December 12, 2001	Wednesday	Ramazan 26, 1422

KARACHI, Dec 11: Stocks on Tuesday finished further lower on renewed selling by jobbers and short-term investors in the absence of strong buying by the institutional traders and bargain-hunters, pushing the index down by another 9.50 points.

An idea of sluggishness may well be had from the fact that good news of cut in tariffs and increase in textile quota by the European Union and other countries failed to lure investors back in the market.

The KSE 100-share index shed another 9.50 points at 1,369.86 as compared to 1,379.36, signalling that analysts predictions of 1,400 index level before Eid were incorrect.

The further fall in the traded volume in a featureless activity reflects that investors have withdrawn to the sidelines and will surface after Eid holidays possibly on next Thursday when the market will reopen.

Wednesday (Dec 12) and Saturday will be the last working days and then the market will close for Eid holidays from next Monday to Wednesday and will reopen on next Thursday.

Floor brokers said falling trading volumes show investors are not inclined to take even the calculated risks and preferred to stay away despite good news from the financial front including a possible rescheduling of Paris Club loans of $12 billion in tomorrow’s meeting in Paris.

“After-tax profit of Rs.4.22 billion announced at the PTCL board meeting was said to be lower than the previous year’s first quarters billed at Rs.4.5bn, which in turn has a negative impact both on its share and other pivotals too,” they said.

Investors who have built up long positions in the PTCL amid rumours of an interim dividend at the Monday’s board meeting hastened to take profit at the available margin, analysts said.

Other pivotals, notably ICI Pakistan and PSO also remained under pressure and ended with sharp losses ranging from Rs.1.40 to 2.05 amid moderate selling.

A galore of dividend omissions by some leading shares, notably PEL, Pak Elektron, Prudential Stock Funds, Benz Industries and Pak Slag Cement also worked against the underlying sentiment.

A modest dividend at the rate of 10 per cent from the management of Telecard, therefore, failed to stimulate new buying.

Minus signs dominated the list under the lead of Rafhan Maize Products, which was marked sharply down by Rs.15 at Rs.310 for no apparent bearish reason.

Other prominent losers were led by Adamjee Insurance, Din and Quetta Textiles, Gatron Textiles, PSO, ICI Pakistan and Reckitt and Benckiser, off Rs.1.40 to 2.05.

BOC Pakistan continued to inspire fresh post-dividend buying and was marked up by Rs.3.95, rising to over Rs.20 during the last couple of sessions. English Leasing, IGI and Kohinoor Weaving were others among the gainers, up one rupee to Rs.1.20.

Trading volume suffered a fresh contraction at 28m shares from the previous 35m shares as losers maintained a strong lead over the gainers at 89 to 47, out of 170 actives.

Hub-Power came in for modest selling, off 30 paisa at Rs.17.60 on 13m shares about a half of the total volume, followed by PSO, sharply down by Rs.2.05 at Rs.98.70 on 7m shares, PTCL easy 10 paisa at Rs.17.90 on 3 shares, Nishat Mills, up 10 paisa at Rs.16.40 on 2m shares, ICI Pakistan, off Rs.1.40 at Rs.41.75 on 1.385m shares, Adamjee Insurance, off Rs.1.45 at Rs.36.60 on 1.220m shares and Engro Chemical, lower 65 paisa at Rs.56.10 on 0. 710m shares.

NATIONAL BANK: Active trading was again witnessed in its share, which ended unchanged at Rs.13.55 after hitting the peak of the day at Rs.13.85 on 1.154m shares.

FUTURE CONTRACTS: Easier conditions were also witnessed on the forward counter where prices of all the shares suffered fall of varied nature, the biggest being Rs.2.20 and 3.80 in PSO and January settlement of ICI Pakistan at Rs.101.00 and 42 respectively on 1.355m and 1,000 shares.

The largest volume of 3.075m shares was noted in PTCL at Rs.15.90 for the December settlement, followed by Hub-Power, easy 30 paisa at Rs.17.75 on 1.763m shares.

DEFAULTER COMPANIES: Suzuki Motorcycles came in for stray support at the previous rate of Rs.1.30 on 1,000 shares followed by Allied Motors and Burma Oil, up 20 paisa at Rs.3.25 and lower by 60 paisa at Rs.7.50 respectively on 500 shares each.