July 06, 2006	Thursday	Jumadi-ul-Sani 9, 1427

KARACHI, July 5: Share values on the stock market maintained their recovery drive on active follow-up support aided by analysts’ prediction of a higher dividend by the National Investment Trust (NIT) for the year ended June 30, 2006.

The KSE 100-share index posted a fresh rise of 106.93 points or 1.09 per cent at 9,936.33 as compared to 9,829.40 a day earlier, reflecting its straight drive to its pre-reaction crucial level of 10,000 points.

Analysts are putting the NIT payout figure between Rs4.50 and Rs5.50 per unit, which is currently being quoted at Rs50.10 and Rs48.35 for selling and buying respectively against its face value of Rs10.

The higher payout perception was also well-reflected in the share values of National Bank, Bank of Punjab and Faysal Bank, which are expected to be the chief beneficiary owing to their big stake in it, analysts said.Analysts are still unclear about the future direction of the market despite the presence of strong basic positive factors and the higher volatility of the share values seems to have further aggravated the situation.

“But no one could deny the fact that the attractively lower levels have reached by the leading oil, bank and cement shares offer an attractive bait of capital gains,” they added.

Moreover, reports of higher interim earnings by most of the leading banks and market talk of higher payouts by some of them are expected to play a pivotal role in sustaining the current bull-run, they said.

Plus signs again held a modest lead over the minus ones, under the lead of Millat Tractors and Arif Habib Securities, up by Rs12 and Rs23.90. Other good gainers included ICI Pakistan, BOC Pakistan, Gillette Pakistan, Engro Chemical, Pakistan Refinery, MCB and National Bank, up by Rs5 to Rs10.80.

Jahangir Siddiqui & Co and Artistic Denim leading among the losers, off Rs8 and Rs11 followed by EFU Life, Shaheen Insurance, IGI Insurance, Lakson Tobacco and United Sugar, off Rs5 to Rs5.95.

Trading volume showed a fresh expansion at 203m shares from the previous 195m shares as gainers topped losers by 140 to 137, with 32 shares holding on to the last levels.

National Bank led the list of actives on reports of being a chief beneficiary of the Bank Al-Jazira share value appreciation as it has 6pc stakes in it, up Rs10.80 at Rs227.10 on 30m shares followed by MCB, up Rs10.65 at Rs224.10 on 27m shares, OGDC, easy 25 paisa at Rs132.75 on 22m shares, Pakistan Petroleum, higher by Rs3.60 at Rs215.80 on 19m shares, Bank of Punjab, up by Rs1.85 at Rs85.90 on 19m shares, Lucky Cement, up by Rs3.70 at Rs104.40 on 12m shares and Pakistan Oilfields, off Rs1.50 at Rs322.50 on 7m shares.

Other actives were led by D.G.Khan Cement, up by Rs1.15 on 10m shares, Fauji Fertiliser Bin Qasim, higher by Rs1.30 on 6m shares and PICIC (spot) higher by Rs2.05 also on 6m shares.

FORWARD COUNTER: National Bank also led the list on this counter and was quoted higher by Rs10.70 at Rs229.30 on 10m shares followed by MCB, up by Rs10.75 at Rs225.75 on 9m shares and Pakistan Petroleum, firm by Rs3.05 at Rs216.55 on 6m shares.

OGDC followed them, steady by 30 paisa at Rs133.65 on 5m shares and Bank of Punjab, higher by Rs2.40 at Rs87 on 4m shares.

DEFAULTER COS: Unlike the previous sessions, trading on this counter was relatively slow in the absence of follow-up support. Both price changes and turnover figure was modest mostly on the higher side.

DIVIDEND: Pakistan Income Fund, bonus shares at Rs5 per unit or 10 per cent, Pakistan Capital Market Fund, bonus shares at the rate of Rs3 per unit or 30 per cent on the face value of Rs10 for the year ended June 30, 2006.