14 August 2004	Saturday	27 Jamadi-us-Saani 1425

KARACHI, Aug 13: Trading volume on Friday on the stock market fell to a record low of 106m shares as leading investors again adhered to the sidelines in the absence of fresh guiding factors.

Although the volume was well above the all-time low single session volume of 16m shares, recorded a couple of years back, it worried investors as it came in a boom-like conditions when the market had surpassed all previous records both in terms of turnover (1 billion shares) and index (5,620.00 points), brokers said.

In the recent past the trading volume had touched the lowest figures of 37m and 79m shares in single-session for a number of inhibiting factors including negative political undercurrent. "It is a bad omen for market, which has, during the last two years had broken all previous records and one hopes it may be a tactical manoeuvre", says a broker.

After fluctuating within a narrow range of about 15 points, the KSE 100-share index finally finished at 5,335.57 as compared to 5,326.16 a day earlier, up 9.41 points, reflecting the strength of some leading base shares including OGDC and PTCL.

Pakistan State Oil could be the envy of the investors during the next week in the backdrop of fresh developments on its sell-off, analysts said "the official resolve to sell it before the year is out could give the needed boost to an uncertain market".

The Privatization Commission is expected to reinvite Expressions of Interest (EoIs) from the prospective buyers by the month of October and other formalities are expected to be completed by the next couple of weeks.

Most of the leading shares as well as current favourites have already touched the bottom and are ripe for a technical rebound in an oversold market, brokers said. As was widely speculated that institutional traders would be around by the weekend session but they remained conspicuous by their absence partly because of weekend considerations.

"The market appears to be preparing for the post-election rally to welcome Shaukat Aziz as the new prime minister", analysts said and predicted "The Aug 19 market may tell a different story both in terms of price flare-up and massive volumes".

All the leading shares are now in the striking distance and only fools will miss the opportunity of capital appreciation, they said "even the next Monday could signals the return of the bull market".

Bank shares, notably National Bank and MCB came in for active support at the overnight lower levels followed by cement and some other selected shares. Prominent gainers were led by Al-Ghazi Tractors, Javed Omer and Arif Habib Securities, up by Rs8 and Rs9 followed by Metropolitan Bank, Pakistan Engineering, Dawood Hercules, ECO Pack and Al-Abbas Sugar, which posted gains ranging from Rs3 to Rs3.80.

Losers again dominated the list under the lead of Jahangir Siddiqui Bank and Company, Gatron Industries and Pakistan Cables, off Rs5.50 to Rs7 followed by EFU Life, Mari Gas, Abbott Lab and Noon Sugar, off Rs3 to Rs4.50. Out of 315 actives, 147 shares fell, while 133 rose, with 39 shares holding on to the last levels.

Fauji Cement led the list of actives, up by 50 paisa on 18m shares followed by OGDC, higher 45 paisa at Rs65.30 on 10m shares, F.F.Bin Qasim, steady 10 paisa at Rs21.55 on 7m shares, D.G.Khan Cement, lower 20 paisa at Rs56.75 on 6m shares and Maple Leaf Cement, off 30 paisa at Rs38.35 on 5m shares.

Other actives were led by Lucky Cement, easy 35 paisa on 5m shares, National Bank, lower 10 paisa on 4m shares, Askari Bank, off 35 paisa also on 4m shares, MCB, lower 45 paisa on 4m shares and Chakwal Cement, easy 15 paisa on 3m shares.

FORWARD COUNTER: Pakistan Petroleum was again actively traded, off 20 paisa at Rs107.65 on 7m shares followed by OGDC, up by 40 paisa at Rs65.50 on 3m shares, PTCL, steady five paisa at Rs42.55 on 2m shares, D.G.Khan Cement, lower 15 paisa at Rs56.90 on 1m shares and F.F.Bin Qasim, firm by five paisa at Rs21.65 also on 1m shares.

DEFAULTER COS: Crescent-Standard came in for active selling at the higher levels and fell by 25 paisa at Rs10.75 on 0.198m shares followed by Dandot Cement, easy by five paisa at Rs9.40 on 0.195m shares and Mukhtar Textiles, up by 65 paisa at Rs5.95 on 0.112m shares. Others were fractionally traded.

BOARD MEETINGS: Union Insurance, on Aug 18, Dawood Hercules and Pakistan Industrial Leasing, on Aug 19.