November 03, 2006	Friday	Shawwal 10, 1427

KARACHI, Nov 2: Stocks on Thursday resisted larger decline followed by modest short-covering on selected counters but the underlying sentiment was terribly shaky ahead of the meeting between the KSE delegation and the SECP high-ups on the margin issues in Islamabad.

The market remained highly volatile amid alternate bouts of buying and selling as investors played on both sides of the fence awaiting some positive news on the issues related to the recently announced revised risk management rules that will govern the future stock trading.

An idea of investor mood was also well reflected in the either-way movement of the KSE 100-share index which after early having risen by 118 points fell to close off 65.24 points at 10,945.35. The KSE 30-share index fell by 8.93 points at 13,448.79.

The leading index shares notably OGDC, MCB, PTCL and Pakistan Petroleum ended with an extended fall, while active short-covering in other pivotals notably National Bank and Bank of Punjab limited the index decline on their relative strength.

The finish was, however, well above the session’s low of 10,868.78. The highest earlier was touched at 11,129.43 points.

“The future market outlook is expected to be guided by the outcome of the Islamabad meeting on the revised risk management rules,” said a leading stock analyst Ashraf Zakria. He hoped that the SECP would accept the demands of the KSE as no one at this stage could halt the market’s bull-run.

“No one is inclined to oppose the new rules,” says another stock analyst “what all want is the phased-out implementation over the next couple of months”.

However, till late in the evening any news from Islamabad meeting did not reach to even the most well-informed ones and the market’s reaction would be known on Friday.

Leading gainers were led by Shell Pakistan, which has been under pressure for the last couple of sessions, up by Rs10.90 followed by EFU General Insurance, higher by Rs9.10. Other notable gainers included Colgate Pakistan, Thal Jute, Atlas Insurance, Artistic Denim, Sapphire Fibre, Clover Pakistan, National Foods, Shezan International, Jahangir Siddiqui & Co and EFU Life, higher by Rs4 to Rs9.

Pakistan Refinery and Packages fell by Rs10 and Rs8.85 followed by Attock Petroleum, OGDC, Pak Datacom, Gillette Pakistan and Atlas Honda, off Rs3.65 to Rs6.90.

Trading volume suffered a modest contraction at 197m shares as compared to 228m shares but gainers and losers were about evenly matched at 147 to 150, with 44 holding on to the last levels.OGDC again led the list of actives, off Rs3.80 at Rs138.45 on 49m shares followed by National Bank, up by 75 paisa at Rs275.25 on 15m shares, Fauji Fertiliser Bin Qasim, steady by 25 paisa at Rs29.15 also on 15m shares, Bank Alfalah, unchanged at Rs50 on 10m shares, MCB, off Rs2.25 at Rs272.50 on 10m shares, Pakistan Petroleum, up by Rs3.30 at Rs248.35 on 8m shares and PTCL, lower 50 paisa at Rs43 on 5m shares.

Other actives were led by Bank of Punjab, up by Re1 on 10m shares followed by Lucky Cement, steady by 55 paisa on 8m shares and PICIC, lower 40 paisa on 6m shares.

FORWARD COUNTER: OGDC remained under pressure on the cleared list and suffered a fresh fall of Rs3.70 at Rs139.70 on 12m shares followed by National Bank, up by Rs1.50 at Rs278 on 8m shares and Pakistan Petroleum, higher by Rs1.20 at Rs248.65 on 5m shares.

D.G. Khan Cement followed them, up by 25 paisa at Rs81.90 on 4m shares and Bank of Punjab, higher by Rs1.10 at Rs100 on 4m shares.

DEFAULTER COS: Unity Modaraba led the list of actives on this counter lower by five paisa at 50 paisa on 0.561m shares followed by Dawood Fibre, unchanged at Rs10 on 0.166m shares and Asset Bank, up by 15 paisa at Rs3.15 on 0.112m shares.

DIVIDEND: IBL Modaraba, cash seven per cent, UDL Modaraba, eight per cent and Al-Jadeed Textiles, nil.