KARACHI, June 10: A massive activity of 143m shares in PTCL amid rumours of fixation of fresh bidding date for its sell-off possibly by the end of the next week featured the Friday’s stock market where other blue chips also staged late rallies on active support.
In the morning session, stocks again showed erratic movements as investors played on both sides of the fence without taking long positions on any of the counters, although there was no immediate reason for the post-budget sluggishness.
But heavy fresh buying in PTCL followed by rumours of fresh bidding date after the reported agreement with the workers union generated a lot of sympathetic support on the other counters and it took the entire market along with it in the plus column.
The KSE 100-share index finished with a modest rise of 38.27 points at 7,345.29 as compared to 7,307.02 a day earlier as some of the leading shares in the oil sector managed to show fresh rise under the lead of PTCL.
Some of the leading oil shares notably, OGDC, PSO, Pakistan Petroleum and National Bank also rose after moving either-way later in the afternoon session.
PTCL maintained its upward drive followed by reports that workers union has resumed work indicating that an accord on the post-privatization scenario has been worked out, which also include, among others, a financial package of Rs3.5 billion and service security under the new management.
However, the market reaction to the news was terribly tame as together with the positive budget it should have showed widespread gains despite weekend considerations.
Investors seem to be awaiting the announcement of the next bidding date, which in turn could generate a lot of heat in the PTCL share amid sharp rise and massive turnover.
“What ails the market is now unfathomable,” says a leading analyst adding “the progressive phase out of the badla has already started from June 8 after a consortium of banks lined up Rs30 billion for margin financing and a good part of it has already found its way into some leading shares.”
But what did not allow the consolidation forces to play their active role is the reported inconsistency in the institutional buying and until they extend strong support to the market it will behave in an erratic way.
Leading gainers were led by EFU General, Grays of Cambridge, Javed Omer, and Shell Pakistan which was quoted higher by Rs8.15 to Rs20 followed by Dawood Lawrence, Mari Gas, Crescent Steel, Central Insurance and PSO, up by Rs3.95 to Rs5.65.
Prominent losers included Murree Brewery, Clover Pakistan, Sitara Chemicals, Al-Ghazi Tractors, PPL, Noon Sugar, Dawood Hercules and Artistic Denim, off Rs3 to Rs11.
Trading volume rose to 267m shares as losers held a modest lead over the gainers at 132 to 115, with 23 shares holding on to the last levels.
The most active list was again topped by the PTCL, up by Rs1.95 at Rs69.35 on 148m shares followed by National Bank, higher by Re1 at Rs101 on 42m shares, Fauji Fertilizer Bin Qasim, up by 75 paisa at Rs27.70 on 12m shares, D.G.Khan Cement, off Rs1.05 at Rs56.85 on 10m shares, PSO, higher by Rs5.65 at Rs371.70 on 9m shares and Pakistan Petroleum, off Rs4.20 at Rs193.10 on 8m shares.
Other actives were led by Pakistan Oilfields, firm by 25 paisa on 5m shares, MCB, up by 60 paisa on 4m shares, Nishat Mills, lower 75 paisa on 3m shares and PICIC Growth Fund, steady by 25 paisa on 2m shares.
FORWARD COUNTER: PTCL was also actively traded on this counter, up by Rs2.10 at Rs70.05 on 20m shares followed by PPL, off Rs4.10 at Rs195 on 8m shares and OGDC, steady by 10 paisa at Rs102.25 on 7m shares.
PSO led the list of other actives, higher by Rs5.60 at Rs373.95 on 5m shares and Fauji Fertilizer Bin Qasim, up by 90 paisa at Rs28.10 also on 5m shares. Other also rose under the lead of United Bank, up by Rs2.95 at Rs61.95 on 2.487m shares.
DEFAULTER COS: Prices on this counter rose modestly on active weekend covering purchases at the lower levels. Textiles and sugar shares led the advance but turnover was light.
DIVIDEND: Kohinoor Energy, cash interim at the rate of 12.5 per cent and Beema Pakistan, nil.
KARACHI, June 10: A massive activity of 143m shares in PTCL amid rumours of fixation of fresh bidding date for its sell-off possibly by the end of the next week featured the Friday’s stock market where other blue chips also staged late rallies on active support.
“What ails the market is now unfathomable,” says a leading analyst adding “the progressive phase out of the badla has already started from June 8 after a consortium of banks lined up Rs30 billion for margin financing and a good part of it has already found its way into some leading shares.”
