November 23, 2006	Thursday	Ziqa'ad 1, 1427

KARACHI, Nov 22: Leading shares on Wednesday finished with an extended gain on active follow-up support after investors have an overview of the US experts forensic investigation report and termed it positive, ending prevailing uncertainty about its contents.

Price changes were, however, mostly fractional amid slow trading as a section of operators were still in two minds about the possible impact of notices about the wash trade by some of them and futures trade beyond their limits.

The KSE 100-share index, however, posted a fresh gain of 23.71 points at 1,646.26 as compared to 10,022.55 a day earlier as some of the leading base shares tended further higher aided by positive forensic probe report. The KSE 30-share index also ended higher by 12.31 points at 13,302.25.

But both the brokers and the leading investors generally welcomed the probe report as it ended the uncertainty and cleared the “alleged suspects” of the price manipulations by some of the leading brokerage houses.

An extended gain of 23.71 points in the KSE 100-share index after either-way movements of 88 points, reflects that investors are in optimistic mood on the perception of smooth sailing in the coming weeks, a leading stock analyst Faisal A. Rajabali said.“Some of the brokers did indulge in wash trade to whom the notices are to be issued but amount of shares involved is too small (1,000) to be taken notice of,” he said.

Another analyst Ahsan Mehanti said as the brokers have been cleared from the charges of price manipulation, other issues raised in the report may not have any relevance to the objective conditions and that is why the market behaved properly to the findings.

However, brokers are a bit worried over the implementation of new risk management rules to be in place progressively during the next one year and may not allow fresh bigger investment, he added.

Barring PSO on reports of its sell-off was again actively traded, while other leading shares failed to make an improved performance under the lead of OGDC, Pakistan Petroleum.

But some of the bank shares performed well on reports of higher earnings and talk of capital gains and good payouts and rose higher under the lead of Askari and some other banks.

Leading gainers were led by Clover Pakistan and Shell Gas, up by Rs7 and 9.12 followed by Faysal Bank, Sapphire Textiles, Premier Sugar, Clariant Pakistan and Island Textiles, which posted gains ranging from Rs2 to 4.50.

Losers were led by EFU General, Union Bank, Shaheen Insurance, Bestway Cement, Adamjee Insurance, Lakson Tobacco and National Foods, off by Rs3 to 5.

Trading volume was modest at 158m shares as compared to 166m shares a day earlier, while losers held a modest edge over the gainers at 167 to 144, with 45 shares holding on to the last levels.

PTCL was actively traded, steady by five paisa at Rs48.50 on 19m shares followed by Faysal Bank, higher by Rs1.30 at Rs65.55 on 18m shares, Crescent Commercial Bank, up one rupee at Rs18.30 on 10m shares, OGDC, higher by Rs1.40 at Rs129 on 10m shares, Bank of Punjab, off 25 paisa at Rs103.15 on also on 10m shares and National Bank, lower Rs1.80 at Rs264.20 on 5m shares.

Other actives were led by Fauji Fertiliser Bin Qasim, up 65 paisa on 9m shares, PICIC, lower 55 paisa on 8m shares, Pakistan Petroleum, higher by Rs1.60 on 5m shares and Crescent Standard Bank, up 80 paisa also on 5m shares.

FORWARD COUNTER: OGDC led the list of actives on the cleared list, up Rs1.14 at Rs128.84, followed by Faysal Bank, higher by Rs2.13 at Rs67.11 on 4m shares and Pioneer Cement, up 75 paisa at Rs25.70 also 4m shares.

National Bank followed them, off Rs1.50 at Rs265 on 3m shares and Pakistan Petroleum higher by Rs1.49 at Rs243.49 also on 3m shares. The notable feature was that leading shares finished at odd rates in apparent effort by some of the dealers to forestall fresh trading in them by the next session.