KARACHI, Feb 24: Despite an active selling in some of the pivotals, stocks remained in a bullish frame of mind on Thursday on active short-covering at the dips but the undertone remained mixed.
The KSE 100-share index consolidated well above the index level of 8,200 but fell from the day's best level to close with clipped gains on profit-selling in some of the leading base shares.
After early rising to around 8,400 points on fresh massive buying in OGDCL and Pakistan Oilfields ahead of their board meetings, the KSE 100-share index finally finished reacted at 8,253.12, up 72.33 points on late profit-selling.
The market trend was terribly divergent as the index maintained its upward drive on active support in leading index based shares. The broader market remained under pressure after mid-session under the lead of some current favourites, including PTCL, Sui Northern Gas and National Bank.
A 20 per cent interim cash dividend by PTCL for the first quarter was in line with analysts' predictions but a section of investors sell it at higher levels, pushing it down by 85 paisa at Rs68.50.
"All eyes, however, remained focused on OGDCL whose board will meet on Friday amid strong market rumours of bonus shares," analysts said. "At one stage the market witnessed a shortage of floating stock after the KSE authorities imposed a circuit-breaker to forestall the persistent price flare-up."
OGDCL rose by over Rs100 during the last about two weeks, a credible performance of a 10-rupee share amid record daily off take at the rising price. It was firmly assisted by some other energy shares, including Pakistan oilfields and PSO, and the trio along with PTCL allowed the market to set new records.
Unlike previous sessions, the broader market remained under pressure as a section of leading investors, including some institutional traders, took profit at the inflated levels.
"I don't think the current run-up is overdone," says a leading analyst. "Being in a highly overbought position it needs a correction and that came in the form of profit-selling."
Although minus signs dominated the list, some of the leading shares managed to finish higher under the lead of Clariant Pakistan, Dawood Hercules, OGDCL, Zulfiqar Industries, Sitara Chemicals, Pakistan Services, National Refinery, IGI Insurance in response to higher dividend, 45 per cent plus bonus shares of 25 per cent, and Artistic Denim, which posted gains ranging from Rs7.20 to Rs22.85.
Losers were led by AKD Securities, off Rs21.20 followed by PNSC, Javed Omer, PICIC, Lakson Tobacco, Mari Gas, Engro Chemical, Fauji Fertilizer, ICI Pakistan, Bank of Punjab, Indus Dyeing, and International Industries, off Rs4.50 to Rs7.
Trading volume fell to 866m shares from over a billion shares a day earlier, as losers forced a strong lead over gainers at 228 to 119, with 51 shares holding on to the last levels.
OGDCL again topped the list of actives, sharply higher by Rs8.05 at Rs115.40 on 223m shares followed by PTCL, off 85 paisa at Rs68.50 on 183m shares, Sui Northern Gas, lower Rs1.25 at Rs76.85 on 63m shares, Pakistan Oilfields, up Rs4.50 at Rs322.70 on 44m shares and National Bank, easy by 40 paisa at Rs134.00 also on 44m shares.
Other actives were led by Pak PTA, lower 40 paisa on 36m shares, PSO, off 50 paisa on 30m shares, Fauji Fertilizer Bin Qasim, easy Rs1.50 on 28m shares, Hub-Power, lower 75 paisa on 26m shares and Nishat Mills, sharply lower by Rs4.15 on 18m shares.
FORWARD COUNTER: PPL came in for active support and rose by Rs2.80 at Rs247.10 on 31m shares, while its March contract rose by Rs6.11 at Rs256.60 after hitting day's peak level of Rs265, OGDCL, rose by Rs8.26 ahead of its board meeting at Rs118,50 on 39m shares, PTCL, easy 80 paisa at Rs68.95 on 21m shares and its March settlement fell by 79 paisa at Rs70.20 on 26m shares. Others also attracted selling at higher levels.
DEFAULTER COS: Dandot Cement led the list of actives, unchanged at Rs10.45 on 0.266m shares followed by Kashmir Polytex, lower 15 paisa at Rs4.25 on 0.157m shares and Crescent-Standard Bank, easy 60 paisa at Rs15.65 on 0.147m shares.
DIVIDEND: International General Insurance, cash 45 per cent plus bonus shares of 25 per cent; Sitara Chemical, interim cash 25 per cent.
