KARACHI, March 10: The stock market on Thursday turned mixed as leading base shares finished the session with clipped gains on late local selling as investors indulged in pre-MTS launch portfolio adjustments to operate in the changed funding scenario.
Analysts said much of the activity was shared by the local investors who seemed to be in upbeat mood ahead of the launching of the new leverage product for the ready section by next Monday.
There were a lot of strategic changes in the new portfolio building and those 27 coveted shares eligible for MTS funding remained in the limelight amid erratic price movements,” they added.
Most of the foreign investors remained conspicuous by their absence apparently awaiting the official launching of the leverage product for the ready section and its tangible impact on the share values, they said.
The benchmark KSE 100-index ended with a fractional fall of 2.36 points at 12,125.79, after having early risen by 94 points to intra-day high of 12,210.85. The underlying sentiment, however, remained steady thanks to presence of support at the dips.
The weakness of Engro Corporation, National Bank and some others weighed heavy against the broader market despite fresh rise in other leading shares, notably Pakistan Oilfields and Fauji Fertiliser.
The turnover figure was maintained on the higher side amid alternate bouts of buying and selling, although bulk of it was contributed by the lowpriced shares, notably Lotte Pakistan.
Losers dominated the list under the lead of Bata Pakistan and Service Industries, off by Rs20.85 and Rs10.25 followed by Attock Petroleum, HinoPak, Shezan International and Service Industries, off by Rs4.96 to Rs10.25.
Among the top gainers, Unilever Pakistan and Nestle Pakistan were prominent, up by Rs.66.99 and 24.54.They were followed by Exide Pakistan, Indus Dyeing, Dawood Hercules and Island Textiles, up by Rs3.84 to Rs8.25.
Traded volume rose to 103.069m shares from the previous 101m shares but losers forced a slight edge over the gainers at 149 to 132, with 88 shares holding on to the last levels.
The active list was topped by Lotte Pakistan, steady by 24 paisa at Rs16.07 on 30m shares followed by Fauji Fertiliser Bin Qasim, lower 44 paisa at Rs43.28 on 7m shares, PIAC(A), firm by 22 paisa at Rs2.83 on 6m shares, Pakistan Oilfields, up by Rs1.62 at Rs322.29 on 5m shares, Engro Corporation, off Rs2.35 at Rs234.84 on 4m shares, Nishat Chunian, up 28 paisa at Rs27.60 also on 4m shares and National Bank, lower 68 paisa at Rs78.87 on 4m shares.
Fauji Fertiliser followed them, up 78 paisa at Rs133.13 on 4m shares, Nishat Mills, easy six paisa at Rs64.52 on 3m shares and JS & Co, lower by nine paisa at Rs9.32 on 2m shares.
FUTURE CONTRACTS: Engro Corporation came in for active selling at the recent higher levels and was marked down by Rs2.26 at Rs195.47 on 0.885m shares followed by National Bank, off 67 paisa at Rs68.12 on 0.716m shares and Pakistan Oilfields, up Rs1.97 at Rs323.53 on 0.713m shares.
Fauji Fertiliser, firm by 62 paisa at 133.45 on 0.581m shares and Fauji Fertiliser Bin Qasim, lower 55 paisa at 40.38 on 0.581m shares.
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