KARACHI, Nov 15: Despite reports of early morning car bomb blast in a major financial centre of the city and some casualties, investors were not inclined to take even a technical breather and resumed trading on a bullish note and indulged in fresh speculative buying on selected counters.
Most of them were in a mood to follow positive news from the corporate sector rather than overawed by the fear of negative fallout of the blast.
Stocks, therefore, maintained their upward drive on fresh heavy buying in some of the blue chips and second-liners as investors ignored the implications of bomb blast close to a foreign food chain.
Investors seem to have decided to go along the positive market fundamentals including reports of sell-off of the PSO and not to be influenced by the external negative factors.
Sell-off of the KESC to a consortium and depositing of $100 million against the total sale proceeds by the buyers was considered a supporting factor in the backdrop of impasse on the PTCL front, brokers said. But its share value fell by 30 paisa on late selling at Rs8.90 on 8.492m shares.
The market’s buoyant mood was well-reflected in the sustained run-up of the KSE 100-share index, which early crossed the barrier of 8,900 at 8,936.93 owing to initial speculative buying in some of the leading base shares but late selling pushed it down.
The net rise was 51.46 points at 8,889.72 as compared to 8,838.26 a day earlier because of late-selling probably triggered by some late thinking on deaths in the bomb blast and its impact on the law and order situation.
“The market has demonstrated in more than one ways that it could rise to new highs sans leading base shares including PTCL, OGDC and Pakistan Petroleum”, says a leading broker “it is a positive development leading to the depth of the market and its reliance on other factors than the recent trend-setters”.
With news from the PTCL front was not that stimulant as investors were not optimistic about the second round of talk and decided to keep to sidelines until some positive development made on the issue.
“Investors seem to have decided to play safe but shifted their buying strategy to those counters where the potential of capital gains is sure”, analysts said, adding “oil, banks shares and PTCL, which are at their saturation point were neglected and some second-liners assumed their role”.
Fauji Cement, Pakistan Cement, Pak PTA and Fauji Fertilizer Bin Qasim and some others were leading among them, which came in for strong support both at the decline and the rise on large volumes.
Banking sector was led by National Bank which was followed by Bank Alfalah and Faysal Bank maintained their upward drive and so did Bank of Punjab, while MCB took a technical breather.
MNCs including Siemens Pakistan and Nestle Pakistan led the list of top gainers, up by Rs27.80 and Rs29, followed by Jahangir Siddiqui & Co, Clariant Pakistan, ICI Pakistan, Packages, National Foods, Thal, Attock Refinery, Honda Atlas, Indus Motors, Millat Tractors, Abbott Lab and Lakson Tobacco, which posted gains ranging from Rs5.15 to Rs9.45.
Prominent losers included Aventis, Wyeth Pakistan, Adamjee Insurance, Sapphire Textiles, Attock Petroleum, Treet Corporation, Shell Pakistan and PNSC, off Rs2 to Rs25.
Trading volume was maintained on the higher side totalling 476m shares from the previous 437m shares owing to brisk activity in most of the second-tier shares. Gainers held a strong lead over the losers at 236 to 137, with 40 shares holding on to the last levels.
Fauji Cement was again actively traded, up by 50 paisa at Rs24.65 on 48m shares followed by National Bank, higher by Rs2.40 at Rs169.40 on 37m shares, Pak PTA, lower 30 paisa at Rs7.90 on 31m shares, D.G.Khan Cement, steady 15 paisa at Rs103.95 on 29m shares, Fauji Fertilizer Bin Qasim, easy 10 paisa at Rs36.35 on 22m shares, Bank Alfalah, higher by Rs1.35 at Rs62.75 on 17m shares and Faysal Bank, up by Rs2.50 at Rs74 on 14m shares.
Other actives included Sui Northern Gas, firm by 70 paisa on 17m shares, Pakistan Cement, up by 15 paisa on 16m shares and some others, which also rose on modest turnover.
FORWARD COUNTER: National Bank also came in for active support on the cleared list and rose by Rs1.45 at Rs169.40 on 12m shares followed by D.G.Khan Cement, easy five paisa at Rs104.30 on 10m shares and Bank of Punjab, up by Rs1.50 at Rs99.10 on 9m shares.
Other actives were led by Fauji Fertilizer Bin Qasim, off 45 paisa at Rs36.60 on 9m shares, PTCL, lower 35 paisa at Rs63.30 on 6m shares and fertilizer shares and bank shares, which accounted for low volume but ended higher.
DEFAULTER COS: Unlike the previous sluggishness, active trading was witnessed on this counter where some of the undervalued shares came in for active support and rose under the lead of Dandot Cement, up by Re1 at Rs12.65 on 0.552m shares.
Other actives included Unicap Modaraba, up by 20 paisa at Re1 on 0.156m shares, Unity Modaraba, unchanged at Rs0.80 on 0.125m shares and Crescent Standard Bank, higher by Re1 at Rs13.65 on 0.390m shares.
Barring Saleem Denim, S.N.Kawasaki Motorcycles and Ghandhara Industries, fell by Re 1 and Rs3.20 at Rs2 and Rs61.25 respectively, others were fractionally traded.
KARACHI, Nov 15: Despite reports of early morning car bomb blast in a major financial centre of the city and some casualties, investors were not inclined to take even a technical breather and resumed trading on a bullish note and indulged in fresh speculative buying on selected counters.
The net rise was 51.46 points at 8,889.72 as compared to 8,838.26 a day earlier because of late-selling probably triggered by some late thinking on deaths in the bomb blast and its impact on the law and order situation.
