib Bank, sharply higher by Rs9.10 at Rs269.80 on 5m shares.

Fauji Cement (right shares) were also actively traded, up 10 paisa at 35 paisa on 10m shares followed by Dewan Salman, unchanged at Rs8.80 on 5m shares and Bank of Punjab, steady by five paisa at Rs91.05 on 4m shares.

FORWARD COUNTER: Arif Habib Bank came in for renewed selling and was marked down by Rs1.05 at Rs29.50 on 6m shares, followed by Fauji Fertilisers Bin Qasim, firm 15 paisa at Rs41.90 on 4m shares, Pakistan Oilfields, higher by Rs4 at Rs320.50 on 3m shares and MCB Bank, off Rs2.90 at Rs401 on 2m shares.

DEFAULTER COMPANIES: Owing perhaps to weekend session activity on this counter was relatively slow but prices generally finished steady where change under the lead of Zeal Pak Cement, unchanged at Rs4.45 on 0.311m shares followed by Japan Power, higher by 55 paisa at Rs7.50 on 0.285m shares and Unity Modaraba, steady by 10 paisa at Rs1.40 on 0.265m shares. All others were modestly traded on the lower side.

BOARD MEETINGS: Arif Habib Securities, Meezan Islamic Fund, Meezan Balanced Fund, Meezan Islamic Income Fund and Pakistan PTA, on Feb 14; MCB Bank, PSO, Rafhan Maize, Biafo Industries, on Feb 15; Bata Pakistan on Feb 20; Otsuka Pakistan on Feb 26; Dadex Eternit, on Feb 27; and Lakson Tobacco on Feb 28.