April 5, 2006	Wednesday	Rabi-ul-Awwal 6, 1427

KARACHI, April 4: After having briefly breaching through the psychological barrier of 11,700.00 points, the KSE 100-share index on Tuesday finished partially reacted at 11,664.97 on late profit-selling in some of the leading oil shares.

The fresh boost came after investors covered positions in the bank and some heavy-weight oil shares. However, the KSE index bettered the previous all-time peak level of 11,609 points established in February.

Its meteoric rise to 11,710.00 points was attributed to heavy foreign buying aided by reports of higher interim corporate earnings but ended lower around 11,664.97, up 91 points or 0.79 per cent. The market capital also soared by Rs27 billion to Rs3,310 billion.

“After consolidating earlier gains, the index is exploring new grounds at the same time, a new phenomenon, which has manifested itself in the new trading pattern and appears to be a positive development, which could limit undue financial risks,” some brokers said.

On April 3, the KSE has introduced recomposed 100-share index, which adds half a dozen new companies in place of the identical number owing to their remarkable performance both in terms of dividend payouts and some other related criteria.

“After having broken the barrier of 11,700, bulls demonstrated that the target of 12,000-level may now not be that elusive,” predicts Faisal Abbas, a leading stock analyst.

Hasnain Asghar Ali, another analyst, also held the same view and hoped that planned associated memberships for the financial institutions would allow them to inject massive amounts in the share business under CFS mechanism.

And that could give a fresh boost to the index in a rising market, which ensures higher capital gains on daily basis, and investors would like to expand their stake in the backdrop of lower interest rates, he added.

After early rise, some of the leading shares in the oil sector ended lower but on the other hand bank shares maintained their upward drive on active follow-up support aided by reports of higher interim earnings.

But on the other hand cement shares, which have assumed the role of trend-setters on higher export, are expected to attract a lot of selling at the current higher level owing to the temporary ban on exports to ease local prices.

Among the prominent gainers, Nestle Pakistan and Siemens Pakistan were leading, up by Rs35 and Rs51.30, followed by Gatron Industries, Jahangir Siddiqui & Co and Capital Markets Fund, IGI Insurance, Al-Ghazi Tractors, Gillette Pakistan, Treet Corporation and Shell Pakistan, which posted gains ranging from Rs8.25 to Rs20.50.

Prominent losers included Wyeth Pakistan and Rafhan Maize, off Rs15 and Rs40.90. Others fell fractionally barring Shahtaj Sugar, JWD Sugar, International Industries and Lakson Tobacco, which suffered fall ranging from Rs2.30 to Rs6.40.

Trading volume expanded to 382m shares from the previous 304m shares as gainers maintained a strong lead over the losers at 252 to 113, with 43 shares holding on to the last levels.

The most active list was topped by Pak PTA, up by Re1 at Rs9 on 36m shares, followed by National Bank, higher by Rs3.45 at Rs287.60 on 30m shares, MCB, up by Rs2.35 at Rs235.80 on 29m shares, PTCL, higher by 80 paisa at Rs66.45 on 24m shares, Bank of Punjab, firm by Rs1.35 at Rs93.50 on 18m shares and Pakistan Petroleum, higher by Rs1.60 at Rs275.10 on 16m shares.

Other actives were led by Fauji Fertilizer Bin Qasim, steady by 10 paisa on 19m shares, Pakistan Oilfields, off Rs1.30 on 15m shares and D.G.Khan Cement, up by Re1 on 14m shares.

CLEARED LIST: National Bank again came in for active short-covering and rose by Rs2.60 at Rs242.60 on 10m shares followed by MCB, higher by Rs2.60 at Rs235.60 on 9m shares and OGDC, lower 20 paisa at Rs158 on 6m shares.

Pakistan Oilfields on the other hand came in for profit-selling at the overnight rise and fell by Rs2.45 at Rs646.65 on 6m shares but Pakistan Petroleum rose by Rs1.40 at Rs279.20 also on 6m shares.

<> DEFAULTER COS: Dandot Cement came in for strong buying, up by 85 paisa at Rs13.10 on 0.711m shares followed by Crescent Standared Bank, unchanged at Rs9 on 0.438m shares. Others were modestly traded but mostly on the higher side in line with the ready counter.

DIVIDEND: Ghandhara Industries, interim cash five per cent, right shares 300 per cent at par.

BOARD MEETINGS: Faysal Bank, on April 13, Shell Pakistan on April 18, and Fauji Fertilizer Bin Qasim on April 24.