September 15, 2006	Friday	Sha'aban 21, 1427

KARACHI, Sept 14: Share market on Thursday passed through a relatively dull trading session as leading investors were not inclined to make larger commitments awaiting positive corporate announcements by some of the leading companies. The KSE 100-share index recovered 40 points at 10,028.50.

A final cash dividend of 20 per cent by the new management of Pakistan Telecommunication Company (PTCL), with 30 per cent interim already paid for the year ended June 30, 2006, was on the higher side of the market expectations and boosted its share value above Rs41.

But its EPS dropped to Rs4.07 from Rs5.22 a year ago and so was the after-tax profit at Rs21 billion from the previous Rs27 billion.

Leading bank, oil shares and PTCL came in for active short-covering at the lower levels but failed to evoke sympathetic support on other counters even at the lower levels.

The KSE 100-share index recovered 39.87 points from the overnight loss 168 points and was quoted at 10,026.50 as compared to 9,988.63 a day earlier on the strength of MCB, National Bank and PTCL, which together held a weightage of about 30 per cent. The KSE 30-share index rose by 27.29 points at 12,512.43.

Trading volume again fell to a modest total of 114m shares as leading punters and financial institutions kept to the sidelines allowing the jobbers to play on both sides of the fence.

As the overnight confusion over the payment of stamp duty under the amended act was over after analysts’ clarifications that the amendment was made in the act which announced in Sindh budget and had already its toll at that time.

However, the broader market appears to be still hesitant and lack directions in the absence of strong buying from any quarter even at the attractively lower levels, brokers said.

“The market is the victim of slack demand in the backdrop of liquidity crunch on technical grounds including issues linked to the CFS,” they said.

“Oct 2 is still far away when the Rs55 billion ceiling will be effective,” some others said “the market need money right now but the CFS financers are in two minds”.

Leading gainers were led by Millat Tractors and Nestle Pakistan, up by Rs7 and Rs40.05 followed by Adamjee Insurance, HinoPak Motors, Mehmood Textiles and Wyeth Pakistan, up by Rs3 to Rs5.

Major losers included Javedan Cement and Jahangir Siddiqui & Co, off Rs4.95 and Rs9.10 respectively. Others fell fractionally barring Javed Omer, Singer Pakistan, Cherat Papersack, PSO and Grays of Cambridge, off Rs2.85 to Rs4.

Trading volume fell to 114m shares from the previous 164m shares as losers maintained a slight edge over the gainers at 137 to 132, with 35 shares holding on to the last levels.

National Bank came in for active support at the lower levels and rose by Rs1.25 at Rs229.95 on 13m shares, followed by MCB, higher by Rs1.95 at Rs228.20 on 11m shares and D.G. Khan Cement, unchanged at Rs96.50 on 9m shares.

PICIC, easy 10 paisa at Rs68.15 on 8m shares, Pakistan Petroleum, off 65 paisa at Rs231.75 on 6m shares and PTCL, higher by Rs1.35 at Rs41.15 on 5m shares.

Other actives were led by Fauji Cement, up by 20 paisa on 7m shares, Bank Alfalah, firm by 35 paisa on 5m shares, OGDC, steady by 30 paisa also on 5m shares and Callmate Telips, lower by 90 paisa on 3m shares.

FORWARD COUNTER: National Bank also showed a smart recovery on the cleared list and was quoted higher by Rs1.30 at Rs230.90 on 4m shares, followed by OGDC, up by 60 paisa at Rs123.40 on 3m shares and MCB, higher by Rs1.70 at Rs229 also on 3m shares.

PICIC followed them, easy by 10 paisa at Rs66.55 on 3m shares and Pakistan Petroleum, lower Re1 at Rs232.25 on 2m shares.

DEFAULTER COS: Mixed trend was seen on this counter amid alternate bouts of buying and selling. Caravan Fabrics and Unity Modaraba came in for active selling and fell by five paisa each at Rs0.65 and Rs0.85 on 0.792m and 0.619m shares respectively.

Crescent Modaraba and Norrie Textiles on the other hand rose by five and 10 paisa at Rs1.20 and Rs2.80 on 0.162m and 0.442m shares respectively.