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Bullish legacy in shares may roll over into 2006
![]() Click to view the larger image The sector-wise bank and cement shares outperformed after mid-year on higher earning and larger exports and local consumptions followed by leading energy, fertilizer, chemicals and auto shares. The stocks during the last trading week of the year showed volatile movements as investors squared their positions on forward counter from the matured December settlements to the newcomer July contracts, leaving negative fallout on the ready section. But a steep decline in the traded volume to a mere 149 million shares reflected that the general investors held on to their positions ignoring the negative fallout of forward counter. Incidentally that was a rollover week, said a leading analyst. Financial institutions squared their positions and adjusted their portfolios to open 2006 account on a positive note. The rolling of positions from one forward contract to another generally upsets the trading pattern on ready counter and it appeared to be more tactical than genuine, others said. Not in a single session during the last week, the year-end buying made any big showing and its advent was now overdue, they said adding that the next couple of sessions of the fading year could be crucial and may lead to a buying euphoria. The current index level above 9,000 points indicated the market’s closing on positive note after passing many rough weeks alone on technical grounds, brokers said The negative fall-out of the Kalabagh Dam from now onward may not remain an irritant for investors as the government had reportedly decided to take the issue to Supreme Court, they said. Gainers were led by the Gillette Pakistan and Wyeth Pakistan, Shell Pakistan, Sanofi Aventis, Nestle Pakistan, Thal Corporation, Artistic Denim, the EFU Life, National Refinery and many others. Losers were led by the Attock Petroleum, Fazal textiles, Premier Sugar, National Foods, Noon Sugar, Shezan International, Mustahkam Cement and some others. FORWARD COUNTER: Speculative issues on the cleared list on-balance ended higher but well below their weekly best levels. The PTCL, the OGDC, National Bank, the MCB, Lucky Cement, the D.G. Khan Cement and many others finished with extended gains amid active two-way trading. It was notable that there were no negative fallouts of the rollover position from the matured December contracts to ruling January as most of them were manageable and within the limits of the CFS.—Muhammad Aslam.
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