September 5, 2002	Thursday	Jamadi-us-Saani26,1423

KARACHI, Sept 4: Stocks on Wednesday finished with an extended gain as fresh active buying in Hub-Power ahead of its board meeting and expectations of higher final dividend kept investors in a buoyant mood despite a good bit of profit-selling at the inflated levels. The KSE index added another 12.18 points at 1,986.79 after breaching through the 2,000 points level.

But bulk of the selling was absorbed both at the rise and the dips as leading investors including some foreign ones were not inclined to miss the rising market at this stage.

All eyes remained focused on the Hub-Power final dividend due possibly on Thursday as bears and bulls cashed in on the margins after spreading rumours about the rate of final dividend.

For the second time during the week, the KSE 100-share index breached through the psychological barrier of 2,000 points on the strength of heavy buying in the leading base shares but failed to sustain it on subsequent selling.

Finally, it ended with a fresh rise of 12.18 points at 1,986.79 as compared to 1,974.61 a day earlier, reflecting the strength of PTCL, Hub-Power and other leading base shares.

The question is now being debated is “whether or not the index could move above the coveted level of 2,000 index level. Each time the bulls boost it beyond the barrier, bears strike back for no apparent bearish reason,” analysts said.

“Its future direction will be guided by the final dividend by Hub-Power due tomorrow”, says a leading broker “if it is in line with the market perception, the index could stabilize itself above the 2,000 point level and if it is 30 or 35 per cent then it could be anybody’s guess”.

The general perception is that Hub-Power board could spring a surprise for the investors as did PSO after declaring bonus shares at the rate of 20 per cent in addition to cash dividend of 130 per cent.

Elsewhere, selective support remained prominent, although some of the leading shares came in for stray profit-selling but mainly for replacement buying in the pivotals including Hub-Power.

Leading gainers were mostly led by the MNCs, reflecting the presence of foreign buying. Siemens Pakistan, Lever Brothers, Pakistan Oilfields, Wyeth Pakistan and Parke-Davis were leading among them, up Rs7.20 to Rs20, largest fresh rise of Rs29.90 being in Parke-Davis, which has, during the last couple of sessions, risen by Rs80 owing to shortage of floating stock.

They were followed by Pak Venture, Nagina Cotton, Attock Refinery, KSB Pumps, BOC Pakistan and Zulfiqar Industries, rising by Rs1.45 to Rs2.15.

Losers included Millat Tractors, Noon Sugar, International Industries, Lakson Tobacco, Abbott Lab, Al-Ghazi Tractors, Nestle MilkPak and Javed Omer, off one rupee to Rs3.50.

Trading volume rose to 166m shares from the previous 163m shares as gainers held a strong lead over the losers at 145 to 100, with 73 shares holding on to the last levels.

The most active list was topped by Hub-Power, higher by 30 paisa at Rs28.55 on 70m shares, followed by PTCL, steady by 10 paisa at Rs19.80 on 37m shares, PSO, off 75 paisa at Rs198.25 on 19m shares, FFC-Jordan Fertilizer, firm by five paisa at Rs6.55 on 4m shares, National Bank, easy 35 paisa at Rs24.10 also on 4m shares and MCB, up 20 paisa at Rs24.55 on 3m shares.

Other actives were led by D.G. Khan Cement, lower five paisa on 3m shares, Dewan Motors, up 55 paisa on 2.535m shares, KESC, higher 25 paisa on 2.290m shares and Dewan Salman, easy 10 paisa on 2.256m shares.

FORWARD COUNTER: Barring PSO, which attracted selling at the higher level and was off Rs1.20 at Rs199.45 on 5.726m shares, other actives rose modestly under the lead of Hub-Power, up 15 paisa at Rs28.55 on 10m shares followed by PTCL, steady 10 paisa at Rs19.95 on 4.359m shares. Others were traded modestly.

DEFAULTER COMPANIES: Active trading was witnessed on this counter where shares of 15 companies came in for active bouts of buying and selling under the lead of Allied Motors, off 15 paisa at Rs10.20 on 7,000 shares.

Suzuki Motorcycle fell by 20 paisa at Rs4.75 on 5,500 shares and Schon Modaraba, up 10 paisa at 0.60 paisa on 5,000 shares.

DIVIDEND: Otsuka Pakistan cash 15 per cent for the year ended June 30, 2002.

BOARD MEETINGS: National Bank of Pakistan on Sept 9, Thal Jute, Fayzan Manufacturing Modaraba and Pakistan Services, on Sept 10, Bawany Air Products on Sept 12, Indus Motors on Sept 13, Central Forest Products on Sept 25.