KARACHI, Sept 13: Stocks on Tuesday turned in a mixed performance amid a briskly traded session as investors rolled long positions from the high profile issues to the second-liners aiming at quick dividend-related capital gains.
But on the other hand most of the pivotals, notably OGDC, Pakistan Petroleum and some bank shares, under the lead of MCB, came in for active selling at the inflated levels, having negative impact on the underlying sentiment.
Auto shares, notably Indus Motors, Pak-Suzuki Motors, HinoPak Motor and Al-Ghazi Tractors also came in for active short-covering followed by reports of higher earning.
As a result, the KSE 100-share index was virtually crawling to hit the coveted level of 7,900 points but failed to sustain it after several attempts.
For the second session in a row it finished with a fresh fractional rise of 2.16 points at 7,894.68. At one stage it has crossed the barrier at 7,937.24 and hitting the session’s lowest at 7,865.50.
Higher dividend announcements coming daily from various listed sectors and the talk of still better results did not allow investors to lay their guard but they were trying to play safe and within their financial limits. The trading though still highly selective was a bit safe sans speculative activity.
A final cash dividend of 50 per cent, with bonus shares of 33.33 per cent already paid by the Attock Petroleum was on the higher side of the market expectations. But on the other hand final cash of 125 per cent by Pakistan Oilfields was not that well-received as investors were also expecting bonus shares also.
“There appears to be tough tactical fight between the bulls and bear on the current standoff,” analysts said adding while the former want it well above the 8,000 index level, the latter is not inclined to cross the Rubicon until backed by political sanctions.”
The index did cross the barrier of 7,900 almost in each session with a big margin but late selling in the leading base shares again pushed it below the targeted level.
“We don’t want to repeat the last March episode after indulging in speculative trading,” says a leading bear. “The absence of Punjab factor seems to have restored sanity in stock trading.”
The index is sure to consolidate well above the 8,000 levels as it is now yards away but after that is anybody’s guess at this stage. Indications are, however, that it has valid reasons, both technical and financial, to stay well above this level in the weeks to come.
Prominent gainers were led by Askari Bank,Nishat Mills, Adamjee Insurance, Sapphire Textiles, Al-Ghazi Tractors, HinoPak, Indus Motores, Pak-Suzuki Motors, Pakistan Cables, up by Rs4 to Rs5.90. Top gainers were Shell Pakistan and Wyeth Pakistan, which posted gains ranging from Rs8.30 to Rs14.
Losers were led by PSO, Siemens Pakistan, EFU Life, Central Insurance, National Foods, off Rs3.50 to Rs6, followed by Zulfequar Industries, Pakistan Oilfields and Atlas Honda, which suffered fall ranging from Rs7 to Rs12.50.
Trading volume showed a sizable expansion at 336m shares as compared to 275m shares a day earlier but gainers and losers evenly matched at 155 and 154, with 40 shares holding on to the last levels.
Dewan Salman topped the list of actives, reflecting the investor buying shift to the second-liners, up 80 paisa at Rs17.15 on 46m shares followed by DG Khan Cement, easy 20 paisa at Rs68.50 on 38m shares, National Bank, higher by Rs3.50 at Rs128.25 on 33m shares, PTCL, lower 15 paisa at Rs65.45 on 32m shares, Nishat Mills, higher by Rs4.25 at Rs94.75 on 28m shares, OGDC, lower 55 paisa at Rs109.60 on 18m shares and Pakistan Oilfields, off Rs11.65 at Rs140.60 on selling prompted by omission of stock dividend on 10m shares.
Other actives included Bank of Punjab, firm by 20 paisa on 18m shares, Sui Northern Gas, lower 40 paisa on 11m shares and MCB, easy 15 paisa on 10m shares
FORWARD COUNTER: Nishat Mills remained in active demand in anticipation of higher dividend and rose by Rs3.90 at Rs95.35 on 15m shares followed by Dewan Salman, higher by 80 paisa at Rs17.40 on 13m shares and OGDC, lower 55 paisa at Rs110.55 on 8m shares.
Other actives were led by PTCL,lower 10 paisa at Rs.65.95 on 7m shares, National Bank up Rs2.90 at Rs128.60 also on 7m shares, followed by PSO and Pakistan Oilfiedls, off Rs2.90 and Rs11.55 on light turnover.
DEFAULTER COS: With the exception of Dandot Cement and Ghandhara Industries, which rose by one rupee to Rs1.70 at Rs9 and Rs37.95, others generally fell under the lead of Indus Fruits and Dewan Autos, off 85 and 95 paisa at Rs2.60 and Rs9.05 respectively
DIVIDEND: Thal, cash 100 per cent, Ghandhara Nissan, cash 12.5 per cent, Zulfeqar Industries 35 per cent, Haji Dossa cash 10 per cent, and Al-Noor Modaraba, 10 per cent
BOARD NEETINGS: Maple Leaf Cement, on Sept 17, DG Khan Cement, Nishat Mills, Rupali Polyester, Bolan Casting, on 19, Haroon Oils, on 21 and Allwin Engineering on Sept 28.
KARACHI, Sept 13: Stocks on Tuesday turned in a mixed performance amid a briskly traded session as investors rolled long positions from the high profile issues to the second-liners aiming at quick dividend-related capital gains.
The index is sure to consolidate well above the 8,000 levels as it is now yards away but after that is anybody’s guess at this stage. Indications are, however, that it has valid reasons, both technical and financial, to stay well above this level in the weeks to come.
