November 14, 2006	Tuesday	Shawwal 21, 1427

KARACHI, Nov 13: Stocks on Monday resumed trading on a positive note on early buying at the lower levels but failed to extend the rally and finished on a mixed note amid light trading.

The trading lacked normal interest as leading investors, notably foreign funds and institutional traders were conspicuous by their absence apparently awaiting fresh news on the SECP forensic probe report and its details.

After turning in a highly erratic movements of about 200 points, under the cross-current of conflicting rumours about the delayed SECP forensic probe report, the KSE 100-share index managed to resist fresh decline and was quoted higher by 4.39 points 10,743.84.

The KSE 30-share index also recovered modestly and was quoted higher by 4.07 points at 13,177.56 points as compared to 13,173.49 as some leading base shares ended recovered.

The uncertainty about the probe report continues to destabilise market fuelling speculation that some big names are involved in price manipulation causing the last year’s market crash.

The intensity of the lack of confidence may well be had from the fact that investors ignored the positive news, notably the government indemnity provided to OGDC to issue its proposed GDRs on the London stock market and excise duty relief to Pakistan Petroleum, which otherwise should have been morale booster in a normal market.

But both reacted favourably to the news and rose from the previous lows on active short-covering enabling the index to resist fresh decline in it.

“What seems to have created panic-like conditions in a hereto robust market was the indefinite delay in the release of the forensic report,” analyst Hasnain Asghar Ali. “Speculative forces may rule supreme in the intervening period leading the market to another crisis or a possible plunge”.

That was perhaps why no one was inclined to go beyond certain pre-determined buying limits and played safe, taking profits at each rise and selling at the dips.

“Most of the leading bank and oil scrips have attained attractively lower levels and ensure massive capital gains,” another analyst Ahsan Mehanti said, adding “but only those would venture forth who have the courage and financial resources to take risks”.Although losers again dominated the list some of the leading shares including MNCs managed to finish higher under the lead of Shell Gas and Colgate Pakistan, up by Rs11.85 and Rs18.20 followed by Javed Omer, MCB, Lakson Tobacco, Pakistan Petroleum and Pak-Suzuki Motors, which posted gains ranging from Rs2 to Rs5.30.

Jahangir Siddiqui & Co and Rafhan Maize led the list of losers and fell by Rs8.65 and Rs16 respectively on selling at the higher levels. Other losers included Adamjee Insurance, EFU General Insurance, Premier Sugar, National Refinery, Indus Motors, Berger Paints, HinoPak Motors and Pakistan Refinery, off Rs4 to Rs8.

Trading volume fell to 139m shares compared to previous 192m shares as losers maintained a strong lead over the gainers at 219 to 85, with 40 shares holding on to the last levels.

OGDC topped the list of actives, up by Rs1.20 at Rs136.50 on 21m shares followed National Bank, steady by 60 paisa at Rs256.60 after having fallen early to Rs251 and MCB, higher by Rs5.30 at Rs259.80 on 11m shares.

D.G. Khan Cement, off Rs3 at Rs71.80 on 7m shares, Pakistan Petroleum, up by Rs2 at Rs242.50 on 6m shares and Bank of Punjab lower 35 paisa at Rs77.50 on 6m shares.

Other actives were led by Lucky Cement, off Rs3.60 on 6m shares, Crescent Commercial Bank, up by 75 paisa also on 5m shares and PICIC, lower 15 paisa on 5m shares.

FORWARD COUNTER: National Bank led the list of actives on this counter on stray covering purchases and rose by 90 paisa at Rs257.50 on 15m shares, MCB, higher by Rs5.05 at Rs260 on 9m shares and OGDC, up by Rs1.50 at Rs137.20 on 8m shares.

D.G. Khan Cement followed them, off Rs2.70 at Rs72 on 6m shares and PTCL, up by 20 paisa at Rs46.60 on 5m shares. Others were modestly traded mostly on the lower side.

DEFAULTER COS: Unity Modaraba, came in for modest support at the previous levels and was quoted unchanged at 55 paisa on 0.306m shares followed by Crescent Investment Bank, lower five paisa at Rs4.40 on 0.178m shares and Norrie Textiles, easy 15 paisa at Rs3.65 on 0.104m shares.