KARACHI, Oct 10: Stocks resumed trading on Monday in the backdrop of a massive human misery and death toll caused by Saturday’s earthquake, but investors played safe and did not resort to panic selling on the perception that basic economic targets may not be affected. The KSE 100-share index shed 21.66 points after having hit the day’s lowest level at 8,457.30.
The KSE high-ups decided to resume trading an hour late to show sympathy with the victims of the earthquake. Investors were, however, a bit anxious to know how the quake will affect various sectors of the listed companies.
There was a general consensus among leading analysts that the major industry and trading centres are out of the orbit of the quake and they are expected to perform well after an initial psychological shock is absorbed.
After having fallen sharply lower early in the session on active selling triggered by a heavy death toll in Saturday’s massive earthquake, stocks managed to finish well above the day’s lows as leading base shares did not toe the market’s general line of action and performed well.
The KSE 100-share index finished with a fall of 21.72 points at 8,520.72 as compared to 8,542.38, as some of the leading base shares managed to finish with fresh gains sans OGDC, which remained under pressure on late selling.
The index showed an erratic movement of about 100 points, the lowest at 8,457.30, and the highest 8,564.57, before ending modestly recovered.
The other positive factor, which saved the post-earthquake situation was the perception that quarterly working results of some leading companies are due during the current and next week, and predictions of higher interims did not allow them to move out of the current, they said.
Brokers and investors earlier in the session mourned the massive casualties and most of the time kept to the sidelines assessing the damage to the economy and export targets and its impact on the share business.
It is too early to say something about the loss of life and economy in the devastating earthquake, but one thing is certain it could roll back many of economic targets and revision of targets, both on industrial and export fronts, some others fear.
Everyone was grief stricken and could not precisely express himself how to react to the fury of the nature despite some consoling words from the elders and with the perceptions that “it was an act of God”, they said.
Analysts said the market should have suffered a big shakeout but dividend-driven buying, notably in the cement shares did not allow it to fall below its technical levels.
Cement shares again led resistance to fresh marking down on the perception of higher cement consumption in the earthquake devastated areas after the reconstruction work starts, followed by banks and selected shares on the other counters, including insurance shares, which seem to be not that affected by quake in the form of insurance claims as its presence in those areas was not that impressive.
Wyeth Pakistan, which rose by Rs41 in the absence of floating stock, was leading among the gainers followed by MCB, United Bank, Askari Bank, Jahangir Siddiqui Capital Market Fund, Yousuf Textiles, Cherat Cement, DG Khan Cement, Kohat Cement, Al-Ghaiz Tractors, Pak Datacom, HinoPak Motors, Attock Refinery, and Artistic Denim, up Rs3 to Rs12.60.
Losers were led by National Refinery, Arif Habib Securities, EFU General, Gatron, Colgate Pakistan, National Foods, Pakistan Cables, Millat Tractors, Atlas Honda and Pakistan Petroleum, off Rs3.50 to Rs6.80.
Trading volume was maintained at the previous level of 261m shares as gainers maintained a modest lead over losers at 136 to 125, with 24 shares holding on to the last levels.
The most active list was again topped by DG Khan Cement, which soared to its new career-best level ahead of its board meeting, up Rs4.20 at Rs88.55 on 41m shares followed by National Bank, unchanged at Rs158.75 on 33m shares, MCB, higher by Rs3 at Rs137.85 on 29m shares, Fauji Cement, up one rupee at Rs18.60 also on 29m shares and OGDC, off Rs1.20 at Rs118.85 on 18m shares.
Other actives were led by PTCL, easy 15 paisa on 11m shares, Faysal Bank, up 35 paisa on 8m shares, Nishat Mills, higher by Rs1.75 also on 8m shares, Lucky Cement, up Rs3 on 7m shares and Fauji Fertilizer Bin Qasim, lower 45 paisa on 6m shares.
FORWARD COUNTER: DG Khan Cement remained under speculative squeeze and topped the list of actives, up Rs4.20 at Rs88.65 on 18m shares, followed by Bank of Punjab, higher by Rs3.25 at Rs99.50 on 12m shares, and MCB, higher Rs2.70 at Rs139.05 on 11m shares.
National Bank followed them, firm by 20 paisa on 9m shares, and Maple Leaf Cement, higher by Rs1.55 at Rs32.80 on 6m shares. Others were also actively traded mostly on the higher side.
DEFAULTER COS: Trading activity on this counter was slow amid fractional either-way price changes and light volumes in the absence of strong support from any quarter.
DIVIDEND: Chenab, 9.25 per cent on preference shares; Paramount Spinning, bonus shares five per cent; Dewan Motors, 15 per cent; and Salman Noman Enterprises, six per cent.
KARACHI, Oct 10: Stocks resumed trading on Monday in the backdrop of a massive human misery and death toll caused by Saturday’s earthquake, but investors played safe and did not resort to panic selling on the perception that basic economic targets may not be affected. The KSE 100-share index shed 21.66 points after having hit the day’s lowest level at 8,457.30.
Wyeth Pakistan, which rose by Rs41 in the absence of floating stock, was leading among the gainers followed by MCB, United Bank, Askari Bank, Jahangir Siddiqui Capital Market Fund, Yousuf Textiles, Cherat Cement, DG Khan Cement, Kohat Cement, Al-Ghaiz Tractors, Pak Datacom, HinoPak Motors, Attock Refinery, and Artistic Denim, up Rs3 to Rs12.60.
