Index crosses 6,100-point barrier on active buying
By Our Staff Reporter
KARACHI, Dec 29: The KSE 100-share index on Wednesday maintained its upward drive and finally breached through the psychological barrier of 6,100 and finished well above it aided by fresh heavy buying in most of the pivotals.
It ended the session, with a fresh gain of 45.84 points at 6,123.67 as compared to 6.077.83 a day earlier, signalling it may end the old account around 6,200 during the next two sessions.
Market capital also showed a fresh increase of Rs14.652bn at Rs1,695.113bn as compared to Rs1,681.461bn a day earlier. Apart from reports of massive UAE-based buying in PTCL and energy shares for the last couple of sessions, hostile take over bid in the fertilizer sector was another supporting factor behind the current run-up.
"The Dubai-based investor is inclined to grab bulk of its floating stock before the actual date of its sell-off is announced by the Privatization Commission", analysts said adding "for the last about one week its about 500 million shares have changed hands including massive single-session volume of 136m shares".
Engro Chemical was again in the news after the management of Dawood Hercules announced that it plans to buy its 22.5 million shares at Rs123 per share. Its share value soared by Rs9.25 at Rs132.95 (face value Rs10), on 26,000 shares. Dawood Hercules also rose by Rs9.10.
After hitting the low and the high of the day at 6,104.21 and 6,138.08, earlier amid active bouts of buying and selling it finally finished at 6,123.85, up by 45.84 points, reflecting the strength of leading base shares, notably PTCL and some others.
Analysts said the next two sessions could be very crucial for the future direction of the market, although general perception is that the current rising tempo would be further accelerated after it opens the new year account on next Monday.
Indications are that the opening would be fairly promising on the strength of higher corporate announcements from the textile and sugar sectors as is reflected by the rate of payouts being announced by some of them.
It was in this background that plus signs held a strong lead over the losing ones, major gainers being Noon Sugar, Dawood Hercules, Artistic Denim, Atlas Honda and Siemens Pakistan, up by Rs7.50 to Rs28.95.
Losers were led by Indus Dyeing, Quetta Textiles, Al-Abid Silk, Zulfiqar Industries, Gul Ahmed Textiles, and Wyeth Pakistan, off Rs2.95 to Rs18. Trading volume further rose to 595m shares as gainers forced a strong lead over the losers at 223 to 167, with 60 shares holding on to the last levels.
Fauji Fertilizer Bin Qasim topped the list of most actives, up by 30 paisa at Rs30.55 on 78m shares followed by PTCL, up by 10 paisa at Rs43.80 on 75m shares, Lucky Cement, higher by Rs2.85 at Rs41.20 on 69m shares, Hub-Power, firm by 35 paisa at Rs32.50 on 39m shares, Fauji Cement, up by Rs1.15 at Rs16.80 on 28m shares, D.G.Khan Cement, higher by Rs1.75 at Rs54.95 on 28m shares and OGDC, lower by 10 paisa at Rs72.95 on 23m shares. Other actives were led by Sui Southern Gas, up by 35 paisa on 21m shares and Pakistan Oilfields, higher by Rs2.85 on 20m shares.
FORWARD COUNTER: PTCL again led the list of actives, up by 10 paisa at Rs44.50 on 18m shares followed by Fauji Fertilizer Bin Qasim, higher by 45 paisa at Rs31.05 on 15m shares and Engro Chemical, up by Rs9.40 at Rs134.85 also on 15m shares.
Among the other actives, PPL rose by 15 paisa at Rs138.20 on 9m shares followed by Lucky Cement, up by Rs2.90 at Rs41.80 on 5m shares. Some others were also actively traded.
DEFAULTER COS: Quice Food came in for active selling and fell by 25 paisa at Rs3.40 on 0.419m shares followed by Crescent Spinning, firm by five paisa at Rs4 on 0.187m shares and Lafayette Industries, lower 10 paisa at Rs3.05 on 0.117m shares.
DIVIDEND: Premium Textiles, cash 10 per cent, Azgard-Nine, 10 per cent, Kohinoor Sugar, 11 per cent and Zafara International, nil.
BOARD MEETINGS: Frontier Ceramics, on Dec 30, Faran Sugar, on Dec 31, Ghani Automobile, on Jan 3, Tritex Cotton, Al-Noor Sugar, Masood Textiles, Shahmurad Sugar, Landmark Spinning, on Jan 4, and Baig Spinning, on Jan 5, 2005.
