KARACHI, Feb 25: Equity values on Monday failed to extend last week’s sustained run-up as a section of investors took profits at the higher levels in an overbought market but analysts said there is nothing basically wrong with the underlying sentiment as it was essentially technical selling.

The trading, however, resumed on a higher note on active follow-up support but some belated thinking on officially denied press reports that the president is considering quitting triggered selling by the weak holders.

Higher payouts by Meezan Bank and Bank AlFalah, bonus shares at the rate of 20 per cent and cash and bonus shares of 15 per cent and 23 per cent, respectively, may have partially contributed to the initial run-up, market sources said.

After initial rise of about 160 points, the KSE 100-share index finished with a fall of 33.12 points at 14,947.54 as some leading base shares ended lower.

Although the reports about the president’s safe exit were denied, a section of investors were still in two minds to stay or not to stay in the buying arena, analysts said but adding the supporting statements by the top US officials in favour of the president tells a different story.

“There may be a brief interruption in the market’s current stance even if the president decides to leave the scene,” said a leading analyst adding “the market has attained a sustainable level and it would be pretty difficult to pull it down by the negative developments on the political front.”

The perception of stable future governments both at the centre and the provinces could keep the sailing smooth despite the fact that economic problems, including inflation and deficit financing, will need an extra effort to be tackled by them and put the economy back on the rails, some others said.

The market’s optimism over the political stability was well reflected in the market’s early run-up as the KSE 100-share index virtually raced to a high of 15,140.12 points, up 160 points and indications were that it may firmly settle above the barrier of 15,000 points.

But the late profit-selling pushed it down to finally close at 14,947.54, off 33.12 points. The free-float 30-share index, on the other hand, ended with a gain of 27.26 points at 18.414.35.

While leading base shares in the banking sector maintained their upward drive under the lead of National Bank, MCB Bank, and Bank of Punjab, the weakness of the oil shares weighed against the underlying sentiment.

How the election victors react to the late Monday’s suicide attack in Rawalpindi, the first after the elections, will be seen as their official thinking on the issue, analyst Ashraf Zakaria said.

But a leading analyst Ahsan Mehanti said board meetings of some leading companies are due during the next couple of sessions, which could keep investors in a positive mood and what, after the current euphoria ends, will reflect the market’s future trend.

Although advancing shares trailed far behind the losing ones, AKD Capital and Siemens Pakistan managed to finish with an extended gain of Rs41.90 and 47.50, followed by Bata Pakistan, Clover Pakistan, Arif Habib Ltd, Central Insurance, PSO, United Sugar, Pakistan Services, EFU General and EFU Life, which posted gains ranging from Rs7 to 35.70 under the lead of EFU Life.

Prominent losers were led by BOC Pakistan and Lakson Tobacco, off by Rs15.65 and 19.80, respectively. Other leading losers included JS Global, Pakistan Resource Co, Sapphire Fibres, Attock Petroleum, Shell Gas, Dawood Hercules, Gillette Pakistan, Zulfiqar Industries, Tri-Pack Films, and Fateh Textiles, which fell by Rs7 to 12.35.

Trading volume shrank to 273m shares from the previous 313m shares as losers forced a strong lead over the gainers at 218 to 128, with 39 shares holding on to the last levels.

National Bank led the list of actives, up by Rs6.25 at Rs268 on 30m shares followed by Nishat Mills, steady by Rs2.15 at Rs109.50 on 16m shares, D.G. Khan Cement, off Rs2.70 at Rs108.50 also on 16m shares, OGDC, lower 65 paisa at Rs129.25 on 14m shares, Arif Habib Securities, lower by Rs2.65 at Rs181.95 on 12m shares, Bank AlFalah, easy by Rs1.05 at Rs60.05 on 11m shares, and Pakistan Petroleum, steady by 25 paisa at Rs263.25 on 8m shares.

Other actives included NIB Bank, lower by 55 paisa at Rs21.55 on 11m shares, Bank of Punjab, up 30 paisa at Rs104.10 on 10m shares and TRG Pakistan, higher by 10 paisa at Rs13.05 on 8m shares.

FORWARD COUNTER: National Bank also led the list of actives on the cleared list, higher by Rs6.18 at Rs268.68 on 8m shares, followed by MCB Bank, sharply higher by Rs10.52 at Rs475.02 on 7m shares, and Pakistan Petroleum March contract, higher by Rs2.42 at Rs260.94 on 4m shares.

The ruling Pakistan Petroleum contract rose by 30 paisa at Rs263.80 on 4m shares and D.G. Khan Cement, off Rs2.75 at Rs108.75 also on 4m shares.

DEFAULTER COs: Norrie Textiles, led the list of actives on this counter, unchanged at Rs2.15 on 0.478m shares followed by Zeal Pak Cement, lower 10 paisa at Rs4.40 on 0.422m shares, and Japan Power, easy by five paisa at Rs7 on 0.380m shares.

Invest Capital Bank followed them, off 40 paisa at Rs5.50 on 0.134m shares and Hydery Construction, up five paisa at Rs3.20 on 0.104m shares.

DIVIDEND: BOC Pakistan, final cash 100 per cent, interim 30 per cent already paid, KSB Modaraba, right shares at the rate of 240 per cent at par, and Dost Steel, nil.