October 14, 2005	Friday	Ramzan 9, 1426

KARACHI, Oct 13: Stocks on Thursday attracted modest profit-selling at the overnight highs in some of the leading base shares but it was well-absorbed both at the rise and the fall, reflecting that the current upward thrust will continue after a brief interruption.

The market’s buoyant mood was also well-reflected in the KSE 100-share index, which earlier crossed the barrier of 8,800 but failed to sustain it on late selling in some of the pivotals at the inflated levels.

It finished reacted by 30.44 points at 8,761.50, indicating that it could resume its upward drive after having passed through technical corrections in the sessions to come. The fresh decline in PTCL, D.G.Khan Cement and National Bank contributed to the fall. It hit the day’s highest and the lowest at 8,841.71 and 8,742.67 respectively.

But on the other hand MCB maintained its upward drive on strong speculative support and rose by another Rs4.30 followed by Faysal Bank, which was in the limelight for the last couple of sessions.

Most analysts predict that the major thrust of the index was to hit its next chart point of 9,000 and what after that was not clear at this stage as it could rise further depending on positive quarterly reports and fall from the current highs on panic speculative selling.

“All eyes now seems to be focused on the completion of the PTCL deal by Oct 28, the extended date at which Etisalat sougth to make final payments after having resolved some of the pending issues”, says a leading analyst “if the issues not settled and final deal drags on it would have negative impact on the entire market”.

“The market has already touched the highest limit of its speculative run and beyond it could be another March like plunge,” some others said “but for the time being speculative forces are holding the fort but how long is not clear”.

There is, however, a loud whispering from a certain quarter that massive amounts from the property business are finding their way into the share business and it may not be that easy to pull the market down at this stage.

Conflicting reports about the possible damage to the economy in the aftermath of the earthquake kept pouring in despite official denials that it was too early to calculate the losses.

Already, there were reports of cut in industrial production as a good number of both skilled and unskilled workers had returned to their quake-hit native areas to ascertain the safety of their relatives, they said.

Leading gainers were led by Attock Refinery, Glaxo-SKF and Millat Tractors, which posted fresh gains ranging from Rs7.25 to Rs12 followed by Askari Bank, MCB, Central Insurance, Sapphire Fibre, Mari Gas, and Pakistan Oilfields, up by Rs4 to Rs6.

Losers dominated the list under the lead of Colgate Pakistan, Ferozsons Lab, Pakistan Cables, Shezan International and Artistic Denim, off Rs7 to Rs13. Other notable losers included Fazal Cloth, Imrooz Modaraba, Attock Cement, Javedan Cement, Packages, Atlas Honda, Bolan Casting, Pak Datacom, Clover Pakistan, Shell Pakistan and Pakistan Services, off Rs3 to 4.95.

Trading volume fell to 400m shares from the previous 413m shares as losers held a modest lead over the gainers at 163 to 131, with 42 shares holding on to the last levels.

PTCL again came in for active selling and was quoted lower by 65 paisa at Rs66.40 on 82m shares followed by Fauji Fertilizer Bin Qasim, unchanged at Rs36.65 on 52m shares, MCB, sharply higher by Rs4.30 at Rs147.35 on 50m shares, D.G.Khan Cement, lower Rs1.35 at Rs90.15 on 32m shares and National Bank, off 55 paisa at Rs165.40 on 22m shares, PSO, higher by Rs2 at Rs420 on 15m shares.

Other actives were led by Dewan Salman, up by 90 paisa on 14m shares, Nishat Mills, higher by Rs1.25 on 13m shares, Fauji Cement, lower 39 paisa also on 13m shares and Pakistan Oilfields, higher by Rs6 on 12m shares.

FORWARD COUNTER: PTCL also led the list of actives on this counter, off 40 paisa at Rs67.15 on 21m shares followed by OGDC, lower 50 paisa at Rs120.50 on 13m shares and MCB, higher by Rs4.10 at Rs148.70 also on 13m shares.

Fauji Fertilizer Bin Qasim was leading among the other actives, lower 10 paisa at Rs37.15 on 12m shares followed by Bank of Punjab, easy 90 paisa on also on 12m shares. Some others also rose sharply higher amid light trading.

DEFAULTER COS: Barring Shahpur Textiles and Morafco Industries, which rose by Re1 to Rs1.60 at Rs2.10 and Rs34, other price changes were fractional amid light turnover.

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