11 February 2005	Friday	01 Muharram 1426

KARACHI, Feb 10: The KSE 100-share index on Thursday maintained upward thrust and broke the barrier of 7,200 points on heavy short-covering in OGDCL and PTCL, but selling at the fag-end of the session pushed it down slightly below this level.

After hitting the day's peak level at 7,223.98, it finally finished at around 7,198.63, up 40.06 points but is sure to resume its upward march possibly by the next week on the strength of higher corporate dividends.

Apart from active short-covering in most of the leading shares at the overnight lower levels, the sentiment in part was also influenced favourably by a higher final dividend of Rs4 announced by Engro Chemical Pakistan, making the total for the last year to Rs8, as it has already paid an interim dividend of the same amount.

The opening was, however, a bit uncertain in the wake of overnight reaction, but bulls were back in the market after mid-session and pushed the index to a new career-best level.

Opinions are, however, divided over the future outlook as some analysts predict a lot of pruning during the next couple of sessions in a highly overbought market.

Some others say technical correction is overdue but it would manifest itself after the current buying euphoria associated with higher dividend from some leading companies fades.

"But there is no chance of a big retreat from the current all-time higher levels, both in terms of index level and price flare-up, as best is still to come for the both," brokers said.

"Most of the leading as well as second-liners had risen beyond their mandate during the last couple of weeks, notably from early this year, and as the bulls ruled supreme all through long overdue technical corrections faded under the weight of mounting buying offers," they said.

No one could deny the fact that correction is overdue but could come only in an orderly way as bears appear to be in no mood to upset the prevailing pattern of trading at least for the near-term, they said.

Plus signs dominated the list, major gainers being Packages, Parke-Davis, Pakistan Oilfields and Atlas Honda, up by Rs7.10 to Rs15. Other good gainers were led by Premier Sugar, Shakarganj Sugar, Pakistan Elektron, Security Papers and Berger Paints, which posted gains ranging from Rs4.25 to Rs5.65.

Losers were led by Sahfiq Textiles, Arif Habib Securities, National Refiner, Shell Pakistan, Gillette Pakistan, Treet Corporation, Pakistan Cables and Siemens Pakistan, off Rs4 to Rs11.

Trading volume was maintained on the higher side at 579m shares, as gainers forced a fair lead over losers at 177 to 163, with 55 shares holding on to the last levels.

OGDCL topped the list of most actives, up 75 paisa at Rs88.30 on 124m shares followed by PTCL, higher 70 paisa at Rs64.05 on 64m shares, National Bank, up Rs2.05 at Rs107.05 on 52m shares, Pakistan Oilfields, higher by Rs8 at Rs260 on 44m shares, DG Khan Cement, firm by 90 paisa at Rs63.50 on 32m shares, and recently-privatized KESC, up 55 paisa at Rs9.25 on 28m shares.

Other actives included Lucky Cement, up 30 paisa on 21m shares, Sui Northern Gas, up Rs1.85 also on 21m shares, Sui Southern Gas, higher 70 paisa on 20m shares and Hub-Power, off 25 paisa also on 20m shares.

FORWARD COUNTER: PPL came in for fresh strong support and finished higher by Rs3.65 at Rs151.35 on 44m shares followed by OGDC, firm by 50 paisa at Rs88.65 on 27m shares, PTCL, steady by five paisa at Rs64.35 on 25m shares and National Bank, up Rs1.25 at Rs107.20 on 11m shares.

Pakistan Oilfields posted a fresh sharp increase of Rs6.75 at Rs260.75 on 11m shares, while PSO reacted from the overnight highs, off Rs1.40 at Rs342.90. Turnover figures fell to 157m shares from the previous 186m shares.

DEFAULTER COS: Trust Brokerage led the list of actives on this counter, up one rupee at Rs11 on 0.119m shares followed by Crescent-Standard Bank, lower 20 paisa at Rs15.60 on 0.108m shares and Unity Modaraba, up 15 paisa at Rs1.35 on 0.106m shares.