KARACHI, Dec 19: Stocks finished the weekend session on a slightly improved note as the targeted selling seemed to have lost its intensity paving the way for stray short-covering at the lower levels. The KSE 100-share index shed another 270.84 points or about four per cent at 7,514.42 points, eroding another Rs76.359 billion from the market capital.

How the market will react to the Sindh High Court’s ruling on CFS issue, asking the leveraged parties to submit bank guarantees against the total amount by early next week is not clear, some analysts said.

However, analysts were still predicting fresh 10 to 15 per cent pruning on the blue chip counters in the next week to make the post-floor decline to 30 per cent.

Some positive developments on the CFS positions including the talk of out of-the-court settlement of the issue revived stray covering purchases on the cement and modaraba counters.

The other positive factor was the statement by Finance Adviser Shaukat Tarin that the Rs20 billion market support fund would be active possibly by next week, they added.

The week saw a massive fall of Rs413.382 billion in the market capital at Rs2,327.656 billion and 19.69 per cent or 1,672 points in the KSE 100-share index.

Floor brokers said the market’s technical recovery was linked to the settlement of the CFS positions either through court ruling or out of the court settlement among the parties involved in the clearing business.

“The next week could well prove crucial for the future trend of the market, although positive signals are emitting from the bulls who predict the return of the sanity to the market next week,” they added.

But some others say much will depend on the behaviour of the foreign investors whether or not they have met their exit requirements. However, their return even in the long-term appears to be doubtful.

For the second session in a row, mutual funds, modarabas and cement shares again came in for active short-covering and the led the market recovery amid active deals.

Leading gainers among them were UTP Large Fund, Premier Fund, Equity Modaraba, Standard Chartered Modaraba, Orix Leasing, Fauji Cement, Flying Cement, Pakland Cement, which rose by 32 paisa to 82 paisa.

PIAC, Pak Datacom and Ismail Industries were leading gainers among the advancing shares, rising by Re1 to Rs2.26 in that order.

Losers were again led by the top shares under the lead of Habib Bank, MCB Bank, Adamjee Insurance, PSO, Pakistan Oilfields, Pakistan Petroleum, PECO, Millat Tractors, BOC Pakistan, ICI Pakistan and Pakistan Services, off by Rs5 to Rs23.85.

Trading volume soared to 84.748m shares from the previous 51m shares as gainers further cut the lead of losers at 60 to 113, with six shares holding onto their last levels.

NIB Bank topped the list of actives, up by 28 paisa at Rs4.73 on 17m shares, followed by Maple Leaf Cement, higher by 42 paisa at Rs3.86 on 13m shares, Japan Power, lower by 69 paisa at Rs1.81 on 8m shares. TRG Pakistan higher by 49 paisa at Rs2.14 on 6m shares, Zeal Pak Cement, easy by one paisa at Rs0.64 on 5m shares, Bosicor Pakistan up 24 paisa at Rs4.94 also on 5m shares and JS Bank, lower by 54 paisa at Rs5.46 on 4m shares.

Pakistan Cement followed them, higher by 82 paisa at Rs2.85 on 3m shares, Askari Bank, easy by Rs1.14 at paisa at Rs21.67 on 2m shares and Nimir Chemicals, steady by seven paisa at Rs1.73 also on 2m shares.

FORWARD COUNTER: Allied Bank came in for fresh selling and was marked further down by Rs2.38 at Rs44.97 followed by Bank of Punjab, down by Rs1.07 at Rs20.28, Fauji Fertiliser, off Rs3.96 at Rs74.55 and Habib Bank, sharply lower by Rs5.71 but no transaction was noted in any of them.

All other leading shares in the bank, oil also came in for fresh selling and finished sharply lower without any deal.

DEFAULTER COUNTER: Fairly active trading was witnessed on this counter where prices generally fell where changed under the lead of Unity Modaraba, unchanged at Rs0.31 on 5.580m shares followed by Haydery Construction, up 14 paisa at Rs0.64 on 1.8m shares National Asset Leasing, easy by five paisa at Rs0.27 on 1.110m shares and Invest Bank, lower by nine paisa at Rs2.04 on 1.105m shares.