17 April 2004	Saturday	26 Safar 1425

KARACHI, April 16: Trading volume on the Karachi bourse on Friday soared to an all-time peak level of 1.122bn shares, surpassing all previous single-session records on massive buying in leading base shares , notably OGDC and PTCL followed by some second-liners.

Both OGDC and PTCL, which together hold a weightage of 38 per cent in the index at one stage hit their carrier-best levels at Rs68.85 and Rs45.40 respectively but buying offers originating from all the quarters remained partly unsatisfied as investors were not inclined to part with their holding.

The bull-run initiated earlier in the week was fully sustained at the weekend session as investors were not inclined to miss the bandwagon in the backdrop of unfolding corporate scenario and virtual run on the cement sector followed by reports of higher exports to Iraq.

It finally finished higher by a big rise of 74.38 points or 2.5 per cent at 5,581.98, indicating it may break the barriers of 5,600 and 5,700 as it has been breaching two consecutive barrier each week for the last two weeks.

Volume figure, which rose to an all-time high of over a billion shares, at 1.122bn shares the previous best figure being 962m shares hit last year in August as DG Khan, Fauji Cement, OGDC, Fauji Fertilizer and PTCL turned out massive activities amid an unprecedented price flare-up.

"The cement share-drive rally judiciously aided by the energy and auto sector seems to have set new targets before it, both for the index level and the single-session volume," analysts said. "No one cares about the long-overdue correction in a highly overbought market."

Cement shares continued to inspire fresh support on reports of higher exports, while energy shares rose followed by increase in petroleum prices. Auto shares reacted bullishly to finance minister's statement that decision to import reconditioned cars is not taken so far.

Leading stock analysts were expecting a big technical correction at the weekend session but bulls were not inclined to take bearish outlook and continued to make fresh speculative buying where due.

The entry of Space Telecom, a Syria-based company and Telenor into Pakistan's cell market at a higher price too reflects "Pakistan's risk profile has undergone a positive change in the recent past," says a leading analyst at a brokerage house "the higher price could well prove a morale booster for the market in the coming sessions notably in the telecom sector."

Although the market witnessed a virtual scramble for some of the choice scrips even at inflated levels, there was change on the other counters as a section of investors opted for low-priced shares, most of which have a potential of big capital gains.

"Sugar and most of the low-priced textile shares are now forming the basis of new portfolio, which could well add needed depth to the broader market lowering the risk factor," brokers believe.

Leading gainers were led by Treet Corporation, Atlas Honda and Javed Omer, Parke-Davis, which posted gains ranging from Rs10 to Rs20 followed by EFU General, Ferozsons Lab, Century Papers, packages, Goodluck Industries, International Industries and National Refinery, up by Rs5 to Rs8.

Prominent losers were led by Clariant Pakistan, Nestle MilkPak and Wyeth Pakistan, which fell by Rs8.75 to Rs72, largest decline being in Wyeth followed by National Foods, Island Textiles, Bhanero Textiles, Pakistan Oilfields, Sapphire Fibre and Shell Pakistan, which were marked down by Rs3.10 to Rs6.30.

Trading volume swelled to an all-time high figure of 1.122bn shares so far as compared to 862m shares a day earlier as gainers maintained a strong lead over the losers at 223 to 160, with 56 shares holding on to the last levels.

OGDC topped the list of most actives, up Rs2.50 at Rs67.90 on 198m shares followed by Fauji Cement, higher by Rs1.50 at Rs17.80 on 125m shares, PTCL, up Rs1.30 at Rs44.75 on 118m shares, DG Khan Cement, firm by Rs4.10 at Rs64.40 on 90m shares and Hub-Power, steady 25 paisa at Rs38.15 on 79m shares.

Other actives were led by Dewan Salman, firm 60 paisa on 67m shares, PIAC, up 60 paisa on 58m shares, Maple Leaf Cement, higher by Rs1.40 on 44m shares, Lucky Cement, up Rs2.60 on 40m shares and Nishat Mills, off 90 paisa on 37m shares.

FORWARD COUNTER: PTCL came in for active support in sympathy with its ready counter and rose by 60 paisa at Rs45 on 14m shares followed by Hub-Power, firm 20 paisa at Rs38.35 on 7m shares, Dewan Salman, up 65 paisa on 6m shares, Nishat Mills, lower 65 paisa on 4m shares and PSO, up Rs1.20 at Rs286.95 also on 4m shares.

Fauji Fertilizer rose by Rs1.20 at Rs126.50, while Sui Northern Gas and MCB suffered fall ranging from Rs1.95 to Rs2.05 at Rs71 and Rs62 respectively on late selling.

DEFAULTER COS: Dandot Cement was actively traded, higher by 60 paisa at Rs7.75 on 0.701m shares followed by Biafo Industries, up Rs1.30 at Rs11.30 on 0.523m shares and Standard Bank, lower 20 paisa at Rs9.30 on 0.441m shares Others were modestly traded.