July 15, 2006	Saturday	Jumadi-ul-Sani 18, 1427

KARACHI, July 14: Stocks finished the weekend session on a firm note as dividend-driven rally initiated earlier in the week was well sustained thanks to active follow-up support.

After moving within an extremely narrow groove, the KSE 100-share index settled well above the crucial level of 10,000 points and analysts said it had the potential to rise further both on technical and financial grounds.

Its weekend positive posture also reinforced the investor perceptions that the market could rise further ahead of board meetings of oil, bank and cement sectors and market talk of higher dividend including bonus shares.

It finished the last session of the week with fresh gain of 12.21 points at 10,027.09 as compared to 100,14.88 a day earlier, reflecting the strength of leading base shares.

Some analysts predict its technically sustainable level appears to be around 10,500 points and could rise further depending on the size of payouts due by some of the leading companies during the next couple of weeks.

They also fear negative fallout of the Mombai blasts and killing of about 200 persons could have negative impact on the local stocks if Pakistan was involved in it to derail the current peace process.

Leading oil shares, notably OGDC, Pakistan Petroleum, Pakistan Oilfields, National Bank, DG Khan and Lucky Cement were in the forefront of actives.

Contrary to early analysts’ fears that the market could pass through a bad trading period in the backdrop of probe into the reportedly manipulated market crash in March 2, 005, but strong financial support did not allow bears to push it further lower, brokers said.

“No one is inclined to miss the rising market amid a loud whispering of higher payouts,” they said. “Capital appreciation and quick gains remained the dominating factor of the entire proceedings.”

Leading gainers were led by Arif Habib Securities and Wyeth Pakistan, up Rs19.90 and Rs25, respectively, followed by Central Insurance, PSO, EFU General, Al-Ghazi Tractors, HinoPak Motors, Engro Chemicals, National Foods and Pakistan Oilfields, which posted gains ranging from Rs4 to Rs7.50.

Losers were led by Treet Corporation and Unilever Pakistan, off Rs9 and Rs46.95. Other losers were led by ICI Pakistan, Attock Cement, Pakistan Resource Co, Glaxo-SKF, EFU General Insurance, Murree Brewery and Pak-Suzuki Motors, off Rs2.30 to Rs7.

Trading volume fell to 190m shares from the previous 244m shares but gainers maintained a fair lead over losers at 127 to 116, with 38 shares holding on to the last levels.

Fauji Cement topped the list of actives, up Rs1.10 at Rs23.55 on 28m shares, followed by National Bank, higher by Rs3.50 at Rs225.75 on 21m shares, OGDC, firm by 35 paisa at Rs135.60 on 19m shares, DG Khan Cement, steady by 40 paisa at Rs94.40 on 17m shares, Pakistan Petroleum, lower by Rs70 paisa at Rs220.50, Pakistan Oilfields, higher by Rs7.50 at Rs334.50 on 10m shares and MCB, up Rs1.40 at Rs216.55 on 9m shares.

Other actives were led by World Call Telecom, firm by 80 paisa on 10m shares, Lucky Cement, off Rs1.70 on 9m shares and Nishat Mills, up Rs3.55 on 7m shares.

FORWARD COUNTER: National Bank led the list of actives on the cleared list, up Rs3.70 at Rs226.70 on 8m shares, OGDC, firm by 60 paisa at Rs135.90 on 5m shares, and Pakistan Petroleum, lower 75 paisa at Rs221.50 on 4m shares. Pakistan Oilfields on the other hand remained in active support and rose further by Rs6.80 at Rs334 on 4m shares and DG Khan Cement, up 70 paisa at Rs94.45 also on 4m shares.

DEFAULTER COS: Crescent Standard Bank came in for stray selling and fell by five paisa at Rs4.15 on 0.162m shares, while all others were fractionally traded amid light turnover.