August 24, 2006	Thursday	Rajab 28, 1427

KARACHI, Aug 23: Shares on the stock market on Wednesday lacked normal trading interest as leading investors and punters kept to the sidelines apparently awaiting the final count on the no-trust move against the prime minister.

But some leading analysts said the no-confidence move was not a issue, investors had some other negative factors in mind about the future market outlook and stayed away until the dust on the political front settled down.

Cash dividend and bonus shares by Sana Industries, Adamjee Insurance and United Insurance were on the higher side of the analysts predictions and were well-received by the market.

The KSE 100-share index managed to recover 23.98 points at 10,244.09 as compared to 10,220.71 a day earlier as some of the leading base shares managed to finish with modest gains.

Index heavy-weights OGDC, National Bank and Pakistan Petroleum were quoted modestly higher but others notably Pakistan Oilfields and Bank of Punjab came in for active selling.

Leading punters and financial traders, however, kept to the sidelines most of the time apparently awaiting the outcome of no-confidence move as till the closing bell there was no word on the issue.

They said the direction of the market was still unclear as a combination of negative factors did not allow investors to make long-term commitments at the current lower levels.

The falling daily volumes slightly above 100m shares reflected the fading buying interest in the share business at least for the near-term as payouts by some of the leading companies were already announced.

Price changes both ways were fractional and demonstrated jobbing rather than any long-term commitments even on those counters where dividend announcements were due.

Pak-Suzuki Motors and Pakistan Refinery were, however, exceptions, which managed to finish higher by Rs11.75 and Rs15.10, followed by Dawood Hercules, Dreamworld, Adamjee Insurance, Engro Chemical and Arif Habib Securities, which were quoted higher by Rs5to Rs9.

Attock Petroleum and Unilever Pakistan, fell by Rs10.60 and Rs60 respectively. Other prominent losers were led by Bata Pakistan, Jahangir Siddiqui & Co, Central Insurance and Pakistan Oilfields, off Rs5.80 to Rs9.50.

Trading volume fell to 105m shares from the previous 154m shares as gainers held a modest lead over the losers at 146 to 125, with 35 shares holding on to the last levels.

Pakistan Oilfields led the list of actives, off Rs9.50 despite reports of higher dividend at Rs361 on 12m shares followed by National Bank, higher by Rs2.95 at Rs225.90 on 11m shares, OGDC, up by 50 paisa at Rs129.75 also on 11m shares, D.G. Khan Cement, higher by Rs1.20 at Rs98.35 on 7m shares, Pakistan Petroleum, up Rs1.20 at Rs243.20 on 6m shares and Bank of Punjab, lower 35 paisa at Rs89.15 on 5m shares.

Other actives were led by Fauji Fertiliser Bin Qasim, steady by five paisa on 5m shares, MCB, higher by Rs1.20 on 4m shares, Bank Alfalah, firm by 40 paisa also on 4m shares and PTCL, up by 25 paisa on 3m shares.

FORWARD COUNTER: Pakistan Oilfields also came in for active selling on this counter and fell by Rs7.91 at Rs366.59 on 4m shares, followed by Lucky Cement, steady 50 paisa at Rs106 on 3m shares and OGDC, lower 20 paisa at Rs128 also on 3m shares.

August settlement of OGDC, however, managed to finish with a fractional rise of 15 paisa at Rs129.75, on 3m shares, while PTCL fell by 51 paisa at Rs44.49 on 2m shares.

DEFAULTER COS: Dandot Cement came in for active support at the lower level on higher consumption ideas and rose by Re1 at Rs15.10 on 0.314m shares followed by Norrie Textiles, unchanged at Rs3.55 on 0.116m shares. Others were fractionally traded.

DIVIDEND: Sana Industries, cash 25 per cent, bonus shares 10 per cent, Adamjee Insurance, cash 10 per cent, bonus shares 12.5 per cent and United Insurance, bonus shares at the rate of 25 per cent.