October 9, 2002	Wednesday	Sha’aban 2, 1423

KARACHI, Oct 8: Stocks on Tuesday posted fresh widespread gains as both institutional traders and some foreign funds made fresh covering purchases on selected counters amid an actively traded session.

Cement, energy, fertilizer, auto and blue chips on other counters remained the centre of activity and rose, in unison, appreciably, sending bullish waves on the entire market.

“Election uncertainties are there but investors are not worried and are being guided by the positive market fundamentals rather than the winning party”, one broker said.

The KSE 100-share finished with a fresh gain of 19.59 points at 2,066.99 as compared to 2,047.40 a day earlier, breaching through the support level of 2,050.00.

The index is now eyeing its next chart point of 2,100 and if all goes well with the elections and the winning party secures a comfortable majority and follow the current economic and financial policies, there could be many a pleasant surprises even for most well-informed analysts.

During the transitional periods as the prevailing one preceding the elections those who own huge amounts of money in foreign banks channel it into share business to make it white. “I presume that money is flowing in shares now in a big way and could lift the index to any highs”, says a leading broker.

Both leading institutional traders and some foreign funds were also active and continued to make heavy covering purchases in the blue chips including PSO, PTCL and Hub-Power followed by fertilizer shares including Engro, Fauji and Dawood Hercules.

“The pace with which the funds are flowing in the share business for the last couple of sessions and that too sans election uncertainties, investors have more than one reason to follow the rising market”, says a leading stock analyst commenting on the abnormal market rise not warranted by the objective conditions.

“I can bet the index could hit the high mark of 2,300 to 2,400 points in the post-election sessions as huge liquid money being injected in selected shares has sound basis to stay till maturity”, he claims.

Leading gainers were led by Shell Gas LPG, Dawood Hercules, General Tyre, which has risen by Rs40 during the post-dividend sessions (cash 50 per cent bonus shares 250 per cent), Siemens Pakistan and Wyeth Pakistan, up by Rs3.95 to Rs24.

Other prominent gainers included Attock Refinery, Mari Gas, Honda Atlas, Pak-Suzuki Motors, Noon Pakistan, Abbott Lab, BOC Pakistan, Sitara Chemicals, and SK&F, up by Rs2 to Rs3.15.

Losers were led by Liberty Mills, Shell Pakistan, Kohat Cement, Shafiq Textiles, Shell Pakistan, Nafees Cotton and Grays of Cambridge, off Rs1.15 to Rs13.50.

Trading volume rose further to 160m shares from 132m shares as gainers held a strong lead over the losers at 197 to 95, with 51 shares holding on to the last levels.

Hub-Power led the list of actives, up five paisa at Rs24.55 (highest Rs24.75) on 29m shares followed by PTCL, unchanged at Rs20.05 on 19m shares, Engro Chemical, higher by Rs2.55 at Rs65.40 on 14m shares, ICI Pakistan, firm by 75 paisa at Rs41.65 on 12m shares, FFC-Jordan Fertilizer, higher by 35 paisa at Rs6.75 also on 12m shares, and PSO, up by 60 paisa at Rs198.75 on 11m shares.

Other actives included MCB, steady by 15 paisa on 7m shares, D.G.Khan Cement, lower 20 paisa on 6m shares and Adamjee Insurance, up 60 paisa on 5m shares.

FORWARD COUNTER: Speculative shares came in for strong fresh buying under the lead of PSO, which rose by 85 paisa at Rs161 on 4.119m shares followed by Hub-Power, easy five paisa at Rs24.65 on 3.086m shares.

PTCL was traded unchanged at Rs20.10 on 2.523m shares, while Fauji Fertilizer and Engro Chemical rose by Rs1.10 and Rs1.30 at Rs57 and Rs65.65 on 0.675m and 1.263m shares respectively.

DEFAULTER COMPANIES: Brisk pre-election trading was witnessed on this counter where half a dozen shares came in for strong buying under the lead of Quice Food, up by 15 paisa at Rs1.30 on 33,500 shares followed by Allied Motors, higher by

40 paisa at Rs10 on 28,000 shares.

Suzuki Motorcycles was traded higher by 30 paisa at Rs1.50 on 26,500 shares, while Custodian Modaraba and Metropolitan Steel, marked down by 75 and 10 paisa at Rs4 each on 15,500 and 21,000 shares respectively. A dozen others also came in for active support.

DIVIDEND: Paramount Leasing cash eight per cent.