June 21, 2006	Wednesday	Jumadi-ul-Awwal 24, 1427

KARACHI, June 20: The KSE 100-share index on Tuesday maintained its upward drive on active follow-up support and again breached through the barrier of 10,000 points but analysts doubt its ability to sustain the crucial level owing to some technical factors.

It posted a fresh rise of 161.34 points or 1.62pc at 10,105.17 as compared to 9,943.83 a day earlier as all the leading base shares again ended on their upper locks. It touched the session’s low at 9,862.67 and high at 10,162 points adding another Rs36.368bn to the market capital at Rs2,821.846bn.

The market advance was again led by OGDC, Pakistan Petroleum, National Bank, D.G. Khan Cement and Pakistan oilfields, which finished with fresh extended gains above the ceiling rates. Investors apparently ignored the fresh SECP proposals about risk management but their weaker links indulged in a good bit of profit-selling at the higher levels.

Analysts are now divided about its near-term future outlook. Some predict it could pass through a technical correction after straight four run-ups. Some others say technical correction is overdue but it may not be that big as being feared.

There is a loud whisper in the corridors of the KSE, the index is again heading towards its pre-reaction level of 12,000-plus but after due consolidation as developing scenario points to big change in the market psychology in the backdrop of sell-off of some mega state-owned units including NIT.

The current sustained run-up was, however, technically inspired as most of the leading shares had fallen to new lows after successive lower circuit breakers some two weeks ago on heavy unloading by the leading players. But analysts ruled out the possibility of early June like crash.“All the market trend-setters are still in the buying range meant for capital gains,” brokers said “those who are inclined to take risks are not deterred and are active buyers at the prevailing prices”.

The institutional traders are expected to remain active buyers in an effort to readjust their share portfolios before the current fiscal is out and that in turn could lure others in the arena for quick capital gains, they added.

Leading gainers were led by National Bank and Pakistan Oilfields, which posted gains ranging from Rs9.60 to Rs12.95, followed by Jahangir Siddiqui & Co, Adamjee Insurance, OGDC, PSO, Pakistan Petroleum and MCB, which posted gains ranging from Rs5 to Rs9.15.

Prominent losers were led by Pakistan Refinery and Shell Gas, off Rs11.85 and Rs13.60 respectively. Pak-Suzuki Motors, Millat Tractors, Clariant Pakistan, Treet Corporation, Central Insurance and Arif Habib Securities, off Rs6 to Rs10.20.

Trading volume showed further rise at 227m shares as compared to 167m shares a day earlier but losers trailed far behind the gainers after a bull-run during the last four sessions.

OGDC again topped the list of actives, higher by Rs6.55 at Rs137.70 on 43m shares, followed by Pakistan Petroleum, up by Rs6.95 at Rs207 on 20m shares, PTCL, easy 35 paisa at Rs42.70 also on 20m shares, D.G. Khan Cement, up Rs4.15 at Rs87.45 on 15m shares, National Bank, higher by Rs12.60 at Rs202.55 on 14m shares, Pakistan Oilfields, higher by Rs12.95 at Rs348.10 on 14m shares and MCB, up by Rs9.15 at Rs192.25 on 6m shares.

Other actives were led by Fauji Cement, firm by 50 paisa on 8m shares, Pakistan Cement, unchanged on 6m shares and Fauji Fertiliser Bin Qasim also unchanged on 5m shares.

FORWARD COUNTER: OGDC also led the list of actives on this counter, up by Rs5.80 at Rs138.15 on 21m shares followed by Pakistan Petroleum, higher by Rs6.30 at Rs207.55 on 10m shares and National Bank, higher by Rs9.70 at Rs203.85 on 7m shares.

Pakistan Oilfields followed them, up by Rs14.55 at Rs350.85 on 6m shares and D.G. Khan Cement, higher by Rs4.15 at Rs87.95, on 5m shares.

DEFAULTER COS: Crescent Fibre and Crescent Standard Bank came in for alternate bouts of buying and selling amid fractional price changes. While the former was traded unchanged at Rs13.50 on 0.137m shares, the later fell by 40 paisa at Rs4.70 on 0.140m shares. Others lacked normal trading interest.