KARACHI, Aug 16: Stocks on Tuesday turned mixed as investors played on both sides of the fence without taking long positions on any of the counters in the backdrop of reports that the SECP had submitted the findings of Tarin Committee to the National Assembly Standing Committee for further action.
In low volume, fractional either-way price changes reflected that the investor interest in the share business was dwindling owing to the negative fallout of the post-COT issue events.
The KSE 100-share index managed to post a modest recovery of 16.11 points at 7,139.09 as compared to previous 7,122.98, reflecting the relative strength of leading base including PTCL, OGDC, National Bank, Pakistan Oilfields and some others, which ended above the overnight lows.
Fractional price changes in most of the leading market leaders indicated that the market was heading for another terribly sluggish phase in the backdrop of negative developments.
The submission of Tarin Committee findings on the last March market crash pinpointing 10 erring brokers to the National Assembly Standing Committee on finance for further action was received in the market with a bit reservation, analysts said.
Some of the brokers, operating under the policy of “clash of interests”, were happy while others felt a bit annoyed as it could take away whatever life was left in the market, they said.
“Under the rules, we can’t take any action against those who caused the market crash,” the SECP high-ups said “the report is forwarded to the higher authorities for further action.”
The current SECP move could prove a major fresh depressant for the market during the next couple of weeks and would continue to dominate future stock trading.
The rally was entirely supported by the financial institutions which covered positions on the blue chip counters but others stayed on the sidelines apparently analysing the negative impact on new dimensions.
Some of the leading shares managed to post modest gains under the lead of Nestle MilkPak and Siemens Pakistan, up by Rs10 and Rs32, followed by Dawood Hercules, Sitara Chemicals, Arif Habib Securities, Shell Pakistan, Packages, National Foods, Pakistan Services and Javed Omer, which posted gains ranging from Rs4.90 to Rs8.25.
Island Textiles and Unilever Pakistan fell by Rs11.70 and Rs22 while EFU General and Life, Al-Abbas Sugar, HinoPak Motors and Aventis suffered fall ranging from Rs3.05 to Rs6.
Trading volume fell further to 65m shares, reflecting the absence of leading punters as compared to 94 million shares a day earlier as losers maintained a fair lead over the gainers at 149 to 122, with 45 shares holding on to the last levels.
PTCL again led the list of actives, up by 20 paisa at Rs61.60 on 14m shares followed by OGDC, steady by 75 paisa at Rs102.65 on 13m shares, National Bank, firm by 95 paisa at Rs99.35 on 7m shares, Pakistan Oilfields, up 85 paisa at Rs306.45 on 4m shares, Bank of Punjab, higher by 45 paisa at Rs82.20 on 3m shares and MCB, lower 45 paisa at Rs87 on 2m shares.
Other actives were led by Pioneer Cement, easy 10 paisa on 3m shares, Fauji Fertilizer Bin Qasim, firm by 10 paisa on 2m shares and BSJS Balanced Fund, up by 60 paisa also on 2m shares.
FORWARD COUNTER: OGDC came in for active short-covering at the lower levels and rose by 90 paisa at Rs102.85 on 10m shares, followed by Pakistan Petroleum, lower 70 paisa at Rs160.95 on 9m shares and PTCL, firm by 15 paisa at Rs61.80 on 5m shares.
Others active were led by National Bank, higher by 90 paisa at Rs99.70 on 4m shares and Pakistan Oilfields, unchanged at Rs307 on 2m shares.
DEFAULTER COS: With the exception of rise of 50 paisa and Rs1.40 in Indus Fruits and Ghandhara Diesel at Rs3 and Rs31.25, others fell under the lead of Hala Enterprise, Dandot Cement and Quality Steel.
DIVIDEND: PICIC Commercial Bank, cash interim at the rate of 22.5 per cent, ABAMCO Composite Fund, ABMCO Stock Market Fund, ABAMCO Capital Fund, ABAMCO Growth Fund did not declare any final dividend and interims already paid at different rates are final. BOARD MEETINGS: Gharibwal Cement on Aug 19, Silver Star Insurance on Aug 20, Sapphire Textiles, Habib Insurance on Aug 22, Pakistan Cables and Prime Commercial Bank on Aug 23.
KARACHI, Aug 16: Stocks on Tuesday turned mixed as investors played on both sides of the fence without taking long positions on any of the counters in the backdrop of reports that the SECP had submitted the findings of Tarin Committee to the National Assembly Standing Committee for further action.
The current SECP move could prove a major fresh depressant for the market during the next couple of weeks and would continue to dominate future stock trading.
