April 19, 2006	Wednesday	Rabi-ul-Awwal 20, 1427

KARACHI, April 18: The recent upward drive on the stock market on Tuesday was halted as investors took profits at the highly inflated levels on selected counters but the underlying sentiment did not show signs of nervousness.

The selling was, however, across-the-board under the lead of OGDC and cement shares, what the dealers called belated technical correction in an overbought market but there were buyers at the dips signalling that the technical sell-off was overdue.

The KSE 100-share index suffered a sharp decline of 158.31 points or 1.29 per cent at 12,115.46 after having hit the day’s peak level of 12,333.98 but finished well above the session’s low of 12,103.85 points. It wiped out Rs42 billion from the market capital at Rs3,418bn.

OGDC, which has been the trend-setter over the last couple of sessions, took the entire market along with it in the minus column as it did push the index up to its career-best level on rumoured strong foreign buying, analysts said.

Having a weightage of 21 per cent in the index, a fall of Rs5.80 in its share value means a sharp decline of 90 points in the index. A rupee fall in OGDC share value chop of 16 points from the index.

The selling was further accelerated by active selling in another heavyweight, Pakistan Oilfields, which shed Rs14.70 at Rs696 ahead of its board meeting on Wednesday and amid rumours of bonus shares.

“I don’t think the current run-up is overdone,” says a leading broker, adding “owing to persistent rise during the last couple of sessions, the market has reached the overbought position and needs correction that came in the form of profit-selling”.

However, fresh buying in other leading oil shares, notably Pakistan Petroleum, National Bank and some others reflects that future bullish perceptions are shared by the leading punters.

The weakness of cement shares followed by active selling triggered by reports of sharp fall in prices after reports of duty-free imports of the commodity added to the downward drift, some others said.

Minus signs dominated the list under the lead of Unilever Pakistan and Siemens Pakistan, off Rs48 and Rs55, followed by Arif Habib Securities, National Refinery, Attock Petroleum, Pakistan Oilfields, Gillette Pakistan, Treet Corporation, Sanofi-Aventis and Shell Pakistan, off Rs9.95 to Rs16.30.

Leading gainers were led by Ghandhara Industries and Wyeth Pakistan, up Rs6.15 and Rs90. Others, which rose included EFU Life, JWD Sugar, Lakson Tobacco, Bata Pakistan and Thal, up by Rs4.06 to Rs5.

Traded volume fell to 382m shares from the previous 441m shares as losers held a strong lead over the gainers at 209 to 137, with 40 shares holding on to the last levels.

OGDC again led the list of actives, off Rs5.80 at Rs163.50 on 42m shares, followed Pakistan Petroleum, firm by 40 paisa at Rs296.50 on 32m shares, National Bank, up by Rs1.75 at Rs269.75 on 27m shares, Bosicor Pakistan, higher by Rs1.40 at Rs32.80 on 27m shares, Pakistan Oilfields, sharply lower by Rs14.70 at Rs696 on 20m shares and Lucky Cement, off Rs6 at Rs121.70 on 14m shares.

Fauji Fertiliser Bin Qasim followed them, easy 35 paisa on 22m shares, PTCL, lower Re1 at Rs65.70 on 13m shares, Fauji Cement, easy Rs1.30 on 15m shares and MCB, off Rs1.55 on 13m shares.

FORWARD COUNTER: Pakistan Petroleum led the list of actives on this counter, unchanged at Rs298 on 20m shares followed by OGDC, off Rs5.25 at Rs164.25 on 17m shares and National Bank, sharply higher by Rs2.70 at Rs271.50 on 14m shares.

Pakistan Oilfields also came in for active selling in sympathy with its counterpart in the ready section, off Rs12.05 at Rs701.95 on 10m shares and D.G. Khan Cement, lower Rs6.70 at Rs127.50 on 9m shares.

DEFAULTER COS: Unity Modaraba came in for active support and rose by 30 paisa at Rs1.20 on 0.616m shares followed by Dandot Cement, off 60 paisa at Rs14 on 0.165m shares. Others showed fractional price changes amid lower turnover.

DIVIDEND: Callmate Telips, interim cash at the rate of 10 per cent, BSJS Balanced Fund, second interim 12.5 per cent, ABAMCO Composite Fund, second interim 17.5 per cent.