KARACHI, Dec 9: Shares on the Karachi stock market on Friday fell from the early highs on late profit-selling in some of the leading base shares after the index missed its next chart point of 9,500 just by seven points.
It finished the weekend session with a fresh modest rise of 13.46 points at 9,431.81 as compared to 9,418.35 a day earlier, reflecting the strength of leading oil and bank shares, including Pakistan Oilfields and National Bank. The highest and the lowest were touched at 9,493.38 and 9,412.56 points, respectively.
Overvalued shares, though maintained their upward drive, rose by fractional gains owing to their inhibiting higher levels and the allied risks to buy at the peak levels. DG Khan Cement and some other were leading among them.
However, National Bank is considered a good buy even at the current inflated level of Rs188 plus on reports of an expected profit windfall and capital gains after its stake in NIT and Saudi-based Bank Al-Jazira is unloaded, analysts said.
But early morning speculative support in some of the leading index-based shares failed to push it to the level of 9,500 as widely speculated.
The weekend profit-selling by day traders and short investors pushed to down to close modestly lower from the peak level and that was technically as many may not like to hold long positions owing to risks involved in the two closures.
However, despite some procedural irritants, there is no reason to believe that the current run-up is overdone, technical corrections here and there notwithstanding. All pointers, including political one, indicate a continued bull-run.
Oil, cement and bank shares led the early run-up followed by selected shares on some other counters, indicating the market is poised for a confident onslaught to its next chart point of 10,000 index level.
Leading gainers included Nestle Pakistan and Wyeth Pakistan, up Rs25 and Rs70.55, respectively, followed by Jahangir Capital Fund, and its company, Central Insurance, Indus Dyeing, Quetta Textiles, Mustehkam Cement, Shell Pakistan, Pakistan Oilfields, Aventis, Gillette Pakistan and Zulfiqar Industries, up Rs5 to Rs12.10.
Losers were led by Treet Corporation and Unilever Pakistan, off Rs10 and Rs15, respectively. Other prominent losers included Mari Gas, International Industries, Artistic Denim, Atlas Honda, Wah-Nobel Chemicals and Adamjee Insurance and MCB, off Rs2.50 to Rs9.
Trading volume fell to 383m shares from the previous 480m shares owing to weekly considerations but gainers maintained a strong lead over losers at 213 to 131, with 43 shares holding on to the last levels.
Bank of Punjab topped the list of actives, up 45 paisa at Rs104.70 on 37m shares, Pakistan Petroleum, higher by Rs1.90 at Rs209.90 on 25m shares, Fauji Cement, lower 45 paisa at Rs26.95 on 24m shares, Pakistan Oilfields, up Rs5.70 at Rs420.70 on 20m shares, PIAC (A) firm by 30 paisa at Rs10.85 on 17m shares.
Other actives were led by National Bank, off Rs1.75 at Rs188 on 16m shares, DG Khan Cement, lower Rs1.90 at Rs110.10 on 15m shares, PTCL, easy 75 paisa at Rs63.60 on 13m shares, Kot Addu Power, higher by Rs2.40 at Rs50.80 on 12m shares and Lucky Cement, up 15 paisa at Rs79.95 on 14m shares.
FORWARD COUNTERP: After several lean sessions, Pakistan Petroleum resumed its upward drive on renewed support and rose by Rs1.20 at Rs211.35 on 12m shares, followed by OGDC, off 70 paisa at Rs115.95 also on 12m shares, and Bank of Punjab, higher steady 35 paisa at Rs105.60 on 10m shares.
National Bank on the other hand fell by Rs2.45 at Rs189.50 on 7m shares and Pakistan Oilfields, higher by Rs4.55 at Rs424.25 on 7m shares.
DEFAULTER COS: Active trading was again witnessed on this counter where Dandot Cement came in for selling at the higher levels, off 15 paisa at Rs11.90 on 0.444m shares, followed by Mukhtar Textiles and Asset Bank, up 15 paisa and 20 paisa at Rs4.9 and Rs3.70 on 0.250m and 0.175m shares, respectively.
Other actives included Nazir Textiles and Crescent Bank, unchanged and lower 20 paisa at Rs2.60 and Rs12.20 on 0.116m and 0.129m shares, respectively.
DIVIDEND: Nestle Pakistan, interim cash at 100 per cent; Husein Sugar, cash 20 per cent, stock dividend 10 per cent.
