KARACHI, Aug 30: The KSE 100-share index on Wednesday again crossed the psychological barrier of 10,000-point on strong institutional and retailers’ support triggered by reports that the prime minister had survived the no-trust motion.
Although, the index fell below the session’s high of 10,176.12, at 10,086.15, up by 143.28 points or 1.44 per cent, the breach of the barrier was significant in the prevailing political scenario.
Most of the leading base shares, notably OGDC, National Bank, Pakistan Oilfields, Pakistan Petroleum and MCB were leading among them, finishing with smart gains.
The bulls seem to have made the prestigious level of 10,000-point their status symbol and to stay above it, stock analyst Ashraf Zakria said, adding “its downward breach always leads to a strong rebound”.
“The defeat of the opposition in the national assemble was a foregone conclusion but it came at a time when the government needed some relief for its survival,” analysts said.
The perception that the current economic and corporate policies initiated by Prime Minister Shaukat Aziz will continue as long as he is at the helm of affairs has reinforced the investor confidence in a future bull market, floor brokers said.
They said the credit for keeping the market in a good shape largely went to the retailers who covered positions after institutional traders in part liquidated their long position at the mid-session price flare-up.
IGI Insurance and Pak-Suzuki Motors were leading among the gainers, up Rs18 and Rs17.95, followed by MCB, Gatron Industries, Lakson Tobacco, National Refinery, Atlas Honda, Millat Tractors, Clariant Pakistan, Colgate Pakistan, AKD Securities, Attock Petroleum, which posted gains ranging from Rs7.20 to Rs16.80.
Nestle Pakistan and Siemens Pakistan were prominent losers, off Rs48.40 and Rs11. Other leading losers included Hino Pakistan, KSB Pumps, Treet Corporation, Jahangir Siddiqui Capital Fund and Mustehkam Cement, off Rs4 to Rs7.20.
Trading volume rose to 223m shares from the previous 169m shares as gainers forced a strong lead over the losers at 192 to 96, with 27 shares holding on to the last levels.
National Bank again led the list of actives, up by Rs1.10 at Rs223.60 on 22m shares followed by OGDC, higher by Rs1.30 at Rs129.10 on 20m shares and MCB sharply higher by Rs7.20 at Rs215 on 17m shares.
Pakistan Petroleum, firm by Rs2.60 at Rs238 also on 17m shares, Pakistan Oilfields, higher by Rs5 at Rs342.25 on 14m shares and PTCL, steady 45 paisa at Rs42.50 on 10m shares.
Other actives were led by Fauji Fertiliser Bin Qasim, up by Re1 on 14m shares, D.G. Khan
Cement, higher by Rs1.85 on 13m shares, Bank of Punjab, lower 50 paisa on 10m shares and Fauji Cement, higher Re1 on 8m shares.
FORWARD COUNTER: OGDC led the list of actives, higher by Rs1.05 at Rs126.80 on 6m shares, followed by National Bank, steady 50 paisa at Rs225.50 on 5m shares and Pakistan Petroleum, up by Rs2.10 at Rs239.60 also on 5m shares.
MCB was also actively traded on renewed support and finished higher by Rs6.10 at Rs216.40 on 5m shares and Pakistan Oilfields, higher by Rs6.30 at Rs344.70 on 4m shares.
DEFAULTER COMPANIES: Active selling was witnessed on this counter as investors took profits at the higher levels. Crescent Standard Bank and Norrie Textiles were leading among them, lower by 40 and 15 paisa at Rs3.75 and Rs3.25 on 0.794m and 0.845m shares respectively.
But on the other hand Unity Modaraba came in for modest support and rose by 20 paisa at 75 paisa against its face value of Rs10 on 0.216m shares.
DIVIDEND: General Tyre, cash 20 per cent, Pakistan International Containers Terminal, cash 10 per cent on preference shares, but nil on ordinary shares.
