KARACHI, Sept 22: After having broken the third consecutive barrier of 8,200, the KSE 100-share index on Thursday reacted to session’s lows on nervous selling triggered by reports of bomb blast in Lahore and fears of casualties.
And in the process, trading volume soared to current year’s new high at 571m shares as PTCL came in for strong selling apparently followed by some negative comments on its profits ahead of its board meeting on Sept 27.
However, as widely speculated, the KSE 100-share index breached through the third consecutive barrier of 8,200 earlier in the session on strong spill-over demand and soared to 8,287.45, indicating that next target of 8,300 is not that far off.
But reports of a bomb blast in Lahore reversed the trend as weak-holders and jobbers hastened to liquidate positions at the available margins fearing some post-blast bad news about human loss. It finally ended with a fractional loss of 1.10 points at 8,186 as compared to 8,187.10 a day earlier.
PTCL, which is one of the index heavyweights, received massive battering despite higher profit projections of around Rs29 billion for the second half and predictions of enhanced final dividend and weighed heavily against the index.
The PTCL board meeting is due on Sept 27, and indications are that it could give the needed push to the index to maintain its upward drive in next sessions.
“It will be the last of the big ones to announce its working results for the last year and could work on both sides of the market depending on the final payout but the current scramble for leading bank and oil shares could sustain the prevailing interest in the share business,” brokers said.
Although correction was overdue as the market was in an overbought position, no one expected the massive retreat of the index from the day’s high of 8,287 to 8,149.00 point, a fall of 138 points in a session in post-blast trading.
“The retreat was psychological than real,” analysts said. “The market could bail itself out from the temporary shock any day.”
Millat Tractors maintained its post-dividend and bonus shares drive and rose by Rs10.50 followed by Dawood Hercules, up Rs10.25. Other notable gainers were led by Shell Pakistan, PSO, Al-Ghazi Tractors, Shezan International, Aventis, Wyeth Pakistan and Packages, up by Rs5.50 to Rs10.
EFU Life and AKD Securities fell by Rs7.80 and Rs16 followed by Pakistan Cables, Blessed Textiles, Fazal Textiles, Attock Refinery Pakistan Engineering, Ferozsons Lab, Atlas Honda and Pakistan Cables, off R3 to Rs4.90.
Trading volume further rose to 571m shares from the previous 405m shares as gainers maintained a fair lead over the losers at 168 to 145, with 45 shares holding on to the last levels.
PTCL topped the list of most actives, off Rs1.55 at Rs64.55 on 122m shares followed by Fauji Fertilizer bin Qasim, higher Rs1.25 at Rs35.70 on 58m shares, National Bank, firm by 20 paisa at Rs138.20 on 50m shares, OGDC, easy 20 paisa at Rs113.50 on 49m shares, Bank of Punjab, higher by Rs2.55 at Rs113 on 35m shares, MCB, up Rs1.55 at Rs125.60 on 24m shares and PSO, higher by Rs6 at Rs394.
Other actives were led by Pak PTA, up 65 paisa on 28m shares, DG Khan Cement, lower 40 paisa on 26m shares and Pakistan Petroleum, up five paisa at Rs192.20 on 23m shares.
FORWARD COUNTER: PTCL also came in for active selling on the forward counter and was marked down by Rs1.15 at Rs64.90 on 40m shares, Fauji Fertilizer Bin Qasim, up Rs1.10 at Rs35.80 on 21m shares and Pakistan Petroleum, off 30 paisa at Rs192.75 on 18m shares.
Other actives included OGDC, lower 30 paisa at Rs113.75 on 17m shares and National Bank, up 60 paisa at Rs138.90 on 14m shares. Others also showed modest gains amid light trading.
DEFAULTER COS: Trading on this counter was relatively sluggish in the absence of leading investors. Price changes were fractional barring fresh rise of one rupee each in Trust Brokerage and Morafco Industries at Rs9.40 and Rs17 respectively.
DIVIDEND: First National Equities, final at the rate of cash 15 per cent, 10 per cent interim already paid, and Escort Investment Bank, bonus shares of five per cent in the ratio of 1:20.
