May 3, 2002	Friday	Safar 19, 1423

KARACHI, May 2: Stocks on Thursday turned in an easy performance as fears of violence in the backdrop of early morning bomb blasts affected the trading as investors were worried over the developing political scenario.

After moving either-way, the KSE 100-share index finally ended lower by 3.30 points at 1,895.66 as compared to 1,898.96 on Monday, reflecting the weakness of leading base shares notably PTCL, ICI Pakistan and PSO.

A second interim dividend at the rate of 75 per cent, the first interim at the rate of 70 per cent already paid by BOC Pakistan generated strong buying in its share at the inflated rate of Rs112. About 74,000 shares changed hands at this higher level amid predictions of higher final.

Final dividend at the rate of 45 per cent by the management of Packages and 20 per cent interim by General Tyre and Rubber Company also aided the market to limit its early fall.

The market, therefore, reopened on an uncertain note as effective strike at the call of the MQM against the of killing of its two leading members did not allow normal activity owing to fears of law and order situation.

The market was closed around 1 pm against the official final bell timing at 2.15 pm as early morning three blasts and threatening telephone calls from the unknown callers kept leading brokers at their toes all the time.

Attendance was also thin as transport problems and fears of violence kept leading jobbers and short-term at home. Bulk of the support came from the institutional traders and some speculators.

Floor brokers predicted that the market has already underwent a technical correction on Monday and now is bracing to respond bullishly to the strong fundamentals.

“The massive yes vote in the presidential referendum has ensured a another five-year term for the president”, they say “and that is what the big business wants as it mean continuity in the financial as well as economic policies”.

However, fears of political agitation against the referendum results by the opposition are there, which in way curtailed the daily intake of the general investors.

“Possibly by the next week the market is expected to show its inherent strength on strong long-term buying led by the institutional traders”, says a leading stock analyst basing his assessment on the post-referendum political scenario.

“Foreign investors may not come in a big way but the perception of continuity in future investment policies could lure some of them at the current lower prices and an imminent sell-off of some mega issues including PSO”, some others predict.

Big gainers were led by 6th ICP Mutual Fund, Gul Ahmed Textiles, National Refinery, International Industries, Ferozson Lab, Glaxo-Wellcome, Packages, Ghani Glass and Treet Corporation, which posted gains ranging from Rs2.05 to Rs4.35.

But the largest rise of Rs36.30 was again noted in the Wyeth Pakistan owing to the shortage of floating stock followed by Siemens Pakistan, up Rs15.

Losers were led by Attock Refinery, PSO, Atlas Honda, ICI Pakistan and Shell Pakistan, which fell by one rupee to Rs2.60, while others losses were fractional.

Trading volume fell to 97m shares owing to a short session as minus signs held a modest lead over the plus ones at 120 to 107, with 52 shares holding on to the last levels.

Hub-Power led the list of actives, firm by five paisa at Rs25.25 on 39m shares followed by PTCL, easy by 10 paisa at Rs19.05 on 18m shares, Sui Northern, unchanged at Rs14.70 on 7m shares, PSO, off Rs1.65 at Rs162.50 on 4m shares, Adamjee Insurance, up 15 paisa at Rs46.50 also on 4m shares and ICI Pakistan, off 55 paisa at Rs45.10 on 3m shares.

Other actives were led by Southern Electric, up 60 paisa on 3m shares, MCB, off 55 paisa on 2m shares, FFC-Jordan Fertilizer lower 20 paisa also on 2m shares and Lucky Cement, unchanged on 1.982m shares.

FUTURE CONTRACTS: ICI Pakistan and PSO also remained under pressure on the forward counter in line with their weak performance in the ready section and fell by Rs1.25 and Rs2.25 at Rs45.35 and Rs163.75 on 0.687m and 0.786m shares respectively.

Hub-Power was actively traded, up five paisa at Rs25.40 on 3.870m shares and PTCL, unchanged at Rs19.20 on 0.939m shares. Others came in for modest two-way activity.

DEFAULTER COMPANIES: Suzuki Motorcycle again attracted strong support and was marked up by 20 paisa at Rs4.15 on 34,000 shares followed by Gammon Pakistan, higher by 50 paisa at Rs20.50 on 2,500 shares and Burma Oil, higher 20 paisa at Rs6.50 on 1,000 shares.

DIVIDEND: BOC Pakistan cash second interim at the rate of 75 per cent, Packages final 45pc, General Tyre and Rubber Company, interim at the rate of 20 per cent and International Investment & Financial Services interim at the rate of one per cent.