April 11, 2006	Tuesday	Rabi-ul-Awwal 12, 1427

KARACHI, April 10: The KSE 100-share index on Monday soared to a widely-speculated an all-time high of 12,000 points, reinforcing the analyst predictions that the best is still to come based on positive market fundamentals but failed to sustain it.

The historic breach through the crucial barrier was achieved as local institutional traders and some foreign buyers made heavy buying in bank, cement and oil shares, but late selling in some of the pivotals at the inflated levels again pushed it down below the peak level. But indications are that it could resume its upward drive from Wednesday and a leading analyst said it could rise by another 500 points in the near-term.

After having touched early an all-time high of 12,078.05 points, it fell to close below this level at 11,992.23, up 55.64 points, reflecting the strength of leading bank shares.

“The breach of the crucial level appeared to be a technical formality as it has indicated last weekend that the target is within reach and now the index is eyeing its next target of 13,000, of course after due technical corrections.”

The index should have closed well above this level but the late selling in leading oil shares, OGDC, Pakistan Oilfields and Pakistan Petroleum weighed it down from the day’s highs.

“The current buying euphoria though on selected counters, notably bank, oil and cement shares will continue in the weeks to come amid reports of higher corporate earnings, but much would depend on the consistency of foreign buying in oil and leading banks’ shares,” some analysts said.

They have been predicting since the last month’s market crash about this remarkable performance, but what is important is that it came in the backdrop of some bad news from the political front apparently ignored by the market and followed its own fundamentals.

The selling in part was also influenced by Tuesday’s (April 11) closure owing to a public holiday on account of Eid Milad-un-Nabi, but there were buyers at the dips, reflecting that the index would consolidate above this level.

But fresh heavy buying in the bank shares kept the market in a buoyant mood as there was no dearth of buyers at falling prices on the perception that the current bull-run will continue in the sessions to come.

Leading gainers were led by Jahangir Siddiqui Capital Market Fund and Nestle Pakistan, up Rs13.20 and Rs20, respectively, followed by Arif Habib Securities, MCB, EFU Life, General Insurance and Bata Pakistan, which rose by Rs6 to Rs9.50.

Prominent losers were led by Treet Corporation and Wyeth Pakistan, off Rs16.95 and Rs97.50, respectively. Others, which fell sharply lower, included Gatron Industries, Premier Sugar, Shell Pakistan, Siemens Pakistan, Sanofi-Avents, AKD Securities, Gillette Pakistan and Pakistan Services, which suffered fall ranging from Rs6.50 to 15.40.

Trading volume fell to 380m shares from the weekend 419m shares, but gainers and losers were about evenly matched at 185 to 187, with 31 shares holding on to the last levels.

PTCL topped the list of actives, up 15 paisa after hitting the day’s peak level of Rs68.50 on 36m shares, followed by Fauji Cement, steady 45 paisa at Rs26.85 on 31m shares, MCB, higher by Rs6.45 at Rs259.95 on 28m shares, Lucky Cement, off Rs2.10 at Rs128.80 on 27m shares, Pakistan Oilfields, off Rs4.70 at Rs655 on 18m shares, Pakistan Petroleum, lower Rs3.70 at Rs272.05 on 17m shares, and Union Bank, higher by Rs3.40 at Rs72.30 on 13m shares.

Other actives were led by Pakistan Cement, up 30 paisa on 24m shares, PSO, off one rupee on 12m shares, and Pak PTA, lower 35 paisa on 11m shares.

FORWARD COUNTER: DG Khan Cement led the list of actives on this counter, up one rupee at Rs134 on 31m shares, followed by OGDC, higher by Rs1.05 at Rs161.05 on 26m shares, and National Bank, up Rs3.20 at Rs260.90 on 15m shares.

Other actives included Lucky Cement, off Rs1.15 at Rs130.35 on 9m shares and Pakistan Oilfields, off Rs4.40 at Rs660.25 on 8m shares. Sui Northern and Pakistan Petroleum fell in sympathy with their ready counter but turnover was light.

DEFAULTER COS: Trading on this counter was relatively slow owing to Tuesday’s closure. Prices generally fell under the lead of Schon Modaraba and Crescent-Standard Bank, lower 30 and 10 paisa at Rs2.30 and Rs8.80 on 0.200 and 0.135m shares, respectively.

DIVIDEND: East-West Insurance Company, cash 10 per cent, bonus shares at the rate of 22.22 per cent; ALICo Pakistan Life, Metropolitan Life and Progressive Insurance, all nil for the year ended Dec 31, 2005.

BOARD MEETINGS: United Money Market Fund, United Growth & Income Fund on April 13; Thal, Attock Petroleum on April 14; BSJS Balanced Fund, ABAMCO Capital Fund, ABAMCO Growth Fund, ABAMCO Stock Market Fund, ABAMCO Composite Fund, Unit Trust of Pakistan, UTP Income Fund, Haydari Construction, and Shabbir Tiles on April 15; Callmate Telips, Century Papers Mills, National Refinery on April 17; KSB Pumps on 18; Pakistan Tobacco Co on 19; Hub-Power and Mari Gas on April 30.