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Stocks fall on profit-selling

KARACHI — Pakistani stocks yesterday came in for active profit-selling at the highly inflated levels as a section of investors tried to unload its long positions in view of a long weekend ahead on account of Eid Al Fitr holidays.

It was the last trading session of the holy month of Ramadan as the market will now reopen on next Wednesday as the government has declared Eid holidays from Oct 13 to 16, oct 12 being Jumatul Wida closure.

The KSE 100-share index finished with a modest fall of 22.28 points at 14,463.78 as compared to previous 14,486.06 as some of the leading base shares came in for active profit-taking and ended lower under the lead of OGDC, and MCB.The KSE 30-share index fell by 95.62 points at 17,775.94 points.

But the opening was fairly steady as it early rose to cross the barrier of 14,500 at 14,305.00 but late selling again pushed it down to close in the minus column.

Leading oil shares also suffered modest pruning but strong support at the fall on reports of higher oil and gas reserves, showing an increase of 21 per cent, notably of OGDC, kept them in a good shape allowing the market to resist larger fall.

"The correction was long overdue in a highly oversold market but it was delayed by a combination of positive developments" said analyst Ashraf Zakari adding "the important thing is that there was no panic unloading from any quarter and only a part of extreme positions was shed".

Bulls seem to be in no mood to loosen their grip on the price line despite four closures ahead until the apex court gives its ruling on the eligibility of Musharraf's candidacy for his re-election during the post-eid holiday sessions,some others said.

Plus signs dominated the list under the lead of Pak-Suzuki Motors, and Colgate Pakistan, up by Rs19.45 and 23.00,while losers were led by Bata Pakistan and unilever Pakistan,off by Rs21.00 and 50.00.

Trading volume fell to 303 million shares from the previous 357 million shares but gainers held a comfortable lead over the losers at 169 to 149,with 46 shares holding on to the last levels.

OGDC led the list of actives, lower by 65 paisa at Rs129.80 on 35 million shares followed by Fauji Fertiliser Bin Qasim, steady by Rs1.05 at Rs46.85 on 33 million shares.

Lucky Cement, sharply higher by Rs3.00 at Rs137.00 on 23 million shares, Arif Habib Securities, firm by Rs1.80 at Rs161.30 on 21 million shares, Bank AlFalah, unchanged at Rs60.00 on 14 million shares, and Engro Chemical, shigher by Rs4.10 at Rs295.40 on 10 million shares.