November 15, 2003	Saturday	Ramazan 19, 1424

KARACHI, Nov 14: Stocks on Friday turned in an improved performance followed by active short-covering by a section of investors on the energy and low-priced sectors but selling orders failed to match the buying ones.

Barring a few exceptions, price changes on almost all the counters were fractional and reflected the absence of leading investors apparently because of weekend considerations.

Both PSO and Shell Pakistan were actively traded ahead of the announcement of POL prices and market talk of a possible increase. Pakistan Services also rose sharply on reports of positive investor response to its issue.

The KSE 100-share index recovered 9.47 points from the overnight loss of 41 points at 3,852.79 as compared to 3,843.32 a day earlier, signalling that it has digested the negative fallout of the State Bank’s recent directive about the exposure limits.

But trading volume fell to a two-year low level of 76m shares as both bears and bulls just marked time apparently an unwritten agreement about the status at the weekend session.

In their absence some of the genuine investors following the lead of institutional traders made active covering purchases on selected counters under the lead of the PSO.

It was also the last day for the public subscription of the OGDC share, and analysts said during the five days when it attracted a lot of investors both financial and general and indications are that it would be massively oversubscribed. The final figure will be available after about two week’s time.

However, steep rise in its share value to Rs39 against the benchmark price of Rs32 (face value Rs10), reflects that investor response was more than encouraging, they said.

The steep decline in the trading volume also reflected that leading brokerage houses and dealers remained busy with the OGDC issue on their own and their clients account, being the final day, some others said.

It appears to be the PSO-led rally, which staged a smart recovery from the overnight sharp decline and rose by Rs6.35 at Rs257.10, and analysts said it could maintain its recovery drive in the sessions to come also on the strength of rumours about the final bidding date for its sell-off.

Floor brokers said the rally in the PSO indicates that trading during the next week may remain smooth as leading investors will be back in the market after having an overview of the OGDC episode.

Prominent gainers were led by Dawood Cotton, Javed Omer, Atlas Battery, Pakistan Services, PSO, Millat Tractors, which posted gains ranging from Rs4 to Rs9.95, but the largest gain of Rs16 was noted in Shell Pakistan. BOC Pakistan, which came out with a cash dividend of 60 per cent was traded lower by Rs2.90 at Rs152.10.

Among the losers, IGI, Al-Abbas Sugar, Jamal Din Wali Sugar, Kohat Cement, National Refinery, Indus Motors, Glaxo-SKF and Island Textiles, off Rs2 to Rs8.

Trading volume fell to 76m shares from the previous 163m shares as losers maintained a modest edge over the gainers at 109 to 91, with 21 shares holding on to the last levels out of only 221 actives.

Fauji Cement topped the list of most actives, higher by 60 paisa on good support ahead of its board meeting, on 12m shares followed by PSO, up Rs6.35 on Rs257.10 on 8m shares, FFC-Jordan Fertilizer, lower 10 paisa at Rs18.25 on 7m shares, DG Khan Cement, off 35 paisa at Rs37.80 on 4m shares, Dewan Motors, up 60 paisa at Rs23.60 also on 4m shares, PTCL, higher by 15 paisa at Rs32.15 on 3m shares and Hub-Power, steady by also the same amount at Rs34.75 also on 3m shares.

Other actives were led by Bosicor Pakistan, off Rs1.05 on 4m shares, PICT, lower 85 paisa on 3m shares and KESC, easy 30 paisa also on 3m shares.

FORWARD COUNTER: PSO came in for strong support and was quoted higher by Rs6.60 at Rs 258 on 6m shares followed by FFC-Jordan Fertilizer, easy five paisa at Rs18.30 on 4m shares, PTCL, up 15 paisa at Rs32.20 on 2m shares and Hub-Power, higher by 15 paisa at Rs34.80 on 1m shares.

DEFAULTER COMPANIES: With the exception of Dchon Modaraba, which was traded higher by 10 paisa at Re1 on 61,500 shares, all others showed fractional either way changes in the absence of strong demand.

DIVIDEND: BOC Pakistan, cash 60 per cent for the year ended June 30, 2003, Altern Energy, LTV, Modaraba, Zeal-Pak Cement, Universal Leasing, nil.