The city situation marred further advancement in share prices where index moved in a tight band and selling heralded in pivotal barring the cement sector.
The KSE-100 index showed a decline of 6.08 points or 0.11 percent to 5476.83 as compared with 5482.91 of Wednesday. The volume also fell to 458 million shares as against 509 million shares.
The explosions at Pak-American Cultural Center on Wednesday led to a dull opening.
The federal finance minister's address at KSE allowed the market men to continue the rally in cement stocks.
The confusion due to lack of interest in the main stocks forced the weak-holders to offload blue chips. Healthy announcements by the textile companies have opened more options for the market men as thereby indicating a broad based trading activity in the coming sessions.
Technically, the index consolidated around 5463-568, and managed a closing at the upper boundary of support region at 5477. The index is, therefore, likely to find support around closing levels while the overhead resistance stays at 5503-5510.
Ahmed Ashraf Sheikh from Akbarally Cassim, said the index made an intra-day low of 22 points, adding the major activity was witnessed in the cement sector, where investors were accumulating at all levels.
The cement sector looks positive in the coming sessions, as people are expecting sales tax benefits in the upcoming budget, he said, adding also steel prices are expected to reduce in the budget, giving boost to the construction industry.
Although the cement exports during May have reduced, it is hoped that on the overall exports as the average annual figures are and will be in line with expectations. The blue chips have been ignored during the entire week, therefore, interest may build up in these stocks soon.
Badla values increased slightly. The badla in Sui Northern Gas decreased by 11 percent, as weak-holders exited from the scrip since there was no bull activity. However, trading in share can pick up soon as positive steps may be taken in the upcoming budget, he said, and added that the cement sector badla values did not increase significantly, which indicates that major buying was delivery based.
Contrary to general perception, the market moved in a narrow band, indicating lack of investors' interest due to lower volumes and absence of institutional support.
Though the market failed to generate bullish pattern on account of a number of positive reports, it however, managed to hold the current index level above 5470 despite selling pressure, said Tariq Hussain Khan, manager research at Live Securities.
Since the market has been struggling to breach 5500 level, it is expected that pre-budget rally would restore the investors' confidence in days to come, he added.
Fauji Cement rose 55 paisa to Rs 18.40 on a volume of 95 million shares, Maple Leaf Cement gained 95 paisa to Rs 46.10 on a turnover of 52 million shares, DG Khan Cement closed at Rs 63.50, ie higher by 85 paisa on a business of 47 million shares, Saadi Cement moved up to Rs 16.55 from Rs 15.90 on deals of 37 million shares, and Lucky Cement increased by 40 paisa to Rs 44 on a turnover of 35 million shares.
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