October 20, 2006	Friday	Ramazan 26, 1427

KARACHI, Oct 19: The KSE 100-share index is steadily inching toward its previously hit target of 12,000 points and analysts said the current buying euphoria in OGDC and National Bank could take it to new peak level during the post-Eid holiday trading.But some other said the correction was now overdue. After having risen by about 700 points during the last four sessions and adding Rs170 billion to the market capital, it is now in an overbought position. It ended the week below its highest level of 11,594 at around 11,566.80 points on late selling.

The market, however, finished the pre-Eid holiday trading session on a bullish note, what the analysts termed, an unusual performance during the holy month and a long weekend ahead.

Never before in the history of KSE bulls, led by some leading foreign investors, have shown such courage of conviction in the market’s ability to seek further higher levels despite being in a highly overbought position, they said.

The KSE 100-share index, which finished with an extended gain of 166.97 points at 11,566.80, has during the last two sessions netted about 700 points or seven per cent and should have met its technical demands at the last session of the holy month but it maintained its upward drive, some others said.

OGDC again led the market advance rising sharply higher partly on its GDR issue and partly to new oil and gas finds followed by National Bank, Pakistan Oilfields, which closed around their upper locks. MCB and PTCL followed them but rose modestly.

“All seem set to establish new records both in terms of index level and the price flare-up in the post-Eid trading,” predicts leading stock analyst Ashraf Zakria. “There could be technical breather here and there but a major breakthrough is around.”

Many may not be in a position to tell about the sudden flooding of bank and oil shares with buy-stops by the foreign investors in the backdrop of not very encouraging news from the political front but leading among the say, “the show appears to be speculative and deceptive not backed by many stimulating news.”

But some others said the correction was overdue and the post-Eid holiday sessions could witness pleasant surprises as current week’s snap rallies.

Leading gainers were led by Wyeth Pakistan and IGI Insurance, up Rs24 and Rs16.95, respectively. Other good gainers included Arif Habib Securities, Jahangir Siddiqui & Co, National Bank, EFU General, Thal, Shell Gas, Mari Gas, OGDC, Pakistan Petroleum, HinoPak Motors, Dawood Hercules, Clover Pakistan and Zulfiqar Industries, up by Rs5 to Rs10.

Prominent losers included Gatron Industries and Nestle Pakistan, off Rs8 and Rs24.95, respectively, followed by Shell Pakistan, Pakistan Engineering, Grays of Cambridge, National Refinery, Pakistan Oilfields, and Metropolitan Bank, off by Rs3 to Rs5.Trading volume was maintained on the higher side owing to active foreign buying in the OGDC, totalling 236m shares as compared to 261m shares a day earlier but losers forced a slight edge over gainers at 150 to 145 on late selling in some of the overvalued shares, with 37 shares holding on to the last levels.

OGDC again topped the list of actives, higher by Rs7.40 at Rs156 on 55m shares, followed by National Bank, up Rs7 at Rs293.45 on 41m shares, Bank Alfalah, off Rs1.05 at Rs48.25 on 15m shares, MCB, steady by Rs1.25 at Rs274.25 on 14m shares, Pakistan Oilfields, off Rs3.20 at Rs351.40 on 11m shares, PTCL, higher by 85 paisa at Rs45.75 on 7m shares, and Bank of Punjab, lower 80 paisa at Rs95.75 on 6m shares.

Other actives were led by Crescent Commercial Bank, steady by 10 paisa on 8m shares, followed by Fauji Fertiliser Bin Qasim, easy 20 paisa also on 8m shares, and Lucky Cement, off 55 paisa on 7m shares.

FORWARD COUNTER: Pakistan Petroleum, led the list of actives on this counter, up by Rs6.10 at Rs265.20 on 21m shares, followed by OGDC, higher by Rs7.40 at Rs156.05 on 13m shares, and National Bank, up Rs6.10 at Rs293.15 on 10m shares.

MCB followed them, up 75 paisa at Rs274.30 on 6m shares, and DG Khan Cement, lower by 30 paisa at Rs89.50 on 5m shares.

DEFAULTER COS: Crescent Modaraba came in for active selling and fell by 10 paisa at Rs2 on 2.338m shares, followed by Crescent Standard Bank, up five paisa at Rs4,85 on 2.316m shares, and Unity Modaraba, easy five paisa at 65 paisa on 0.212m shares. Others showed fractional fall amid light volume.

DIVIDEND: Central Insurance, interim at the rate of 15 per cent and second interim, by Fauji Fertiliser Bin Qasim 7.5 per cent.