October 12, 2006	Thursday	Ramazan 18, 1427

KARACHI, Oct 11: After higher opening aided by early buying euphoria associated with the MCB GDR price, stocks on Wednesday came in for active profit-selling in most of the high-profile issues in banking and oil sectors and finished reacted.

The KSE 100-share index was off 73.29 points at 10,886.42, but it breached through the barrier of 11,000 points for the second time during the week and failed to hold on to this level on late selling in the pivotals.

Investors have been expecting higher price of the MCB GDR around Rs300 as the buying-spree in its shares reflected during the last couple of sessions. But the GDR-based price of Rs264 did not find favour with investors and they liquidated long positions in it, stock analyst Ahsan Mehanti said.

According to MCB sources, its GDR consisted of four ordinary shares each valued at Rs1,055 ($17.4) or Rs264 per share, which will be listed on the London Stock Exchange. MCB will issue 34.5m additional GDR-related shares.

All the background corporate news were positive, including the oversubscription of MCB GDR, which could lead to a positive foreign reception to upcoming GDR issues of OGDC, Kot Addu Power, Habib, United and National banks, Ashraf Zakrai, a leading stock analyst, said.

“But the KSE 100-share index appears to be a bit shy to stay above the crucial level of 11,000 points,” he says. “Each time it crosses the barrier bears push it down for certain specific reasons.”

It did cross the barrier of 11,000 at 11,059.58 points for the second time during the current week but failed to sustain it and finished with a net fall of 73.29 points at 10,886.42 as compared to 10,959.71 a day earlier, reflecting the weakness of the leading base shares.

The KSE 30-share index fell by 107.02 points at 13,464.77 points owing to the weakness of some base share.

Among the gainers, IGI Insurance and Zulfiqar Industries rose by Rs4.75 and Rs5.15, respectively, followed by Huffaz Steels, Lakson Tobacco, Honda Atlas, Glaxo-SKF, Murree Brewery and Jahangir Siddiqui & Co, up by Rs3 to Rs4.

Losers were led by PSO on reports of cut in selling oil price in line with international prices, off Rs7, followed by Jahangir Siddiqui Fund, lower by Rs9. Other notable losers included Union Bank, Fazal Textiles, Artistic Denim, Shell Pakistan, PSO, Pakistan Petroleum, Engro Chemical, Clover Pakistan and Gillette Pakistan, off Rs5 to Rs7.

Trading volume fell to 190m shares from the previous 199m shares as losers held a strong lead over gainers at 169 to 114, with 42 shares holding on to the last levels.

OGDC topped the list of actives, steady by 10 paisa at Rs135.85 on 21m shares followed by National Bank, lower 25 paisa at Rs268 on 20m shares, MCB, off Rs2.45 at Rs269.35 on 15m shares, Faysal Bank, higher by Rs1.55 at Rs68.20 on 14m shares, PTCL, off 90 paisa at Rs42.10 on 9m shares, and Bank Alfalah, lower 50 paisa at Rs46.75 on 8m shares.

Other actives were led by Crescent Bank, up 60 paisa on 11m shares, Crescent Standard Bank, up one rupee on 9m shares, WorldCall Telecom, lower 55 paisa on 8m shares and Pakistan Petroleum, off Rs6.90 also on 8m shares.

FORWARD COUNTER: MCB also led the list of actives on the cleared list but was marked down by Rs1.60 at Rs271.40 on 6m shares, followed by National Bank, lower 60 paisa at Rs269.20 on 5m shares and OGDC, easy 30 paisa at Rs136.45 on 4m shares.

Faysal Bank followed them, higher by Rs1.70 at Rs68.90 on 4m shares, and Pakistan Petroleum, off Rs7 at Rs238.30.

DEFAULTER COS: Crescent Standard Bank came in for strong support and was quoted higher by one rupee at Rs5.30 on 8.793m shares, followed by Norrie Textiles, off 85 paisa at Rs5.65 on 0.495m shares, and Dawood Fibre, unchanged at Rs10 on 0.127m shares. Asset Investment Bank rose by 15 paisa at Rs2.25 on 0.159m shares, while Unity Modaraba was unchanged at 65 paisa on 0.109m shares.

DIVIDEND: Fidelity Leasing Modaraba, cash 10 per cent, Sapphire Textiles, 12.5 per cent, Crescent Textiles, bonus shares 10 per cent, Trust Leasing, cash 15 per cent, bonus shares of the same amount, Natover Lease and Refinance, 11 per cent on preference shares, Bhanero Textiles, 25 per cent, Saif Textiles 7.5 per cent, International Investment Bank, bonus shares 10 per cent, Huffaz Steel, cash 20 per cent, bonus 30 per cent, Grays of Cambridge, 175 per cent, Ittehad Chemicals, bonus shares 20 per cent, Paramount Spinning, bonus 10 per cent, Gulistan Textiles, bonus 10 per cent, Indus Dyeing, cash 15 per cent, Ados Pakistan, 14 per cent, Capital Mutual Fund, 10 per cent, Chenab Fibre, 9.25 per cent on preference shares, and Dewan Farooq Motors, 10 per cent.

They were followed by Pak Elektron, bonus shares 25 per cent, WorldCall Telecom, bonus 15 per cent, Kohinoor Spinning 7.5 per cent, Yousuf Weaving, five per cent, Dewan Textiles, Dewan Khalid, Dewan Mushtaq Textiles, all bonus shares at the rate of 10 per cent, Gulistan Spinning, Gulshan Spinning, both bonus shares 10 per cent, Mandviwalla, five per cent, and Paramount Modaraba, 15 per cent.