January 5, 2002	Saturday	Shawwal 20, 1422

KARACHI, Jan 4: Stocks on Friday maintained their uppish leaning as follow-up support did not turn shy owing to the strong presence of institutional traders. Trading was active.

The interesting feature was that, for the second session in a row, the broader market turned in a credible performance in the wake of easing of tension on the border amid hectic moves to defuse the tension.

The KSE 100-share index closed well above the support level of 1,350, at 1,362.74, up 12.76 points, indicating that its next target is 1,400 point level, irrespective of the outcome of Saarc meeting.

“The clouds of war are progressively clearing in the backdrop of hectic diplomatic moves to keep cool both the nuclear nations,” stock analysts at the AHRL predict.

But stock analysts at the W.E.Financial say the cautious optimism reflects that the market’s future direction will largely be guided by the outcome of the Saarc meeting.

“Whether or not the current tension on the borders is defused, one thing appears certain that investors have learnt to work within the framework of typical Indo-Pak psyche,” they added.

What seems to have encouraged them not to miss the rising market was the presence of strong institutional support in most of the pivotals, which brokers think, could lead to the end of the prevailing war euphoria.

Institutional traders remained active buyers throughout the session and evoked sympathetic buying from other quarters including the bargain- hunters.

Most of the price changes were, however, fractional, reflecting the absence of leading sellers and presence of strong support at the dips.

However, most of the leading MNCs came in for active support from the foreign funds and recovered smartly under the lead of ICI Pakistan, Abbott Lab, Al-Ghazi Tractors and Glaxo-Wellcome Pakistan, which posted gains ranging from Rs.1.50 to 3.50. But the largest gain was noted in Shell Pakistan, which rose sharply from the current low, up Rs.5.05.

Other good gainers were led by 14th ICP, Grindlays Modaraba, Crescent Textiles, National Food, PSO and International Industries, which rose by Rs.1.10 to 2.

Losses on the other hand were fractional barring Wyeth Lab, which again resumed its downward trend for no apparent bearish reason and was off Rs.17.50 followed by Central Insurance, down Rs.4.25. Ibrahim Textiles and A.A. Textiles, fell by one rupee to Rs.1.45.

Plus signs, therefore, dominated the list thanks to active support and as a result, gainers led losers by 104 to 46 on reduced volume of 108m shares.

Hub-Power again led the list, up 30 paisa at Rs.18.35 on 40m shares followed by PTCL, unchanged at Rs.15.15 on 37m shares, PSO, up Rs.1.40 at Rs.96.80 on 7m shares, Fauji Fertilizer, higher by Rs.1.15 at Rs.44 on 4m shares and FFC-Jordan Fertilizer, lower five paisa at Rs. 4.15 also 4m shares.

Other actives were led by Engro Chemical, up 40 paisa on 2.348m shares, Sui Northern, steady by 10 paisa on 2.270mm shares, Nishat Mills, up 35 paisa on 1.732m shares, Adamjee Insurance, higher 45 paisa on 1,582m shares and ICI Pakistan, easy five paisa on 1.475m shares.

FUTURE CONTRACTS: Forward counter also followed the lead of the ready section where leading shares finished with fresh gains under the lead of PSO and Fauji Fertilizer, which rose by Rs.1.02 and 1.18 at Rs.44.28 and 97.01.

Among the volume leaders, Hub-Power and PTCL were leading, up 20 paisa and one paisa respectively at Rs.18.37 and 15.21 on 1.706m and 1.743m shares.

DEFAULTING COMPANIES: Shares of two companies came in for modest trading under the lead of Allied Motors, lower 10 paisa at Rs.2.65 on 5,500 shares, while Azam Textiles was held unchanged at Rs.4.50 on 500 shares.