April 26, 2002	Friday	Safar 12, 1423

KARACHI, April 25: A late burst of selling in most of the leading shares again pushed the market into the minus column on Thursday despite a firm start and presence of strong institutional support, signalling its fears about the law and order situation preceding the referendum.

Corporate announcements both from Fauji Fertilizer, which came out with an interim dividend of 25 per cent and Hub-Power, with an EPS at Rs1.28 for the third quarter, were in line with the market expectations and contributed a lot to the early run-up, stock analysts at the Moosani Securities said.

However, the uncertainty associated with the presidential referendum continued to have its toll in the shape of hasty selling on small margins, they added.

However, the market is expected to rise from the current lows as board meetings of oil giants, PSO and Shell Pakistan, on Friday could lend it much needed support despite rumours of inventory losses and higher world oil prices.

But a steep decline in Shell Pakistan on some adverse reports about the inventory losses dragged the entire energy sector along with it on the lower side on some hasty selling. It finished lower by Rs7.85.

The KSE 100-share index, which early was up by 10 points ended lower by 16.80 points at 1,865.65 on late selling in all the leading base shares.

Stock analysts at the AHRA believe the market’s volatile performance is quite in line with the ground realities but as far as the basic fundamentals are concerned they are quite bullish and they will initiate a grand rebound after April 30.

Institutional traders remained active throughout the session and tried to keep the others in a good mood, but they left the market after unloading positions at the rise.

“Not many except the financial institutions are inclined to take long positions until the Supreme Court announces its judgment on the referendum petitions,” stock analysts at the Al-Mal Securities predict, adding “this is natural as many are not willing to take even the calculated risks.”

The trading was resumed over two hours late around 11.30 a.m. owing to technical fault in the computer system. To compensate for the trading hours losses, the KSE allowed two sessions, the second session ended at 4.30 p.m.

Energy sector led the market decline under the lead of Pakistan Refinery, Pakistan Oilfields and Sitara Energy, falling by Rs1.25 to Rs3.50.

Other prominent losers were led by Wyeth Pakistan, off Rs10, Trust Bank, Crescent Textiles, Al-Ghazi Tractors, Singer Pakistan, Abbott Lab, ICI Pakistan, Century Papers and Lever Brothers, which suffered fall ranging from Rs1.50 to Rs5.

However, it was not bad with broader market as some of the leading as well as second-liners manage to finish with good gains under the lead of Escort Bank, Ahmed Oriental Textiles, Legler Nafees, Al-Abid Silk, Pakistan Tobacco, Attock Refinery, Packages, Pakistan Paper Products and Bata