15 October 2004	Friday	29 Shaban 1425

KARACHI, Oct 14: Stocks on Thursday resumed trading on a higher note on active follow-up support but late-selling on some of the blue chip counters allowed them to finish with clipped gains , although selling was well-absorbed at the dips. The KSE 100-share index posted a fresh rise of 24.12 points at 5,469.62 points.

However, being in an overbought position, the market passed through a mild correction on a number of counters but the index managed to end with an extended gain on the strength of OGDC, which rose sharply higher.

The KSE 100-share index virtually heading to hit its new chart point of 5,500 as it has risen by another 100 points during the last couple of sessions, signalling it could hit its pre-reaction level during the current month.

It finished the day at 5,469.62 as compared to 5,445.50 a day earlier, the interesting feature was that unlike the previous records set by its heavy weights, such as OGDC, PPL, Hub-Power and PTCL, its current run-up is contributed by its weaker links. The net rise over the day being 24.12 points.

The significant feature was that there was a perceptible change in the buying strategy of leading punters and for good reasons too but the important factor was that their lead was actively followed by the others including speculators, they added.

"Bank shares are now appearing to be the envy of investors including the prospective ones despite their inflated levels", they said "but investors are out to have them both for capital appreciation and higher dividend".

National Bank, was outstanding among them followed by MCB, Bank of Punjab and PICIC Growth Fund, although they suffered pruning late in the session. Some of the low-priced issues having potential of capital gains also followed them under the lead of Pak PTA, Fauji Cement, Fauji Fertilizer Bin Qasim and some others.

Cement shares may not have reached the saturation point yet as higher exports and local sales have reinforced the broker perceptions about handsome payout by leading among them.

Despite being in an overbought position, the market is in the tight grip of leading bulls for the last three weeks who are not inclined to loosen their grip for obvious reasons, brokers said.

Leading gainers were led by Gatron Industries, Lakson Tobacco, Aventis, Unilever Pakistan, and AKD Securities, up by Rs9 to Rs22.70 followed by Pakistan Oilfields, Pak Elektron, Nishat Chunian, Ferozsons Lab and IGI Insurance, which rose by Rs4 to Rs13.65.

Losses on the other hand were modest barring Glaxo-SKF, Noon Pakistan, Pakistan Cables, Atlas Battery, EFU Life, off Rs2 to Rs7 but the largest fall of Rs30 was recorded in Wyeth Pakistan.

Trading volume further fell to 241m shares from the previous 338m shares but losers forced a modest edge over the gainers at 176 to 157, with 51 shares holding on to the last levels.

National Bank topped the list of actives, unchanged at Rs71.80 on 31m shares followed by Pak PTA, lower 25 paisa at Rs13.15 on 19m shares, Pakistan Oilfields, higher by Rs4 at Rs212 on 16m shares, PICIC Growth Fund, off 45 paisa at Rs47.95 on 13m shares and Fauji Fertilizer Bin Qasim, unchanged at Rs21.20 on 12m shares.

Other actives were led by Maple Leaf Cement, steady five paisa on 12m shares, Nishat Mills, off 80 paisa on 11m shares, Hub-Power, unchanged on 10m shares, MCB, off 45 paisa on 9m shares and Bank of Punjab, easy 20 paisa on 8m shares.

FORWARD COUNTER: OGDC led the list of actives, up by Rs1.15 at Rs67.10 on 44m shares followed by PPL, higher by Rs1.10 at Rs124.10 on 42m shares and D.G. Khan Cement, higher by 65 paisa at Rs52.65 on 12m shares.

Other actives were led by PTCL, unchanged at Rs40.60 on 7m shares and Lucky Cement, up by 70 paisa at Rs37.35 also on 7m shares. Some others were also actively traded on the higher side.

DEFAUTER COS: Lafayette Industries came in for active support and finished higher by 20 paisa at Rs3.50 on 0.595m shares followed by Crescent Jute, easy 45 paisa at Rs3.75 on 0.232m shares and Crescent-Standard Bank, lower five paisa at Rs10.10 on 0.165m shares.