November 20, 2001	Tuesday	Ramazan 4, 1422

KARACHI, Nov 19: Stocks on Monday extended the weekend steadiness on active follow-up support, but the trading lacked depth proverbially linked with the advent of the holy month of Ramazan. The KSE 100-share index fell 0.37 point at 1,380.34.

Speculative activity during the holy month mostly take a breather as leading brokers and institutional traders play safe partly because of shortened session and partly to adhering to some religious ethics.

The opening of about 19m shares of National Bank for public subscription for four days did not cause heavy outflow of funds from the market as was evident from brisk activity in most of the pivotals, stock analysts at AHRA Securities said.

“Ruling around Rs.16 in kerb against its face value of Rs.10, it could attract a lot of genuine investors in its fold during the next three days but we don’t see long queues of prospective investors on the first day of opening of sales as it has been in boom conditions of early 90s,” they add.

However, the advent of National bank shares on the board as a listed company after about three decades could give the needed depth to the market during the next couple of weeks.

The KSE 100-share index, therefore, moved within a narrow range of four points either-way finally finishing fractionally lower by 0.37 points at 1,380.34 as compared to 1,380.71 at the last weekend.

Volume figure also shrank to the 100m share mark at 95m shares but analysts predict a further shrinkage in the coming weeks in the absence of fresh stimulating news.

Selective support was, however, evident on a number of blue chips at the lower levels, financial support remained shy as institutional traders have been major sellers early last week.

With the Afghan war nearing to its end and is no more considered a market factor, investors are keen to hear fresh news on the aid front to compensate for Pakistan’s war losses, floor brokers said.

But stock analysts at the W.E. Financial Services predict the physical activity may remain relatively slow until there are some morale-boosting news on the foreign aid front.

“No one could, however, dispute the long-term market outlook, which is being billed as bullish based on the perception of a substantial foreign aid inflow during the coming months leading to economic revival,” they add.

Some other leading analysts fear the fall-out of the Taliban exit from their stronghold of Qandhar may have negative impact on the law and order situation of Pakistan in its neighbouring provinces and are mostly playing safe until the situation in Afghanistan stabilizes.

Plus signs held a comfortable edge over the losing ones, major gainers being IGI Insurance, Nagina Cotton, 15th and 20th ICPs, Alico, Abbott Lab, Packages, Tri-Pack Films and Lever Brothers, which rose by one rupee to Rs.5.

But the leading gainers among them were Mari Gas, Bhanero Textiles, Jahangir Siddiqi & Co and Pakistan Paper Products, rising by Rs.2.65 to 5.

Losers were led by Kohinoor Weaving, Pakistan Oilfields, Al-Ghazi Tractors, BOC Pakistan, Berger Paints, Sitara Chemicals and Attock Refinery, which suffered fall ranging from one rupee to Rs.2.50. Trading volume fell to 95m shares but advancing shares maintained a modest edge over the losing ones at 77 to 61, out of 176 actives.

Hub-Powr led the list of most actives, up 35 paisa at Rs.19.95 on 38m shares followed by PTCL, firm by 10 paisa at Rs.18.20 on 28mm shares, ICI Pakistan, lower 35 paisa at Rs.46.90 on 6m shares, Sui Northern, easy 15 paisa at Rs.11.55 on 3m shares and D.G. Khan Cement, up 40 paisa at Rs6.75 also on 3m shares.

Other actives were led by FF-Jordan Fertiliser, firm by 15 paisa on 2.272m shares, Japan Power, unchanged on 2.052m shares, Nishat Mills, lower 20 paisa on 1.691m shares, Fauji Fertilizer, easy 45 paisa on 1.362m shares and World Call Payphones, up 25 paisa on 1.296m shares.

FUTURE CONTRACTS: Barring PSO and Sui Northern, which fell by 15 to 20, paisa all other shares rose modestly under the lead of Hub-Power, up 30 paisa at Rs.20 on 1.056m shares followed by PTCL, steady 15 paisa at Rs.18.30 on 0.695m shares and Engro Chemical, firm by five paisa at Rs.55.85 on 81,000 shares.

DEFAULTER COMPANIES: Only share of Suzuki Motorcycle came in for stray support and was marked up by five paisa at Rs.1.35 on 1,500 shares.

DIVIDEND: Rafhan Maize Products cash 100 per cent, Goodluck Industries 20 per cent, Metropolitan Life Assurance 5 per cent.