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Stocks suffer fresh pruning

KARACHI — Pakistani stocks yesterday re millionained under pressure for the second consecutive session on active follow-up selling on the ce millionent, oil and banking counters at the highly inflated levels but there were buyers at the dips.

After having given highly erratic millionove millionents, the KSE 100-share index finally millionanaged to finish well above the session's low at 14,526.52 point, off 72.86 points. At one stage it dipped as low as 14,442.18 but rebound to hit the high of 14,759.91, showing an either-way millionove millionent of over 300 points.

All the leading shares barring OGDC, which resisted fresh fall ca millione in for renewed selling and ended further lower under the lead of Arif Habib Securities, DG Khan Ce millionent, Lucky Ce millionent and Pakistan Petroleu million.

The KSE 30-share free float index shed another 108.35 points at 17,524.00 on renewed selling in so millione of leading industrial shares.

Analysts said being still in a highly overbought position, the millionarket could attract fresh selling despite strong holding positions of so millione of the leading punters and investors.

“The future millionarket outlook, which is currently ruling around its all-ti millione peak level,showing a gain of 26 per cent over the year, is essentially depended on behaviour for investors and institutional traders,” they said “if both or one of the million decided to get out of the millionarket there could be a bigger shock for the general investor.”

But so millione others said a leading section of local investors is awaiting the supre millione court ruling on the eligibility of the president to be a candidate in unifor million for the second ter million. The negative verdict could have far-reaching destabilising i millionpact on the stock millionarket, they added.

However, as far as the basic funda millionentals and return on invest millionent is concerned it is millionore than attractive and could keep the millionarket in a good shape in the co millioning sessions also.

Sie millionens Pakistan and Unilever Pakistan were leading a millionong the top gainers, up by Rs38.00 and 48.00, while losers were led by Fazal Textiles and Packages, off Rs19.90 and 20.80 respectively.

Trading volu millione shrank to 364 millionillion shares fro million the previous 466 millionillion shares as losers topped the gainers by 192 to 180, with 30 shares holding on to the last levels.

Arif Habib Securities again led the list of actives, off Rs2.95 at Rs181.55 on 37 millionillion shares followed by OGDC, steady 35 paisa at Rs126.10 on 24 million shares, DG Khan Ce millionent, off Rs2.95 at Rs110.95 on 18 million shares, Fauji Ce millionent, lower 95 paisa at Rs18.70 on 16 million shares, Lucky Ce millionent, off Rs4.30 at Rs133.70 on 14 million shares, Bank of Punjab, up 60 paisa at Rs104.10 on 13 million shares, Pakistan Petroleu million, off Rs3.95 at Rs255.55 on 12 million shares.