August 24, 2002	Saturday	Jamadi-us-Saani 14, 1423

KARACHI, Aug 23: Stocks on Friday ran into weekend profit-selling as jobbers and short-term investors took profits but the underlying sentiment remained uppishly inclined thanks to heavy buying in PSO and Hub-Power. KSE index ended with clipped gain of 0.98 points after early rising by 18 points.

“I don’t think the current bull-run is overdone,” predicts a leading broker. “Investors have just taken a technical breather owing to weekend considerations and will resume their covering operations when the trading resumes next week and the bull-run will continue until Hub-Power lets cat out of the bag.”

The day’s special feature was a massive single-session activity of 196m shares in Hub-Power on strong speculative support ahead of its board meeting, lifting the day’s volume to 334m from the previous 316m shares. It was an improvement on Thursday’s tally of 132m shares.

On the forward counter, its share was also a top performer as it accounted for a record turnover of over 33m shares with a fresh modest rise.

“There are strong rumours of an enhanced final dividend by Hub-Power but some leading analysts say it could be in line with the interim of 40 per cent or slightly below it.”

However, massive daily volumes point to a different perception as some brokers citing the PSO performance say there could be pleasant surprise too, which are sustaining the current bull-run in it.

After moving either-way, the KSE 100-share index finished with a fractional rise of 0.98 points at 1,925.75 as compared to 1,924.77 a day earlier as some of the leading base shares attracted selling under the lead of PTCL.

PSO, which celebrated its silver Jubilee year with a record final dividend of 80 per cent plus bonus shares of 20 per cent again came in for strong support and rose further by Rs.9.45 at Rs.179, indicating that it is heading toward its new chart level of Rs.200.

Analysts said the future outlook appears bullish as the current run-up could be sustained on the strength of coming corporate announcements by some leading shares during the next couple of weeks also.

Prominent gainers were led by National Refinery, Lakson Tobacco, Wyeth Pakistan, PSO and Nestle MilkPak, which posted gains ranging from Rs.4.20 to 14.40. PSO and Nestle MilkPak being leading among them, up Rs.9.45 and 14.50.

Other leading gainers included ICP SEMF, Salfi Textiles, Attock Refinery, Ferozsons Lab, BOC Pakistan Glaxo-Wellcome ahead of their board meetings next week and Merit Packaging, up one rupee to Rs.2.

Losers were led by Kohinoor Weaving, Pakistan Oilfields, Abbott Lab, Adamjee Insurance and Engro Chemical Sapphire Fibre, and some others falling by one rupee to Rs.2.50.

Trading volume rose further to 334m shares but losers managed to force a modest edge over the gainers at 110 to 98, with 52 shares holding on to the last levels.

Hub-Power again led the list of most actives, up 10 paisa at Rs.28.65 on 196m shares followed by PTCL, easy, 20 paisa at Rs.19.30 on 50m shares, PSO, sharply higher by Rs.9.45 at Rs.179 on 31m shares, FFC-Jordan Fertilizer, off 60 paisa at Rs.6.20 on 8m shares and Engro Chemicals, lower Rs.2.50 at Rs.63 on 7m shares.

Other actives were led by Sui Northern Gas, lower 25 paisa on 6m shares, ICP SEMF, higher by Rs.1.25 on 5m shares, D.G. Khan Cement, up 20 paisa on 4m shares, ICI Pakistan, off 90 paisa also on 4m shares and National Bank, lower 65 paisa on 3m shares.

FUTURE CONTRACTS: Heavy speculative buying in Hub-Power in anticipation of higher final dividend again featured the trading on the cleared list where PSO also maintained its upward drive, up Rs.9.95 at Rs.179.90 on 6m shares. PTCL on the other hand ran into selling and was quoted lower by five paisa at Rs.19.40 on 9.265m shares.

Hub-Power was marked up by 20 paisa at Rs.28.70 on a record single- session volume of over 33m shares. Engro Chemical on the other hand came in for active selling and was quoted lower by Rs.2.40 at Rs.63.30 on 0.913m shares. MCB also fell by Rs.1.25 at Rs.25.30 on 0.340m shares.

DEFAULTER COMPANIES: Suzuki Motorcycles came in for renewed support despite omission of dividend for the last year and was quoted higher by 60 paisa perhaps on reports of higher interim sales at Rs.5.15 on 79,000 shares, followed by Allied Motors, up 45 paisa at Rs.11.45 on 5,000 shares and Automotive Battery, lower 25 paisa at Rs.4.50 on 1,500 shares.

DIVIDEND: Pakistan Cables cash 30 per cent, Clariant Pakistan interim at the rate of 25 per cent.

BOARD MEETINGS: Bank of Punjab on Aug 27, Smith Kline & French Pakistan on Aug 28, National Security Insurance Aug 29, Arpak International Investments Aug 30, Askari Leasing Aug 31 and Otsuka Pakistan on Sept 3.