KARACHI, May 6: Stocks on Thursday rose from the overnight lows on active short-covering at the lower levels but the buying support lacked the aggressiveness associated with a bull market.
The KSE 100-share recovered 21.45 points and was quoted at 5,529.93.
The notable feature was that share of Al-Falah Bank, which made provisional debut at Rs10 came in for strong buying from all and sundry and rose to finish at Rs60.95 after hitting the day's peak level of Rs63.70.
It accounted for about 26m shares on the opening day, up Rs50.95. Its 10-rupee share is being offered at a premium of Rs20 and it will open for public subscription for two days on May 17 and 18.
There was, however, a major shift in the investor buying strategy as leading among them opted for low-priced issues, notably those where the chances of capital gains are much higher. Chakwal Cement, still ruling below its face value was leading among them.
It doesn't mean that most of the blue chips had already reached their saturation point and may not appreciate further, they have the potential to rise further aided by their corporate performance.
The KSE 100-share index finished with a modest gain of 21.65 points at 5,529.93 after at one stage rising to 5,550 as the strength of the leading base shares spilled over to other counters.
Floor brokers said both bulls and bears appear to be undecided about the future direction of the index and are inclined to go in line with the basic market fundamentals rather than opting for massive speculative pre-budget buying.
The perception of an index level of 6,000 points before the budget now appears to be an elusive goal as the leading bulls seems to be in no mood to follow the shadows just to outwit their opponents, they said.
Apart from Bank Al-Falah, some other big IPOs are also due during the next month including that of PIAC, and 20 per cent shares of Pakistan Petroleum, which together with the budget incentives are expected to add to the inherent strength of the market.
Bulk of the support again remained confined to the current favourites, notably OGDC, bank and cement shares, which together accounted for 70 per cent of the total volume.
Leading gainers were led by International Industries, IGI Insurance, Packages Security Papers, Nestle MilkPak, Aventis and Siemens Pakistan, which posted gains ranging from Rs6.45 to Rs24.50, the largest rise being in Siemens, which has risen by Rs60 in post-interim (200 per cent) dividend trading.
Other good gainers were led by Glaxo-SKF, Shell Pakistan, Adamjee Insurance, Lakson Tobacco, Noon Sugar, Javed Omer and Gatron Industries, which posted gains ranging from Rs2 to Rs6.
Losers included Pakistan Oilfields, Atlas Battery, Exide Pakistan, Pakistan Cables, Treet Corporation and Atlas Honda, off Rs3.15 to Rs8. Other losses were mostly fractional.
Trading volume fell to 462m shares from the previous 506m shares as gainers held a comfortable lead over the losers at 183 to 148, with 51 shares holding on to the last levels.
The most active list was topped by FF Bin Qasim Fertilizer, off 50 paisa at Rs21.45 on 54m shares, Chakwal Cement, higher by 95 paisa at Rs9.30 on 42m shares, OGDC, firm by 10 paisa at Rs69.10 on 38m shares, PTCL, up 15 paisa at Rs44.90 on 37m shares, DG Khan Cement, higher 65 paisa at Rs59.90 on 32m shares and Sui Southern Gas, lower 30 paisa at Rs35.70 on 28m shares.
Other actives included Fauji Cement, unchanged on 27m shares, Hub-Power, up 40 paisa on 26m shares, Lucky Cement, lower 20 paisa on 19m shares and Nishat Mills, off Rs1.15 also on 19m shares.
FORWARD COUNTER: Bank Al-Falah, apart, the most active list was topped by FF Bind Qasim, off 65 paisa at Rs21.55 on 11m shares followed by Hub-Power, up 25 paisa at Rs34.85 on 7m shares, PTCL, firm by 15 paisa at Rs45.05 on 4m shares and Dewan Salman, higher by 70 paisa at Rs26.15 on 2m shares.
DEFAULTER COS: Biafo Industries led the list of actives, up 35 paisa at Rs12.95 on 0.862m shares followed by Standard Investment bank, higher by 50 paisa at Rs9.50 on 0.747m shares and Industrial Capital Modaraba, lower 45 paisa at Rs1.85 on 0.162m shares. Others were modestly traded, SS Oil, Quality Steel, Allied Motors and Chenab Textiles, being leading among the gainers, up Rs1.20 and 1.50.
