August 30, 2006	Wednesday	Sha'aban 5, 1427

KARACHI, Aug 29: Stocks on Tuesday showed mixed trend as follow-up support turned shy owing to negative fallout of some disturbing events, paving the way for bargain-hunters to cash in on the available profit margins.

Institutional support lost its aggressiveness as leading investors also adhered to the sidelines despite a higher final cash dividend of 75 per cent plus bonus shares at the rate of 50 per cent by Pakistan Oilfields.

The KSE 100-share index, however, recovered another 66.36 points confidently inching up to its pre-reaction level of 10,000 on the strength of fresh buying in some of the leading base shares.

But the broader market did not toe the line of pivotals and stayed weak apparently weighed down by the negative fallout of Nawab Bugti’s killing and no-trust motion against the prime minister. Higher final dividend by Pakistan Oilfields allowed the market to resist further decline.

The KSE 100-share index finally finished around 9,942.87 as compared to 9,876.51 a day early after hitting the day’s lowest and the highest at 9,794.83 and 9,951.15, respectively, adding about Rs17 billion to the market capital at Rs2,793bn.

“Higher payouts from some of the leading companies are overdue, but long-term market outlook appears to be volatile,” equity analyst Faisal Abbas said.

“There are more than one negative factors including economic growth rate perceptions which could take their toll in the weeks to come,” he added.

He said final cash dividend by Pakistan Oilfields was on the higher side but below market expectations EPS at Rs31.50 trigged profit-selling in it.

Although Metropolitan Bank did not declare any dividend but its EPS at Rs4.30 attracted stray support from general investors for still better performance in the second half, they added.

Ahsan Mehanti, another leading stock analyst, however predicts smooth sailing on the stock market after the negative impact of the current bad news is fully absorbed.

Some of the leading shares whose floating stock was not that liquid rose under the lead of Pakistan Services and Pak-Suzuki Motors, up by Rs16 and Rs17.10.

Other notable gainers were led by New Jubilee Insurance, Attock Refinery, Pakistan Engineering, Pakistan Petroleum, National Bank, Millat Tractors, Atlas Honda and Pakistan Cables, which posted gains ranging from Rs4 to Rs11.95.

Losers were led by Noon Pakistan and IGI Insurance, off Rs9 and Rs10 followed by Arif Habib Securities, EFU General Dawood Hercules, AKD Securities, Attock Petroleum, National Refinery and Clariant Pakistan, off Rs5 to Rs9.

Trading volume showed modest fall at 169m shares as losers outpaced gainers by 153 to 124, with 33 shares holding on to the last levels.

National Bank led the list of actives, up by Rs6.55 at Rs222.50 on 22m shares followed by OGDC, higher by Rs2.40 at Rs127.80 on 21m shares, PTCL, firm by 35 paisa at Rs42.05 on 14m shares.

MCB, off Rs2.10 at Rs207.80 also on 14m shares, Pakistan Petroleum, up by Rs4.15 at Rs235.40 on 14m shares and Pakistan Oilfields, off Rs3.15 at Rs337.25 on 10m shares.

Other actives were led by D.G. Khan Cement, off Rs2.40 on 12m shares, PICIC, up by Rs1.45 on 9m shares, Bank of Punjab, easy by Rs1.05 on 7m shares and Fauji Fertiliser Bin Qasim, up by 20 paisa on 3m shares.

FORWARD COUNTER: National Bank also led the list of actives on this counter, higher by Rs5.55 at Rs225 on 6m shares, followed by OGDC, up by Rs2.50 at Rs125.75 on 5m shares and Pakistan Oilfields, off Rs4.60 at Rs338.40 on 4m shares.

Other actives included Pakistan Petroleum, up by Rs4.50 at Rs237.50 on 4m shares and MCB, off Rs1.70 at Rs210.30 also on 4m shares.

DEFAUTER COS: Trading on this counter was relatively slow in the absence of active support from the investors. Prices changes were fractional but there was no large turnover in any of the actives.

DIVIDEND: Attock Cement, cash 50 per cent, Attock Refinery, bonus shares 25 per cent, Shifa International, cash 10 per cent, Mybank, right shares at the rate of 50 per cent.