March 3, 2006	Friday	Safar 2, 1427

KARACHI, March 2: Stocks on Thursday fell from the early highs on selling prompted by reports of bomb blasts near the city US consulate, killing a number of persons and injuring about three dozens, but there was no panic unloading from any quarter. The KSE 100-share index shed 92.38 points at 11,381.61 points.

Some of the highly overvalued active shares, notably National Bank, MCB and leading oil shares, however, came for hasty selling and finished sharply lower amid higher volume.

A final cash dividend of 30 per cent making the total to 50 per cent by the ICI Pakistan seems to have fallen below the market expectations as its share value fell by Rs8.60 at Rs164.35 on post-dividend selling. Although the dividend was higher as compared to last year, investors were also expecting stock dividend.

The market seems to have taken a pragmatic course in post-bomb blast trading as was reflected by higher opening. There was no panic among the investors and selling originating from the weak-holders was well absorbed at the dips.

The selling in part was also attributed to Friday’s country-wide strike against the blasphemous cartoons and fears of violence and law order situation, analysts said.

“Investors followed the positive market fundamentals rather than joining bandwagon of sellers on the perception that President Bush’s visit is expected to boost foreign portfolio investment and trade with the US”, some analysts hope.

It was, however, another day of volatile and erratic price movements as index showed wild fluctuations of 172 points before finishing with a net loss of 92.38 points at 11,381.61 as compared to 11,473.99 a day earlier, reflecting the distant weakness of National Bank, OGDC and PTCL.

A powerful bomb blast ahead of Bush’s visit to Pakistan may not deter the US president to cancel his trip, some analysts said.

However, the predicted buying euphoria associated with the Bush visit could receive a major setback as investors will mostly play safe awaiting the details of agreements signed with President Bush, they added.

National Bank, which did not follow the market trend during the last about two months and kept its rising trend came in for active selling by some leading punters and fell by Rs15.80 at Rs315.20 on 30m shares.

Other leading losers were led by Treet Corporation and Unilever Pakistan, off Rs17.75 and Rs20 followed by Arif Habib Securities, Attock Petroleum, PSO, Pakistan Petroleum, Pakistan Oilfields and Nestle Pakistan, off Rs5 to Rs9.95.

But on the other hand Dawood Hercules and Siemens Pakistan rose by Rs14.75 each on active follow-up support. Other notable gainers included Muslim Insurance, Pakistan Refinery, Fauji Fertilizer, Associated Industries, Pakistan Engineering and Mustehkam Cement, up by Rs4.55 to Rs8.

Trading volume fell to 377m shares from the previous 596m shares as leading section of investors kept to the sidelines in post-bomb dealings. Losers maintained a fair lead over the gainers at 198 to 164, with 36 shares holding on to the last levels.

Fauji Fertilizer Bin Qasim came for fresh support and rose by Rs1.70 at Rs43.35 on 62m shares followed by D.G. Khan Cement, lower by Rs1.80 at Rs149.60 on 49m shares, Pak PTA, unchanged at Rs8.95 on 20m shares, MCB, off Rs4.50 at Rs250.20 on 19m shares, OGDC, easy Rs1.45 at Rs145 also on 19m shares, and PTCL, easy 20 paisa at Rs64.80 on 13m shares.

Other actives included Lucky Cement, easy by Rs2.45 on 12m shares, Fauji Cement, steady by five paisa on 11m shares and Telecard, up by 55 paisa on 10m shares.

FORWARD COUNTER: Speculative issues on the forward counter also followed the lead of their ready counterpart and fell under the lead of Pakistan Petroleum, off Rs6.40 at Rs297 on 18m shares followed by National Bank, lower by Rs16.90 at Rs321.50 on 14m shares and Fauji Fertilizer Bin Qasim, up by Rs1.45 at Rs43.85 on 10m shares.

D.G.Khan Cement followed them, off Rs2.50 at Rs152 on 10m shares and MCB, lower by Rs5.75 at Rs252.50 on 6m shares. Leading oil shares suffered sharp fall on active selling at the higher levels.

DEFAULTER COS: Quice Foods again came in for active support and rose by 50 paisa at Rs8.40 on 1.680m shares followed by Indus Fruits, higher by Re1 at Rs4.95 on 0.341m shares and Crescent Standard Bank, off 40 paisa at Rs9.85 on 0.266m shares.

Some others were also actively traded mostly on the higher side, leading among them being S.S.Oil, up by Re1 at Rs13.50 on 0.296m shares.