March 21, 2002	Thursday	Muharram 6, 1423

KARACHI, March 20: Stocks on Wednesday again fell under the lead of blue chips as follow-up support turned shy owing to the absence of strong institutional support and profit-selling by jobbers and weakholders.

The KSE index’s march towards its lost glory was, therefore, intercepted half way but it is still eying the level of 1,900 points in the post-Ashura sessions next week.

It finally finished off 9.64 points at 1,874.06, not far away from its coveted level as the leading base shares have the potential to rise from the current lows alone on technical grounds.

A final cash dividend at the rate of 160 per cent on after tax profit of Rs88.151 million, by Rafhan Bestfoods, making the total to 190 per cent as it has already paid an interim dividend of 30 per cent, was billed on the higher side of the market expectations, but it came at time when investors were pre-occupied with the fears of sectarian violence.

As a matter of fact investors could not fully digest the negative impact of sectarian killing in Lahore a day earlier and an attack on PPP leader, killing his two bodyguards and hastened to get out of the market until the Ashura on 10th of the Muharram, dealers said.

The other negative factor was fading out of the buying euphoria created by the rumours about the bid for the PSO sell-off as speculators adhered to the sidelines after taking handsome profits around the overnight peak level of Rs170, they added.

“We don’t think investors will take long positions as fears of sectarian worry them,” stock analysts at the Moosani Securities predict, adding “the next week could witness a renewed buying euphoria based on objective perceptions about the future share business outlook.”

Stock analysts at the Ali Husain Rajabali Securities were, however, not inclined to take a bearish view of the basic fundamentals and termed the current volatile performance to a long weekend ahead as the market will reopen on next Tuesday after Friday on account of Pakistan Day and Muharram holidays.

“The rise and fall of the market on alternate days don’t necessarily reflect the investors apathy to hold on to their positions,” stock analysts at the W.E. Financials commenting on the market’s either-way movement said, adding “we call it a consolidation phase, which reinforce its financial health.”

All the pivotals fell modestly as only extreme gains were pared of and they managed to hold on to a larger portion of the Tuesday’s gains.

Prominent gainers were led by Wyeth Lab, National Refinery, Mari Gas, Pakistan Refinery and General Tyre, which rose by Rs2.50 to Rs3.90, the highest gain of Rs22 being in Wyeth Pakistan.

They were followed by Blessed Textiles, PICIC, Bestway Cement, Kohat Cement, Lakson Tobacco and Abbott Pakistan, up by Rs1.50 to Rs2.50.

Losers were led by New Jubilee Insurance, Shell Pakistan, Pakistan Oilfields, PSO and Grays of Cambridge, off Rs2.75 to Rs6 followed EFU General, Shafiq Textiles, Sapphire Fibre, HinoPak Motors, Dawood Hercules and Engro Chemical, off Rs1.65 to Rs2.75.

Trading volume was maintained at the overnight level of 149 million shares as gainers and losers were about evenly matched at 100 to 104, with 64 holding on to the last levels.

Hub-Power topped the list of most actives, easy five paisa at Rs25 on 40m shares followed by PTCL, off 30 paisa at Rs19.70 on 34m shares, PSO, lower Rs4.60 at Rs165.50 on 14m shares, Dewan Salman, easy five paisa at Rs17.15 on 11m shares and Pakistan PTA, up 15 paisa at Rs6.75 on 8m shares.

Other actives were led by ICI Pakistan, lower 25 paisa on 7m shares, Sui Northern, easy 15 paisa on 6.483m shares, National Bank, off 65 paisa on 5.270 shares and FFC-Jordan Fertiliser, easy five paisa on 4.567m shares.

FUTURE CONTRACTS: Speculative issues on the forward counter showed mixed trend barring Engro Chemical and PSO, which came in for active selling and fell Rs1.80 and Rs5.75 at Rs76.20 and Rs165.50 on 0.257m and 1.905m shares, respectively.

Hub-Power also attracted strong profit-selling and ended lower by 10 paisa at Rs25.10 on 11m shares followed by PTCL, easy 30 paisa at Rs19.80 on 3.064m shares.

DEFAULTER COMPANIES: Allied Motors remained under pressure and was marked down by 15 paisa at Rs4.55 on 9,000 shares followed by Colony Woollen, sharply lower by Rs1.50 at Rs1.50 on 4,500 shares and Suzuki Motorcycles, up 20 paisa at Rs2 on 3,000 shares.

DIVIDEND: Rafhan Bestfoods, final 160 per cent, interim of 30 per cent already paid, Reliance Insurance, cash 7.5 per cent, bonus shares five per cent, Ittefaq General Insurance cash five per cent.