November 17, 2006	Friday	Shawwal 24, 1427

KARACHI, Nov16: Share market on Thursday gave an improved performance aided by selective support on some of the blue chip counters but the activity lacked aggressiveness. The KSE 100-share index was marked up by 38.18 points at 10,850.04.

Fractional prices changes in some of the leading shares reflect that investors are playing cautious and are not inclined to go all-out for shares which ensure capital gains even at the attractively lower levels.

In normal market conditions, investors indulge in aggressive short-covering and speculative buying driving bears out of the market, but the current trading pattern shows extra care is being taken to avoid entering danger zones, brokers said.

The KSE 100-share index managed to recover a good part of the overnight loss at 10,850.04, up by 38.18 points reflecting the strength of leading base shares, notably MCB, OGDC, National Bank and PTCL.

The KSE 30-share index also rose by 52.62 points at 13,329.06 points as compared to previous 13,276.44 as base shares recovered from the overnight lows.

Analysts failed to pinpoint the chief reason behind the prevailing sluggishness and lack of institutional and foreign buying, some of them said the passing of the Women Protection Bill seems to have destabilising impact on the investor psychology fearing its negative fallout on the political scenario.

But some other investors decided to go by the market fundamentals and the developing scenario on the technical front, notably the beginning of the rollover by next week and apprehensions about the revised risk management rules to be effective early next month.

“The delay in the release of the SECP forensic report on the last year’s market crash seems to have taken steam out of the market amid conflicting rumours about its contents, which could have far-reaching negative impact on stock trading,” analysts said.

Plus and minus signs about equally matched but some of the leading companies managed to post good gains under the lead of Lakson Tobacco and Unilever Pakistan, up by Rs12 and Rs20, followed by National Bank, Union Bank, Central Insurance, Shell Pakistan, Ferozsons Lab, Bata Pakistan, EFU Life Insurance and Bhanero Textiles, off Rs4 to Rs9.95.

Packages and Mustehkam Cement led the list of losers and fell by Rs6 each. Other prominent losers included United Bank, Lucky Cement, Gillette Pakistan, Thal Industries, Pakistan Paper Products and Arif Habib Securities, off Rs2.05 to Rs5.95.

Trading volume was light at 161m shares as losers maintained a slight edge over the gainers at 156 to 152, with 53 shares holding on to the last levels.

PTCL, which has been in active demand for the last about two weeks and has surged progressively by Rs6, topped the list of actives, up 90 by paisa at Rs47.95 on 26m shares on foreign buying, followed by OGDC, firm by 25 paisa at Rs136.40 on 18m shares and PICIC, up by 25 paisa at Rs72.10 on 15m shares.

National Bank, higher by Rs4.35 at Rs264.50 on 11m shares, Faysal Bank, higher by Rs1.55 at Rs63.30 also on 11m shares, MCB, up by Rs2 at Rs258 on 6m shares and Pakistan Petroleum, up by 85 paisa at Rs242.90 on 5m shares.

Other actives included Crescent Commercial Bank, up by 35 paisa on 9m shares, Callmate Telips, higher by Rs1.60 on 6m shares and Bank Alfalah, lower 20 paisa on 5m shares.

FORWARD COUNTER: National Bank again led the list of actives on this counter, up by Rs4.10 at Rs265 on 12m shares followed by OGDC, firm by 25 paisa at Rs136.55 on 11m shares and PTCL, up by 85 paisa at Rs48 on 8m shares.

They were followed by MCB, up by Rs1.60 at Rs258 on 6m shares and Pakistan Petroleum, higher by Rs1.30 at Rs243.30 on 6m shares. Others showed fractional price changes on modest volumes.DEFAULTER COS: Crescent Investment Bank, led the list of actives, up by 25 paisa at Rs4.55 on 0.605m shares followed by Norrie Textiles, off 50 paisa at Rs3.15 on 0.528m shares and Unity Modaraba, easy five paisa at 50 paisa on 0.338m shares.

Among the other actives, Asset Investment Bank was prominent, up by 25 paisa at Rs3.05 on 0.140m shares. Others lacked normal trading interest.