December 6, 2003	Saturday	Shawwal 11, 1424

KARACHI, Dec 5: Stocks on Friday remained under pressure as jobbers and weakholders indulged in weekend profit-selling but larger fall was averted thanks to active support at the dips. The KSE 100-share index sustained a fresh setback of 50.33 points at 4,199.78.

The market decline was again led by the energy sector as a section of leading investors liquidated long positions in them to buy the OGDCL share at the current level.

It was again heavily traded as leading investors denied of their due share in it owing to some technical reasons, are trying to grab the floating stock from the small and genuine investors and then to raise its ruling price according to their whims. But they are not that fool to fall prey for an attractive bait of capital appreciation at this formative stage.

It again turned out a massive volume of 146m shares amid alternate bouts of the buying and selling, up Rs2.65 close to its day’s best level of Rs52.80.

The KSE 100-share index suffered a fresh decline of 50.33 points at 4,199.78 as compared to 4,250.11 a day earlier as leading base shares, notably, PTCL, Hub-Power, PSO and some others finished further reacted on weekend profit-selling.

Although carryover rates (badla rates), dipped from the early week highs of 19 per cent to around 18 per cent, they are still on the higher side and will continue to haunt weakholders amid fears of massive unloading by the big ones, brokers said.

However, bulk of the support again remained confined to the OGDCL, which after having turned out a massive activity of 160m shares on Thursday again led the market resistance to further decline, they said.

“Just on the pattern of PTCL and Hub-Power in good old days, OGDCL has assumed the role of a trend setter and a market mover”, says an analyst “but its role may be much bigger than the both because of its massive capital base and investor craze for it”.

All eyes are now focussed on the OGDCL and its green-shoe option during the next couple of weeks in addition to partial unloading of four other state-owned units during the first quarter of the next year.

“The latest peace offensive to win over India has its own merits and demerits as majority of investors cherished the idea of good neighbourly relations with it, but heating of the local political scenario do worry them”, analysts said.

The MMA protest plan could well prove a major depressant for the market if the ruling elite do not meet its demand on the LFO, they fear but some others believe the market could keep its current stance after initial setback.

Leading losers were led by Shell Gas, Pakistan Refinery, Ferozsons Lab, Millat Tractors, Shell Pakistan, PSO, Javed Omer and Wyeth Pakistan, which suffered fall ranging from Rs4 to Rs20.

Prominent gainers included Shahtaj Sugar after the announcement of 35 per cent cash dividend, Pakistan Cables, Glaxo-SKF, Clariant Pakistan, Gatron Industries, 13th ICP (right), International Industries, Aventis Pharma and Clover Pakistan, up by Rs3 to Rs10.

Trading volume shrank further to 227m shares from the previous 232m shares as bears stayed on the sidelines. Losers maintained a fair lead over the gainers at 193 to 80, with 32 shares holding on to the last levels.

FF Bin Qasim topped the list of actives, lower 20 paisa at Rs20.20 on 32m shares followed by PSO, off Rs11.70 at Rs276.60 on 27m shares, PTCL, easy, 40 paisa at Rs35.75 on 25m shares, Pakistan Oilfields, higher by Rs1.50 at Rs210.50 on 19m shares and National Bank, lower Rs1.10 at Rs50.15 on 18m shares.

Other actives were led by Hub-Power, off 45 paisa on 14m shares, D.G.K Cement, easy 60 paisa on 13m shares, Maple Leaf Cement, off 40 paisa also on 13m shares, PIAC, lower 15 paisa on 10m shares and Dewan Motors, lower 15 paisa on 9m shares.

FORWARD COUNTER: Apart from OGDCL, the other active list was topped by PSO, off Rs11.50 at Rs279.25 on active selling on 16m shares, PTCL, lower 50 paisa at Rs35.90 on 5m shares, FF Bin Qasim, lower 10 paisa at Rs20.40 on 4m shares and Hub-Power, off 60 paisa at Rs38.10 also on 4m shares.

DEFAULTER COMPANIES: Trading on this counter was relatively slow owing to weekend considerations. Prices showed fresh fractional declined on stray selling.

DIVIDEND:Shahtaj Sugar, cash 35 per cent, Ideal Spinning, cash 10 per cent, Ghandhara Industries, nil.