April 1, 2006	Saturday	Rabi-ul-Awwal 2, 1427

KARACHI, March 31: Leading shares on Friday remained under pressure on weekend selling but the broader market performed well as some of the leading investors opted for low-priced shares having potential of quick gains. The KSE 100-share index reacted to finish lower by 83 points at 11,485.90.

For the first time after several weeks, the market witnessed profit-selling on a number of overvalued counters for replacement buying adding to the depth of the broader market. But foreign investors remained conspicuous by their absence for no apparent negative news as was indicated by the weakness of leading oil shares.

The market again turned in a highly volatile performance as leading base shares witnessed a massive alternate bouts of buying and selling under the lead of OGDC, Pakistan Petroleum and National Bank.

An idea of uneven price movements may well be had from the fact that a section of leading local and foreign investors again targeted OGDC, which has a weightage of 22 per cent in the index, followed by Pakistan Petroleum and some others, brokers said.

The KSE 100-share index finished lower by 82.74 points at 11,485.90 amid wild either-way movements reflecting the strength and the weakness of the leading base shares at the same time.

And in the process, it briefly touched the all-time high mark at 11,630.93 surpassing its previous high record of 11,609.00 points on the strength of heavy buying in the leading oil shares.

“But the goal of 12,000 index level now appears to be a bit elusive as from next Monday the newly recomposed index will take its place. The previous index during its tenure witnessed both the market crash more than twice and an all-time peak index level”, says a leading analyst.

How the new index claimed to be more representative both in terms of market capital and dividend records would be judged in the coming sessions, he said.

But it appears pretty difficult to surpass some of the records of market capitalization of $50 billion and single session volume of over a billion shares by the incumbent, some others said.

Leading gainers were led by Arif Habib Securities and Wyeth Pakistan, up by Rs24.25 and Rs98.10, followed by Gatron Industries, Mari Gas, Jahangir Siddiqui Capital Fund, United Sugar, Colgate Pakistan and Treet Corporation, which posted gains ranging from Rs7.50 to Rs15.20. There were several other good gainers also.

Prominent losers included Attock Petroleum and Central Insurance, MCB, Muslim Insurance, PSO, Pakistan Petroleum and OGDC, off Rs3.50 to Rs10.90.

Leading market trend-setters may not have reached their saturation points, a major shift to other counters reflects that investors are opting for low-priced issues having potential of capital gains or those whose dividend announcements are due, analysts said.

Trading volume fell further to 352m shares from the previous 371m shares but gainers maintained a fair lead over the losers at 184 to 136, with 31 shares holding on to the last levels.

OGDC again topped the list of most actives, sharply lower by Rs3.85 at Rs157.60 on 63m shares followed by Fauji Fertilizer Bin Qasim, up by 80 paisa at Rs42.55 on 39m shares, Nishat Mills, higher by Rs1.60 at Rs139 on 30m shares, Lucky Cement, lower Rs1.65 at Rs122.35 on 26m shares, PTCL, steady 15 paisa at Rs65.65 on 23m shares, Pakistan Petroleum, off Rs3.90 at Rs271.20 on 22m shares and Pakistan Oilfields, higher by Rs6.50 at Rs624.50 on 14m shares.

Other actives were led by National Bank, lower Re1 at Rs282.50 on 14m shares, D.G. Khan Cement, off Rs2.80 at Rs151.10 also on 14m shares and Fauji Cement, easy 40 paisa at Rs25.35 on 10m shares.

FORWARD COUNTER: OGDC remained under pressure on the cleared list fell by Rs3.30 at Rs158.70 on 21m shares, Pakistan Petroleum, off Rs4.45 at Rs275.05 on 8m shares, Fauji Fertilizer Bin Qasim, higher by Rs1.14 at Rs43.39 on 7m shares.

Other actives included Lucky Cement, off Rs1.35 at Rs124.65 on 6m shares and PTCL, up by 25 paisa at Rs66.75 also on 6m shares. Others leading shares stayed mixed.

DEFAULTER COS: Price changes on this counter were mostly fractional in the absence of strong demand owing to weekend considerations. Crescent-Standard Bank and Quice Foods were leading among the actives, lower 25 paisa and unchanged at Rs8.75 and Rs5 on 0.247m and 0.202m shares respectively.

DIVIDEND: Javedan Cement, interim cash at the rate of 18pc.

BOARD MEETINGS: Dandot Cement on April 5, Frontier Ceramics, BankIslami Pakistan, Metropolitan Life Assurance, Asia Insurance on April 6 and Crescent Commercial Bank on April 7.