October 05, 2006	Thursday	Ramazan 11, 1427

KARACHI, Oct 4: Stocks were back on the rails on Wednesday after Tuesday’s mild correction as investors covered positions in oil and banking sectors at the lower levels followed by reports that GDR of some of them will be listed on the London Stock Exchange shortly.

OGDC was outstanding among them followed by National Bank and MCB, closing around their upper limits of the circuit-breakers amid active two-way activity.

The KSE 100-share index settled well above the crucial level of 10,700 points and analysts predict the level of 11,000 points or above is now not an elusive goal owing to the presence of strong foreign buying.

It finished the session up 150.83 points or 1.42 per cent at 10,743.55 as compared to 10,592.72 a day earlier, as leading base shares, notably National Bank, OGDC and Pakistan Petroleum ended further higher.

The KSE 30-share index posted a gain of 132.36 points at 13,279.84 as against Tuesday’s 13.147.48 points, as some of the leading index shares rose further higher.

Despite fall in world oil prices below the $60pbd and perception of its negative impact on the profits of local oil shares, oil sector led to the market advance on strong support at the lower levels.

“It appears to be a judicious blend of both local and foreign buying, which put the oil sector back on the rails under the lead of hereto dormant OGDC and Pakistan Petroleum,” analysts said.

Leading bank shares, notably National Bank, MCB, some of which closed around their upper limits of circuit-breakers, and leading shares on other counters remained in active demand and led to the market advance.

The market performance during the holy month, known for its sluggishness reflects that investors are not inclined to miss an attractive bait of capital gains based on higher dividend and strong speculative support.

The future market outlook appears to be a bit bullish as higher dividend and bonus shares, presence of foreign buying and some corrective steps taken by the SECP to restore investor confidence are expected to inspire fresh buying by some of the genuine and speculative investors in the weeks to come, floor brokers said.

Leading gainers were led by National Bank and IGI Insurance, up Rs7.60 and Rs9, respectively, followed by Pakistan Petroleum, Pakistan Refinery, Atlas Insurance, HinoPak, MCB, OGDC and Adamjee Insurance, which rose by Rs3 to Rs7.

Nestle Pakistan and Wyeth Pakistan led the list of losers, off Rs10 each. Others prominent losers included Lakson Tobacco, Gatron Industries, National Foods and Union Bank, off Rs4 to Rs6.60.

Trading volume suffered a modest fall at 196m shares from the previous 205m shares as losers maintained a slight edge over gainers at 138 to 133, with 37 shares holding on to the last levels.

OGDC topped the list of actives, higher by Rs6.10 at Rs134.50 on 32m shares, followed by National Bank, higher by Rs7.60 at Rs265.60 on 30m shares, Bank Alfalah, off Rs1.70 at Rs49.25, Crescent Bank, higher by one rupee at Rs14.45 on 13m shares, Pakistan Petroleum, up Rs4.55 at Rs237.55 on 10m shares, PICIC, firm by 15 paisa at Rs72.50 on 9m shares and Saudi Pak Bank, higher by one rupee at Rs20 on 7m shares.

Other actives were led by DG Khan Cement, up 90 paisa on 7m shares, Faysal Bank, off Rs1.70 on 4m shares, and Pakistan Oilfields, lower 90 paisa also on 4m shares.

FORWARD COUNTER: PICIC led the list of actives on the cleared list and was quoted higher by 35 paisa at Rs66.60 on 7m shares, followed by OGDC, sharply higher in response of GDR reports, up Rs5.50 at Rs135 on 6m shares and NCB, higher by Rs3.95 at Rs261.90 also on 6m shares.

National Bank followed them, up Rs6.50 at Rs266.50 on 5m shares and Bank Alfalah, off Rs1.65 at Rs49.85 on 4m shares.

DEFAULTER COS: Crescent Standard Bank came in for active support and rose by five paisa at Rs3.40 on 2.622m shares, followed by Norrie Textiles, unchanged at Rs6 on 1.055m shares and Unity Modaraba, unchanged at 65 paisa on 0.669m shares.

Quice Foods was also actively traded at Rs4.10 on 0.175m shares, but all others showed modest changes amid slow activity.

DIVIDEND: Nagina Cotton, cash 8.80 per cent, Ghandhara Industries, cash 30 per cent, bonus share five per cent, Gadoon Textiles, cash 25 per cent, Kohinoor Energy, bonus shares 10 per cent, Punjab Oil, 15 per cent, Bestway Cement, cash 10 per cent plus bonus shares of an identical amount, and Bilal Fibre, two per cent.