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Index sheds 48 points

KARACHI — Pakistani stocks yesterday suffered a mild reaction as a section of leading investors took profits on selected counters amid reduced trading activity owing to prevailing tension ahead of Chief justice arrival and MQM rally on Saturday.

The KSE 100-share index shed 46.39 points at 12,346.89 as compared to 12,393.28 a day earlier as leading base shares finished further lower under the lead of OGDC and Bank Al Falah.

The free-float 30-share index,on the other hand showed a bigger fall of 131.03 points at 15,304.42 as some of the industrial shares remained under pressure for the second day in a row.

The sharp decline in the turnover figures after brisk activity during the last couple of sessions worried investors as in a way it reflects a temporary withdrawal of foreign support obviously for technical reasons,analysts said.

But some others said the prevailing tension ahead of chief justice of Pakistan's Karachi visit on Saturday and MQM's rally on the same day and fears of law and order situation kept foreign investors from active trading.

Apart from two opinions about the outcome of judicial crisis,corporate background news are mostly positive but investors are likely to play safe tomorrow also and will be back after the current tension is defused.

But all was not bad with the broader market as cement shares resisted fresh decline on the strength of higher exports and so did banks on reports of sharp increase in interim earnings.

Nishat Mills whose board meeting is due maintained its upward drive for the fourth session in a row and has risen by Rs.20.00 and was last quoted at Rs.128.00 amid market talk of higher payout.

National Refinery and Siemens Pakistan were among the top gainers,up by Rs.16.15 and 46.00 followed by Adamjee Insurance and Unilever Pakistan, off by Rs.9.00 and 10.00.

Turnover figure shrank to 252m shares from the previous 322m shares but gainers managed to hold a modest edge over the losers at 167 to 160.00, with 43 shares holding on to the last levels. D.G.Khan topped the list of actives, lower 55 paisa at Rs.101.70 on 21m shares, Lucky Cement, unchanged at Rs.102.50 on 17m shares.