You problem can be simply code as,
data timelist;
input time time. value;
datalines;
9:00:00 1
9:00:06 6
9:00:07 7
9:00:08 8
;
run;
data t2;
do time=input('9:00:00',time.) to input('9:00:08',time.);
output;
end;
run;
data need;
retain value2;
merge timelist t2;
by time;
if value ne . then value2=value;
run;
proc print;run;


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