March 25, 2006	Saturday	Safar 24, 1427

KARACHI, March 24: Stocks finished the weekend session on a bullish note as investors were not inclined to take even a technical breather and closely followed the buying strategy of the foreign investors and pushed market further higher despite a lot of profit-taking. The KSE 100-share index was up by 181.10 points or 1.61 per cent at 11,459.58 close to its previous peak level.

The credible market performance at the weekend session, which generally attracts profit-selling from the weak-holders, reflects that the index is heading to improve its previous peak level of 11,600.00 points during the next couple of weeks, although much would depend on the consistency of foreign support.

Trading was resumed on a higher note as renewed heavy covering purchases in the leading oil and cement shares evoked sympathetic buying on other selected counters and finally finished with an extended gain.

After early rising on Wednesday’s spillover demand, the KSE 100-share index closed higher by 181.10 points at 11,459.58 as compared to previous 11,278.48, reflecting the strength of OGDC and some other leading base shares.

The current index level above the benchmark of 11,000 points reflects that the next week could be more productive in terms of capital gains despite the market’s inflated levels and slightly overbought position.

Although the afternoon session witnessed stray profit-selling on the overvalued shares as day traders and short-term dealers were not inclined to hold on to their positions owing to risks involved during the intervening two closures.

OGDC, Pakistan Petroleum and Pakistan Oilfields led the market advance as foreign investors continued to build-up long positions in them. Lucky Cement and D.G.Khan Cement in their respective sector also performed well on reports of higher exports.

However the weekend selling, which covered the entire list of current favourites, was normal and mostly came in the form of technical correction as there was no panic among the investors despite the heating up of the political scenario.

Most analysts believe the market is following the positive developments on the corporate front rather than some negative external factors as good news are following in quick succession.

“The strong presence of foreign fund buying though on selected counters, notably on the sector would not allow the market to fall below the current level, technical corrections here and there notwithstanding,” they said.

Some others said the developing situation on the forward counter owing to current buying spree in the oil shares could create some clearing problems and in turn hasty selling by some of “long parties”.

Leading gainers were led by Pakistan Oilfields and Siemens Pakistan, up by Rs24 and Rs62.50 followed by Fazal Textiles, Gatron Industries, Jahangir Siddiqui Capital Market Fund, EFU Life and General Insurance, OGDC, Pak-Suzuki Motors and Pakistan Petroleum, up by Rs6.50 to Rs12.75.

Losers included Mustehkam Cement and Sanofi-Aventis, off Rs9.55 and Rs11. Others followed them were National Bank, Singer Pakistan, Ahmed Hassan Textiles, Shell Pakistan and Gillette Pakistan, off Rs3 to Rs7.25.

Trading volume fell to 396m shares from the previous 409m shares but gainers held a comfortable lead over the losers at 159 to 145, with 40 shares holding on to the last levels.

OGDC again topped the list of most actives, higher by Rs7.70 at Rs162.65 on 112m shares followed by Lucky Cement, up by Rs3.35 at Rs120.75 on 52m shares, Pakistan Petroleum, higher by Rs12.75 at Rs268.50 on 30m shares, PTCL, up 25 paisa at Rs65.15, D.G. Khan Cement, lower 15 paisa at Rs151.75 on 26m shares, Pakistan Oilfields, higher by Rs24 at Rs621 on 24m shares and National Bank, off Rs4 at Rs276.50 on 11m shares.

Other actives included Fauji Cement, steady 10 paisa on 19m shares, Sui Southern Gas, firm by 85 paisa on 11m shares and Bosicor Pakistan, up by Rs1.55 on 10m shares.

FORWARD COUNTER: OGDC again led the list of actives on this counter, higher by Rs7.75 at Rs163.05 on 36m shares followed by Pakistan Petroleum, higher by Rs12.70 at Rs269.80 on 17m shares and Lucky Cement, up Rs2.85 at Rs120.75 also 17m shares.

Other actives included Pakistan Oilfields, higher by Rs23.45 on 14m shares and National Bank, off Rs4.75 at Rs277 on 8m shares.

DEFAULTER COS: Quice Foods came in for active support and rose by 60 paisa at Rs6.80 on 0.153m shares, while others were quoted fractionally higher amid alternate bouts of buying and selling.

DIVIDEND: Askari General Insurance, bonus shares 18 bonus shares, Century Insurance, cash 10 per cent, bonus shares 35 per cent, New Jubilee Insurance, nil.