KARACHI, March 7: Stocks finished the weekend session on an easy note as investors played on both sides of the fence and took profits at the inflated levels, but the underlying sentiment remained uppishly inclined.

After early having hit the session’s high at 15,185.31 points, the Karachi Stock Exchange (KSE) 100-share index finally ended with a fall of 58.19 points, but managed to hold on above the barrier at 15,085.18 despite active profit-selling in the leading base shares, notably MCB Bank, OGDC and some others.

After having risen sharply higher during the last couple of sessions, share market suffered a mild reaction as jobbers and weak holders indulged in profit-selling, but it was well-absorbed at the dips.

Floor brokers said some positive developments on the political front linked to formation of coalition governments also kept the general buying interest alive.

“The weakness of the MCB Bank followed by sharp decline in its share value weighed heavily against the blue chips in the banking sector, but strong support at the dips limited the market fall,” they added.

The steep rise and fall in its share linked to GDR-related buying and selling appears to be a doubled-edged weapon as erratic movements in it destabilise broader market’s set pattern of trading, some others believe.

Other oil and bank shares maintained their upward drive despite selling at each rise but managed to finish with clipped gains, having a negative impact on the overall trading pattern.

Analysts said that recent increase in selling prices of petroleum products continued to inspire fresh buying in the leading oil marketing companies, notably PSO, Shell Pakistan and Attock Petroleum on the perception of higher profit during the current fiscal year.

However, what seems to have a major boost to the market are reports of active support being extended by some leading foreign investors to leading oil exploration companies, including OGDC, Pakistan Petroleum and Pakistan Oilfields, which are heading towards their pre-reaction levels, they said.

Though leading bank shares came in for a modest profit-selling, on balance these managed to finish fairly steady amid large volumes, leading among them being MCB Bank, National Bank and Bank Al-Falah.

Leading gainers were led buy EFU General and Pakistan Engineering, up by Rs26.35 and Rs17.35, followed by Fauji Fertiliser, Wyeth Pakistan, Pakistan Oilfields, United Bank, Fazal Textiles, KSB Pumps and Shell Gas, which posted gains ranging from Rs6 to Rs12.

Prominent losers included JS & Co and National Foods, off by Rs13.95 and 19.50, respectively. Other major losers included Thal Industries, Lakson Tobacco, Engro Chemical, Treet Corporation, EFU Life, JS Global, MCB Bank and Al-Ghazi Tractors, off by Rs6 to Rs13.

Trading volume fell to 291m shares from the previous 322m shares as losers held a lead over gainers at 169 to 13, with 49 shares holding on to the last levels.

Fauji Fertiliser Bin Qasim led the list of actives, up Rs1.05 at Rs46.80 on 43m shares, followed by OGDC, easy by 55 paisa at Rs136.25 on 35m shares, Pakistan Oilfields, higher by Rs6 at Rs364 on 24m shares, Lucky Cement, higher by Rs3.20 at Rs136.80 on 24m shares, Fauji Fertiliser, up Rs6 at Rs142 on 12m shares, MCB Bank, off Rs7.25 at Rs409.75 on 8m shares.

Other actives were led by Dewan Salman, up one rupee at Rs9.90 on13m shares, followed by JS Bank, firm by 70 paisa at Rs20.05 on 8m shares and NIB Bank, lower 35 paisa at Rs21.05 on 7m shares.

FORWARD COUNTER: The OGDC led the list of actives on the cleared list, lower by 55 paisa at Rs136.95 on 11m shares, MCB Bank, sharply lower by Rs9 at Rs407.20 on 8m shares and Pakistan Oilfields, higher by Rs6.10 at Rs366.60 on 6m shares.

Fauji Fertiliser Bin Qasim followed them, up 20 paisa at Rs47.15 on 6m shares and Lucky Cement, higher by Rs2.50 at Rs137 also on 6m shares.

DEFAULTER COs: Trading on this counter was relatively slow owing to weekend considerations followed by profit-selling. Norrie Textiles came in for active selling and fell by 20 paisa at Rs1.60 on 1.189m shares, followed by Zeal Pak Cement, unchanged at Rs4.10 on 0.587m shares and Invest Capital Bank, lower by 30 paisa at Rs7 on 0.399m shares.

Japan Power followed them, unchanged at Rs6.75 on 0.256m shares, and Crescent Standarad Modaraba, easy by five paisa at Rs1.80 on 0.108m shares.