04 December 2004	Saturday	21 Shawwal 1425

KARACHI, Dec 3: A snap weekend rally put the market back on the rails on Friday amid an actively traded session but opinions about its future outlook were divided owing to the presence of some psychological depressants on the political front.

Stocks, however, recovered from the recent lows on active short-covering at the lower levels aided partly by market talk of some positive announcement by Prime Minister Shaukat Aziz for the corporate sector at the KSE function and partly to the presence of strong institutional support on selected counters.

A section of leading investors tried to pull the market out of the current sluggishness, and for good reasons too, on the eve of Corporate Excellence Award giving ceremony for the top 25 listed companies was to be held later on Friday.

The KSE 100-share index recovered in one go the losses suffered during the last three sessions and was up 24.30 points at 5,576.80 as compared to 5,552.50 a day earlier.

PTCL, having a weight age of 17 per cent in the index, led the market recovery as a section of investors covered positions in it ahead of its privatization during the next couple of months. Askari Bank and some other pivotals supported the PTCL move to put the market back on the rails. But opinions were divided over the future direction of the market in the changing political scenario as there were fears in a section of investors that the anti-uniform protest could take an ugly turn if some corrective steps were not taken.

However some others were of the opinion that every thing would be normal as the moves for political reconciliation had already been initiated by the government. In market parlance, the weekend recovery always paves the way for a big turnaround when the trading resumes next week. "How investors behave will set the future trend for the bourse to follow," analysts say.

"Both predictions of higher dividend from the textile sector and an attractive bait of sell-off of some state-owned units are expected to keep the future market in a good shape", they hoped.

However, news from the carryover market were not that positive as both the volume and investment on the higher side could take its toll next week, although the correction could be orderly without creating any panic among the investors, some other said.

Plus signs dominated the list of actives under the lead of Treet Corporation, Grays of Cambridge, Parke-Davis, Shell Pakistan, Lakson Tobacco and Siemens Pakistan, which posted gains ranging from Rs10 to Rs30 followed by Pakistan Engineering, Atlas Honda, Sitara Chemicals and Javed Omer, up by Rs4 to Rs5.

Losses on the other hand were fractional barring Shabbir Tiles, HinoPak Motors, Valika Art Fabrics, Gatron Industries, Zulfiqar Industries and Aventis, off Rs2 to Rs6. Trading volume rose to 209m shares from the previous 181m shares as gainers forced a strong lead over the losers at 233 to 123, with 74 shares holding on to the last levels thanks to credible performance of the leading shares.

Askari Bank topped the list of actives, up by Rs2.95 at Rs95.55 on 31m shares followed by PIAC, firm by 40 paisa at Rs13.45 on 17m shares, PTCL, up by 15 paisa at Rs40.45 on 16m shares, Fauji Fertilizer Bin Qasim (spot), higher by 95 paisa at Rs25.35 on 12m shares and Bosicor Pakistan, firm by 10 paisa at Rs20.20 on 9m shares.

Other actives were led by National Bank, up by 45 paisa on 9m shares followed by D.G.Khan Cement, steady 20 paisa also on 9m shares, TRG Pakistan, up by 40 paisa on 8m shares, OGDC, lower 10 paisa also on 8m shares and Bank of Punjab, higher by 70 paisa on 7m shares.

FORWARD COUNTER: Fauji Fertilizer Bin Qasim led the list of actives, up by Rs1.05 at Rs24.60 on 37m shares followed by Askari Bank, higher by Rs2.60 at Rs95.75 on 4m shares, PPL, easy 35 paisa at Rs121 also on 4m shares, MCB, lower 10 paisa at Rs51.05 on 2m shares and OGDC, easy five paisa at Rs65.30 also on 2m shares.

DEFAULTER COS: Active trading was again witnessed on this counter as textile shares came in for fresh support and rose by 10 paisa at Rs3.20 for Service Fabrics on 0.241m shares followed by Lafayette Industries, firm by five paisa at Rs3.60 on 0.158m shares and Unity Modaraba, unchanged at Rs2 on 0.157m shares. Some others were also actively traded.

DIVIDEND: Kohinoor Weaving, cash 10 per cent, bonus shares out of premium account, at the same amount but they would not qualify for the cash dividend.