November 15, 2001	Thursday	Shaba’an 28, 1422

KARACHI, Nov 14: Share market on Wednesday showed a relatively improved trend on heavy short-covering in the pivotals triggered by the perception of peace in Afghanistan and possible end of the war after the fall of Kabul. The KSE 100-share index recovered 13.14 points at 1,351.10.

But most of the leading stock analysts were a bit cautious about the developing Afghan situation and think the goal of peace may still be elusive as despite massive battering Taliban are very much there.

Active buying in the textile sector in anticipation of impetus to exports to the European and US markets after further easing of the quota curbs as promised during the pre-Afghan war commitments was an aiding positive factor, although weakness of the oil giants and some leading MNCs including Siemens, Abbott and Nestle MilkPak weighed against the sentiment, dealers said.

“We don’t say the market responded favourably to the fall of Kabul or the victory of the Northern Alliance,” comments a leading stock analyst on the changing war scenario in Afghanistan. “It was the perception of a possible end of war, which lure them back in the market.”

But it is too early to say something about the change in Afghanistan and its impact on the Pakistani politics, the aid packages from the western coalition partners could certainly become a major casualty of the war, he fears.

Some others claim war may not be over as the Taliban still hold a half of the country and the fall of Kabul may not prove a decisive factor for ending the Afghan conflict.

However, the initial reaction to the recent developments in Afghanistan was positive as the falling market managed to show a bit of relative strength thanks to active short-covering in most of the pivotals including PTCL, ICI Pakistan and Hubco.

The board of directors of the Sui Northern Gas company was in meeting but till the close of business no announcement was made. Brokers predict both cash dividend and bonus shares.

Fazal Textiles and Lever Brothers were among the leading gainers, rising by Rs.5.95 to 18, followed by Bhanero Textiles, Modern Textiles, Nishat Mills, Pak Synthetics, Noon Sugar, Dadabhoy Cement, Lakson Tobacco, Engro Chemical, ICI Pakistan and Glaxo-Wellcome, which posted gains ranging from Rs.1.10 to 3.

Losses on the other hand were fractional barring Gatron Industries, Pakistan Oilfields, Abbott Lab and PSO, which suffered fall ranging from Rs.1.65 to 2.10.

Trading volume rose to 140m shares from the previous 122m shares as gainers forced a strong lead over the losers at 98 to 57, with 30 shares holding on to the last levels.

Hub-Power topped the list of most actives, up 15 paisa at Rs.18.80 on 59m shares followed by PTCL, higher 35 paisa at Rs.17.60 on 32m shares, Sui Northern, lower 10 paisa at Rs.11.05 on 16m shares, ICI Pakistan, up Rs.1.10 at Rs.44.45 on 6m shares and Nishat Mills, sharply higher by Rs.2.10 at Rs.16.20 on 5m shares.

Other actives were led by PSO, off Rs.2.10 on 3.611m shares, Fauji Fertilizer, up 70 paisa on 2.846m shares, MCB, higher 45 paisa on 2.842m shares, Adamjee Insurance, higher 60 paisa on 2.291m shares and Engro Chemical, up Rs.1.10 on 1.459m shares.

FUTURE CONTRACTS: Shares of five companies came in for trading,while all others stayed dormant. The largest volume of 0.808m shares was recorded in PTCL, up 30 paisa at Rs.17.70 followed by Hub-Power, higher 15 paisa at Rs.18.85 on 0.176m shares, Engro Chemical, higher 80 paisa at Rs.55.30 on 0.168m shares. Sui Northern fell by five paisa at Rs.11.05 ahead of board meeting announcement on 0.111m shares.

DEFAULTING COMPANIES: Shares of three companies came in for trading under the lead of Fawad Textiles, easy 10 paisa at Rs.4.90 on 2,000 shares followed by Allied Motors, up 15 paisa at Rs.3 on 1,500 shares and Alif Textiles, higher by 75 paisa at Rs.4.25 on 1,000 shares.

DIVIDEND: Rafhan Maize Products cash 10 per cent, and Hashmi Can nil.

BOARD MEETINGS: Amin Fabrics on Nov 17, Maple Leaf Cement, Network Leasing and Shabbir Tiles on Nov 19, Dyno Pakistan and Kohinoor Energy on Nov 20.