April 6, 2006	Thursday	Rabi-ul-Awwal 7, 1427

KARACHI, April 5: Stocks on Wednesday rose further higher on active follow-up support but the buying interest remained confined to leading bank and low-priced shares amid an actively traded session. However, the current market trend setters, notably the oil giants were conspicuous by their absence from the active list owing to profit-selling and have a negative bearing on the index, which ended with a clipped fractional rise.

The KSE 100-share index though consolidated well above its all-time peak level but again failed to sustain the twice hit mark of 11,709.00 points for the second session in a row on late selling.

It finally finished with a fresh fractional rise of 1.41 points at 11,666.38 as compared to previous 11,664.97, reflecting the strength of leading base shares sans oil giants.

The fractional rise was attributed to absence of fresh support in the leading oil shares, which generally boost it significantly higher and the shifting of buying interest to some low-priced ones.

For the second session in a row Pakistan PTA was again actively traded on reports of higher earning followed by Pakistan Cement and Fauji Cement, which ensure handsome capital gains owing to their potential to rise.

“There appears to be a psychological fight between the bulls and the bears about the future index level,” some analysts were of the opinion that bulls were in a commanding position to outwit the bears on more than one grounds.

After having remained stuck up around 11,500 points for the last couple of months, the post-March crash has provided a level field to the both to tilt the balance in their respective favours, they added.

The breach through the index level of 11,700 points is a major event and if it goes well with the market undercurrent some more surprises will be in store for the investors in the coming week, some others said.

Leading bank shares led the market resistance to further marking down of prices as buying interest in the leading oil shares faded for the first time after several weeks apparently in the absence of foreign support.

Prominent gainers were led by Jahangir Siddiqui & Co and Arif Habib Securities, up by Rs11.65 and Rs14. United Bank, Pakistan Reinsurance, EFU Life, Premier Sugar, Mustehkam Cement and Gillette Pakistan also showed good gains ranging from Rs5 to Rs11.55.

Siemens Pakistan and Wyeth Pakistan were leading among the gainers, off Rs59.95 and Rs107.50 followed by Pakistan Petroleum, Jahangir Siddiqui Capital Market Fund, Mari Gas, Pakistan Oilfields and Dawood Hercules, off Rs6.30 to Rs18.

Trading volume soared to 431m shares from the previous 382m shares as gainers maintained a fair lead over the losers at 197 to 169, with 37 shares holding on to the last levels.

Pak PTA led the list of actives for the second consecutive session, up by 25 paisa at Rs9.25 on 44m shares followed by Pakistan Cement, higher by Re1 at Rs18.75 on 41m shares, PTCL, firm by 50 paisa at Rs66.95 on 34m shares, Fauji Cement, steady by 55 paisa at Rs26.25 on 25m shares, National Bank, higher by Rs30 at Rs290.90 on 23m shares and MCB, up by Rs2.20 at Rs238 on 19m shares and Nishat Mills, up by Rs3.40 at Rs141.85 on 18m shares.

Other actives were led by Bank Alfalah, higher by Rs1.40 on 16m shares, Lucky Cement, up by 40 paisa on 20m shares and D.G.Khan Cement, firm by 45 paisa on 14m shares.

FORWARD COUNTER: National Bank led the list of actives on the cleared list, up by Rs1.15 at Rs243.75 on 8m shares, Bank Alfalah also higher by Rs1.15 at Rs63.60 on 6m shares and MCB, firm by Rs1.80 at Rs240 on 6m shares.

They were followed by Lucky Cement, unchanged at Rs125.30 on 5m shares and PTCL, higher by 65 paisa at Rs67.65 on 5m shares.

DEFAULTER COS: Dandot Cement again came in for active support in sympathy with its ready section counterparts and rose by another 40 paisa at Rs13.50 on 0.525m shares followed by Crescent-Standard Bank, lower 25 paisa at Rs8.75 on 0.169m shares. Others were modestly traded.

DIVIDEND: Crescent Steel and Allied Products, bonus shares at the rate of 20 per cent, right shares 33.33 per cent, Crescent Star Insurance, bonus shares 10 per cent. Interim cash of an identical amount was already paid.

BOARD MEETINGS: Progressive Insurance, on April 7, Faysal Bank, on April 13, Shell Pakistan on April 18, Fauji Fertilizer Bin Qasim, Packages, on April 24, Tri-Pack Films, on April 26, and Security Leasing Corporation on April 27.