KARACHI, May 7: Stocks on Friday finished fully recovered from the early fall triggered by panic selling in the afternoon session followed by reports of a bomb blast in a city mosque and killing of a couple of persons.
The market's bullish bias was also well-reflected in the KSE 100-share index, which fell only 0.74 points at 5,529.19 amid light trading. The market resumed trading on a higher note, what the dealers called, the extension of the overnight run-up but the mid-session witnessed a lot of profit-selling at the higher levels, which was accelerated by reports of a bomb blast.
There was a scare in the trading hall when trading resumed after the Juma prayers as weaker among the investors hastened to get out of the market as conflicting rumours about the death toll in the mosque bomb blast kept pouring in the market.
The KSE 100-share index opened 62 points fall in the afternoon session but managed to recover most of the losses thanks to active institutional support at the dips and finally closed the week with a fractional fall of 0.74 points, a great bull fight back, reflecting the inherent strength of the market based on positive fundamentals.
However, major decline was averted as leading institutional traders moved in and saved the situation after picking up bulk of sale offers at the fall. But larger decline was averted thanks to presence of strong support at the dips as bulls were not inclined to entertain bearish ideas, weekend profit-selling by the jobbers and short-dealers notwithstanding.
After rising by 20 points earlier to 5,550, the KSE 100-share index finally finished with a fall of 0.7 points, above the crucial level of 5,500 at 5,529.93 points. Bank Al-Falah, which on Thursday made a provisional debut and rose to Rs63 against its face value of Rs10 in addition to a premium of Rs20 maintained its overnight level thanks to active speculative support. Its share will open for public subscription on May 17 and 18.
"News from the political front are a bit disturbing in the backdrop of Indian prime minister's threat about a possible thaw in relations with Pakistan," the obvious reference to ISI's alleged involvement in the election process in Kashmir, analysts said.
And added to it heating up of the political scenario after the arrival of Shahbaz Sharif, president of Pakistan Muslim League (N) possibly early next week and fears of law and order situation, they said.
But indications are that investors are inclined to go with the corporate perceptions rather than psychological depressants when the trading resumes next week. Plus signs were led by Lakson Tobacco, Gatron Industries, Packages, Pakistan Services, BOC Pakistan, which posted gains ranging from Rs5.50 to Rs8.45.
But largest rise was recorded in Shell LPG, Aventis, Pakistan Oilfields, and Siemens Pakistan, which rose by Rs10.05 to Rs30, Siemens being again on the top. Losers were led by Javed Omer, off Rs17.50 followed by Noon Sugar, Jahangir Siddiqui Bank, Central Insurance, Pakistan Refinery, Attock Refinery, Exide Battery and Atlas Battery, off by Rs3 to Rs6.50.
On the provisional counter, Bank Al-Falah posted a fresh sharp rise of Rs4.55 at Rs65.50 on 22m shares, while Abamco Composite Fund made its debut at Rs100 and ended unchanged on a modest volume.
Trading volume fell to 401m shares from the previous 461m shares as losers forced a strong lead over the gainers at 196 to 127, with 50 shares holding on to the last levels.
The most active list was topped by OGDC, up 30 paisa at Rs69.40 on 68m shares followed by Lucky Cement, higher by Rs1.55 at Rs42.30 on 46m shares, DG Khan Cement, unchanged at Rs59.90 on 27m shares and Chakwal Cement, lower 25 paisa at Rs9.05 on 25m shares.
Other actives were led by PTCL, off 35 paisa on 19m shares, FF Bin Qasim, firm by 15 paisa on 18m shares, Dewan Salman, easy 10 paisa on 17m shares, National Bank, lower 65 paisa on 15m shares and Nishat Mills, easy 50 paisa on 13m shares.
FORWARD COUNTER: Bank al-Falah again led the list on this counter, followed by Hub-Power, easy 20 paisa at Rs34.65 on 6m shares, PTCL, off 35 paisa at Rs44.70 on 5m shares, FF Bin Qasim, up 20 paisa at Rs21.75 on 3m shares and Sui Northern Gas, lower 15 paisa at Rs68.50 also on 3m shares.
DEFAULTER COS: Biafo Industries again came in for strong support and rose by 75 paisa at Rs13.70 on 0.810m shares followed by Standard Bank, up 10 paisa at Rs9.60 on 0.570m shares. Others were modestly traded.
RIGHT SHARES: TRG Pakistan, at the rate of 200 per cent, Ali-Asghar Textiles, right shares in the ratio of one share for every one held at a discount of Rs4 each.
