January 4, 2006	Wednesday	Zilhaj 3, 1426

KARACHI, Jan 3: Share values on Tuesday rose across the board on strong follow-up support originating from all the quarters under the lead of financial institutions amid brisk trading. The KSE 100-share index gained another 94.43 points at 9,766.90.

“I will not call it the new year buying”, says an analyst “essentially it is the delayed portfolio adjustments, which should have made debut at the end of the last year but remained shy for some technical reasons”.

The KSE 100-share index maintained its march to the next target of 10,000 and analysts said that the goal now appeared not that elusive.

The current flare-up was attributed to reports that the KSE has obtained a stay order from the local court against the SECP directive to appoint non-member chairman of the bourse.

Many leading brokers termed it the KSE legal victory against the SECP order, which will, in their opinion if implemented, take away from them the inherent powers laid down in its charter of association to manage its daily affairs related to corporate matter.

The index has already broken two consecutive barriers of 9,600 and 9,700 during the last two sessions in new year trading and is virtually galloping to its next target of 10,000 points or beyond on the strength of some new positive factors.

It finally finished around 9,766.90, against the overnight’s 9,672.47, up by 94.43 points only 234 points away from its target. The flare up was aided by fresh heavy buying in leading base shares, notably OGDC on some positive reports over the oil exploration front including new oil finds.

Bank, cement, energy and leading fertilizer shares followed them finishing with fresh sharp gains despite being in a highly overbought position.

“I don’t think bulls are inclined to take even a technical breather before having crossed the rubicon”, says a leading analyst “there is a big question mark what next”.

Some others fear the current scramble for leading bank shares, including National Bank, MCB and D.G.Khan and Lucky Cement appears to be more speculative than a real one and is beyond the basic fundamentals and involves high risks being in an overbought position.

However, everyone is so keen to ride the rising waves and let them face the music after the new buying euphoria fades and weighed down by the anticipated sell-off alone on technical grounds, they added.

Nestle Pakistan and Unilever Pakistan were leading among the gainers, up by Rs38 and Rs55 respectively, followed by Mustehkam Cement, National Refinery, Thal Corporation, Al-Ghazi Tractors, Millat Tractors, Galxo-SKF, Clariant Pakistan, Colgate Pakistan, Gillette Pakistan, National Foods and Rafhan Maize, up by Rs5 to Rs20. There were several other good gainers also.

Berger Paints and Shell Pakistan were among the top losers, off Rs4.80 and Rs7.95 respectively. Other notable losers included Central Insurance, Muslim Insurance, Kohinoor Weaving, Quetta Textiles, Shahtaj Sugar, Abbott Lab and Murree Brewery, off Rs3 to Rs4.

Trading volume swelled to 420m shares from the previous 322m shares as gainers maintained a strong lead over the losers at 201 to 173, with 42 shares holding on to the last levels.

D.G.Khan Cement topped the list of most actives, up by Rs1.55 at Rs111.40 on 54m shares followed by OGDC, higher by Rs1.35 at Rs119.60 on 40m shares, Lucky Cement, higher by Rs2.45 at Rs90.50 on 32m shares, PTCL, firm by 35 paisa at Rs67.35 also on 32m shares, National Bank, steady 90 paisa at Rs205.95 on 19m shares, MCB, higher by Rs3.10 at Rs175 on 18m shares and KESC, up by Re1 at Rs9.15 also on 18m shares.

Other actives included Fauji Fertilizer Bin Qasim, firm by one paisa on 19m shares, Fauji Cement, up by two paisa on 20m shares and Maple Leaf Cement, higher by Re1 on 1m shares.

FORWARD COUNTER: Lucky Cement topped the list of actives on this counter, up by Rs2.05 at Rs91.70 on 18m shares followed by D.G.Khan Cement, higher by Rs1.05 at Rs112.60 on 13m shares and OGDC, up by Rs1.10 at Rs121.10 on 12m shares.

Other actives were led by PTCL, higher by 55 paisa at Rs68.30 on 8m shares Maple Leaf Cement, lower 10 paisa at Rs42.10 on 6m shares and MCB, higher by Rs2.30 at Rs176.30 on light volume.

DEFAULTER COS: Some of the leading shares again came in for active two-way activity under the lead of S.S. Oil, up by Re1 at Rs14.30 on 0.42m shares followed by Dandot Cement, higher by 3 paisa at Rs11.10 on 0.212m shares and Indus Polyester, lower 20 paisa at Rs4.80 on 0.174m shares. Nazir Textiles and Ashraf Textiles were also actively trading at Rs4.20 and Rs9.10 respectively on modest turnover.

DIVIDEND: Adam Sugar, cash 10 per cent, Faran Sugar, 10 per cent, Sanghar Sugar, nil for the year ended Sept 30, 2005.

BOARD MEETINGS: Haseeb Waqas Sugar, Syed Match, on Jan 6, Mitchell’s Fruit Farms, Bawany Sugar, Al-Asif Sugar, Al-Noor Sugar, Shahmurad Sugar, on Jan 7, Fauji Fertilizer Bin Qasim, on Jan 26, Shell Pakistan on Feb 13.