April 8, 2006	Saturday	Rabi-ul-Awwal 9, 1427

KARACHI, April 7: The KSE 100-share index on Friday finished at its all-time career-best level surpassing its all previous records boosted by massive buying in the leading base shares on the oil and banking counters and analysts predict the current buying euphoria led by foreign funds is genuine and not speculative.

The fact that it ended at the session’s peak level of 11,936.59, up 251.15 points or 2.15 per cent at the weekend session, which generally attracts profit-selling signals that bulls now may be eyeing the index level of well over 12,000 points. It also added Rs78 billion to the market capital at Rs3.386 trillion.

“The breach of three consecutive psychological barriers 11,700, 11,800 and 11,900 points in a session is more than significant as it assumes new dimensions both in terms of capital gains and higher payouts”, brokers said.

Strong foreign buying have played a crucial role in creating history on the KSE but it was ably assisted by local buying on the perception of higher interim dividend by oil, bank and cement companies. National Bank, MCB, PTCL, Pakistan Petroleum and Pakistan Oilfields, which rose sharply higher were said to be behind the index’s meteoric rise.

Massive rise at the weekend session reflects that the bulls are determined to push it further higher as the crucial level of 11,900 has already been tested.

The index is barely 36 points lower than the target and could be hit by next Monday after having pushed the share value of OGDC and some other base shares.

But the question is being debated is what next, which no one could precisely answer at this stage. There is, however, talk of the index level of 15,000 during the current year if the foreign support remained consistent.

The leading oil shares, which have been terribly dull during the last three sessions in the absence of support, broke the silence and rose sharply higher under the lead of OGDC, Pakistan Oilfields and Pakistan Petroleum, which led the market advance both in terms of gains and volume.

National Bank followed them on belated thinking that Bank Al-Jazira episode could boost its share value further higher on the perception of higher capital gains, while MCB and Bank of Punjab responded bullishly to reports of interim earnings and dividend.

After several lean sessions, PTCL also came in for strong support and significantly to the rise of the index to its new career-best level. It rose by Rs1.55 at Rs67.70 on 56m shares.

Pakistan Oilfields and Arif Habib Securities were leading among the gainers, up by Rs31.40 and Rs21. Other good gainers were led by MCB, United Bank, Premier Sugar, Attock Refinery, National Refinery, Pakistan Refinery, Attock Petroleum, Gillette Pakistan, National Bank and IGI Insurance, which posted gains ranging from Rs7 to Rs16.

Unilever Pakistan and Nestle Pakistan were leading among the losers, off Rs10 and Rs15 followed by Indus Dyeing, Thal, Millat Tractors, Sitara Chemicals and Lakson Tobacco, off Rs2 to Rs4.95.

Trading volume was maintained on the higher sides at 419m shares as compared to 425m shares a day earlier as gainers maintained a strong lead over the losers at 209 to 121, with 40 shares holding on to the last levels.

Lucky Cement on reports of higher export topped the list of actives, up by Rs5.25 at Rs130.90 on 57m shares, followed by MCB, up by Rs8.90 at Rs253.50 on 43m shares, Pakistan Oilfields, higher by Rs31.40 at Rs660.30 on 25m shares, Bank of Punjab, firm by Rs2.15 at Rs96.50 on 25m shares, Pakistan Petroleum, higher by Rs6.65 at Rs275.75 on 19m shares and Pakistan PTA, lower 15 paisa at Rs9.35 on 15m shares.

Other actives included Fauji Fertilizer Bin Qasim, up by 40 paisa on 14m shares, Pakistan Cement, firm by 65 paisa also on 14m shares and Fauji Cement, steady by 30 paisa on 13m shares.

FORWARD COUNTER: National Bank led the list of actives on this counter, up by Rs12.25 at Rs257.70 on 30m shares followed by OGDC, higher by Rs3.75 at Rs160 on 21m shares and Lucky Cement, up by Rs4.50 at Rs131.50 on 20m shares.

D.G.Khan Cement and MCB, followed them, up by Rs2.75 and Rs8.45 at Rs133 and Rs255.45 on 15m and 13m shares respectively.

DEFAULTER COS: Active trading was also witnessed on this counter where most of the shares finished with fractional gains on stray support.

Among the actively traded shares, Schon Modaraba and Unity Modaraba were leading, up by 70 and 10 paisa at Rs2.60 and 95 paisa on 0.985m and 0.168m shares.

DIVIDEND: Union Insurance, bonus shares at the rate of two per cent, Azgard Nine, right shares of 210 per cent and Asia Insurance, nil.