KARACHI, Sept 23: The KSE 100-share index on Friday suffered a fresh modest decline of six points as some of the leading base shares ran into weekend selling under the lead of PSO but there were buyers at the dips.
It appears to be some negative news about the sell-off of PSO, which dragged down the entire market along with it in the minus column as investors apparently ignored the positive impact of higher dividend and bonus shares by Shell Pakistan. Its share value also fell by Rs8.95 on post-dividend selling.
After early rising modestly higher, shares closed the weekend session on an easy note amid alternate bouts of buying and selling but the trading was light.
Despite negative fallout of Thursday’s Lahore bomb blasts and half a dozen casualties, the KSE 100-share index earlier rose by 57 points around 8,244 but late weekend session selling pushed it down to finish with an extended modest loss of 6.10 points at 8,179.90.
“I don’t think the current run-up is overdone,” analysts said adding the “market is passing through a consolidation phase and is expected to resume its upward drive by the next week.”
All eyes are now focused on the board meeting of the PTCL on Sept 27, amid reports of hefty second half profit of about Rs29 billion, the total being Rs60 billion plus, and market predicts higher final payout.
It will be the last of the corporate giants and what next is not clear. There could be two opinions about the future of the dividend-driven rally. But indications are that it could be sustained on the strength of higher interim corporate earning reports.
Shell Pakistan, whose board met on Sept 22, has a pleasant surprise for its shareholders. In addition to a final cash dividend of 270 per cent, interim of 80 per cent already paid, it has announced a stock dividend of 25 per cent. Its share value rose sharply both in the pre and post-dividend sessions.
Trading remained highly volatile throughout the session because of SECP clarification that financing under the CFS will remain capped around Rs25 until the margin financing is in place by the end of the this year.
Treet Corporation and Atlas Honda were leading among the gainers, up by Rs11.75 to Rs13.90, followed by Attock Refinery, EFU Life, Pakistan Cables, National Foods, Shezan International, and Millat Tractors, up by Rs5 to Rs9.50. Other notable losers being Nestle MilkPak, Adamjee Insurance, Central Insurance, Gadoon Textiles, Al-Ghazi Tractors and Shell Pakistan, off Rs5 to Rs8.95.
Losers were led by PSO and Wyeth Pakistan, off Rs.11.90 and Rs50 respectively.
Trading volume fell to 362m shares from the previous 571m shares as losers held a modest lead over the gainers at 140 to 124, with 42 shares holding on to the last levels.
Fauji Fertilizer Bin Qasim was actively traded, up Rs1.20 at Rs36.90 on 64m shares followed by National Bank, higher by Rs2.30 at Rs140.50 on 42m shares, OGDC, easy 15 paisa at Rs113.35 on 30m shares, Bank of Punjab, steady by 40 paisa at Rs113.40 on 27m shares, PTCL, firm by 10 paisa at Rs64.65 on 24m shares, Pakistan Petroleum, up 90 paisa at Rs193.10 on 17m shares, and DG Khan Cement, off Rs1.80 at Rs70.50 on 17m shares.
Other actives were led by Sui Northern Gas, up Rs1.75 at Rs66 on 16m shares followed by Fauji Cement, lower 20 paisa on 14m shares and Pakistan Oilfields, up 50 paisa on 12m shares.
FORWARD COUNTER: Fauji Fertilizer Bin Qasim was also actively traded on the forward counter, up Rs1.20 at Rs37 on 15m shares followed by Pakistan Petroleum, higher by Rs1.15 at Rs193.90 on 14m shares, and National Bank, up Rs1.50 at Rs140.40 on 12m shares.
Other actives were led by PTCL, firm by 10 paisa at Rs65 on 10m shares, Bank of Punjab, higher by 65 paisa at Rs113.75 on 7m shares and some others were also traded on the higher side under the lead of bank and oil shares.
DEFAULTER COS: Prices changes on this counter were mostly fractional as investors played safe because of weekend consideration. Trading volume was also light as there was no major deal in any of the actives.
KARACHI, Sept 23: The KSE 100-share index on Friday suffered a fresh modest decline of six points as some of the leading base shares ran into weekend selling under the lead of PSO but there were buyers at the dips.
Trading remained highly volatile throughout the session because of SECP clarification that financing under the CFS will remain capped around Rs25 until the margin financing is in place by the end of the this year.
