September 13, 2003	Saturday	Rajab 15, 1424

KARACHI, Sept 12: Stocks finished the weekend session on a mixed note as late profit-selling clipped most of the initial gains on selected counters, although the KSE 100-share index maintained its upward drive and rose by another 12.23 points at 4,604.02.

Weakness of some blue chips, notably Hub-Power and PSO followed by active selling weighed heavily against the broader market and evoked a lot of unloading on other counters.

After two abortive bids, the KSE 100-share index finally managed to settle well above the psychological barrier of 4,600 at 4,604.02, up 12.23 points as leading base shares maintained their upward drive. The mid-session saw it at the day’s peak level of 4,623.50.

Firm finish at the weekend session indicates that bulls are not inclined to leave the arena until all the upcoming dividend announcements are made on the floor, analysts said.

“The dividend-driven rally could be extended until the process of sell-off of PSO, possibly by the end of next month,” they said adding “the strong presence of financial institutions also reflects that lower interest rates will not allow them to get out of the market and so will do the individual investors.”

All eyes were, however, remained focused on Pakistan Oilfields whose board will meet on Monday to review the annual accounts. Apart from a higher final dividend, the market talk of 15 per cent bonus has triggered strong speculative buying in its share, which is current ruling around Rs450 against its face value of Rs10.

Its board has already paid an interim dividend of 100 per cent. The current run-up in share value is attributed to new gas and oil discoveries and predictions of higher profits during the coming years.

PTCL followed it on identical market thinking ahead of its board meeting on Sept 24 and rumours of higher dividend plus possibly a maiden bonus issue, brokers said.

Hub-Power on the other hand again turned in a highly volatile performance as investors are not inclined to take a long-term stake in it for no apparent bearish reasons.

Late weekend profit-selling in some of the leading shares, however, allowed the broader market below the day’s best levels but the underlying sentiment remained uppishly inclined, signalling that both the index and the market capitalization could rise further on the strength of higher corporate announcements.

Leading gainers were led by Jahangir Siddiqui & Co, Arif Habib Securities, Lakson Tobacco, Pakistan Cable, Packages, Clover Pakistan, Treet Corporation, Island Textiles, Glaxo-SKF and Pakistan Oilfields, which posted gains ranging from Rs6 to Rs32.70.

Losers were led by Javed Omer, which after a sustained run-up, came in for active selling and finished with a decline of Rs46.55 followed by Fazal Textiles, Indus Motors, Honda Atlas, Clariant Pakistan, Cherat Papers, and Pak-Suzuki Motors, off Rs4 to Rs6.70.

Trading volume shrank to 442m shares from the previous 663m shares as losers forced a comfortable lead over the gainers on late selling in most of the secondliners at 194 to 166, with 59 shares holding on to the last levels.

PIAC topped the list of most actives, up 35 paisa at Rs22.70 on 55m shares followed by PTCL, firm by 10 paisa at Rs39.70 on 52m shares, Pakistan Oilfields, higher by Rs22.05 at Rs436.05 on 50m shares, Hub-Power, off 60 paisa at Rs43.30 on 32m shares and World Call, higher by Rs1.50 at Rs18.95 on 23m shares.

Other actives were led by Fauji Cement, lower 15 paisa on 23m shares, Sui Northern gas, steady by five paisa on 19m shares, PSO, off Rs1.10 on 17m shares, Japan Power, up 20 paisa on 17m shares and Nishat Mills, firm five paisa on 16m shares.

FORWARD COUNTER: PTCL came in for active support and rose 15 paisa at Rs39.90 on 10m shares followed by PSO, off Rs1.60 at Rs296.90 on 6m shares, Hub-Power lower 45 paisa at Rs43.45 on 3m shares and ICI Pakistan, off Rs2.15 at Rs91 on 2m shares.

DEFAULTER COMPANIES: Trading on this counter failed to pick up because of weekend considerations. Prices generally fell under the lead of Financial Link Modaraba, lower by 30 paisa at Rs4.50 on 0.174m shares followed by Standard Bank, unchanged at Rs8.10 on 0.155m shares and Apex Fabrics, 30 paisa at Rs1.80 on 0.154m shares.

DIVIDEND: Karam Ceramics, cash 18 per cent, Otsuka Pakistan, cash 17.5 per cent, Kohinoor Energy, cash 15 per cent, interim of an identical already paid, Dynea Pakistan, nil for the year ended June 30, 2003.

BOARD MEETINGS: Ittehad Chemicals, on Sept 15, Crescent Leasing on Sept 16, Pakistan Premier Fund on Sept 18, Haroon Oils on Sept 22 and Grindlays Modaraba on Sept 23.