November 25, 2006	Saturday	Ziqa'ad 3, 1427

KARACHI, Nov 24: Stocks on Friday maintained an optimistic outlook as leading shares posted fresh sharp gains on active follow-up support despite weekend profit-selling at the inflated levels, signalling that the current run-up would be carried to the next week.

Trading activity remained fairly brisk as investors played on both sides of the fence indulging in alternate bouts of buying and selling but the undertone remained uppishly inclined.

After early rise, the KSE 100-share index finally finished with modest gain of 3.79 points at 10,870.90 as compared to 10,867.11 a day earlier as leading base shares showed erratic movements.

The opening was on the higher side, what the dealers called, an extension of the overnight run-up and as the trading resumed jobbers and weak-holders indulged in profit-selling owing to weekend considerations but the selling was absorbed at the dips.

But larger decline was averted as the near-term share business outlook appears to be optimistic amid strong rumours of the presence of foreign buying in some of the leading oil shares, notably OGDC, Pakistan Oilfields and Pakistan Petroleum at the prevailing lower levels, brokers said.

The forensic probe report now seems to have no relevance to objective market conditions as it has already taken its toll during the last couple of weeks as uncertainty about its contents and rumours of involvement of some of the leading brokers in price manipulation is over, they said.

“Investors are now awaiting interim profit reports by some of the leading banks and other blue chips, which could trigger fresh buystops on the counters where they are due,” analysts said.

But currently investors are following the trend on the news and rumours, although no one among the leading players is opting beyond some specified buying limits, they added.

National Bank and Attock Petroleum were leading among the gainers, up Rs8.50 and Rs7, followed by PICIC, EFU Life, Atlas Insurance, Noon Sugar, Habib Insurance, Atlas Honda and Callmate Telips, which posted gains ranging from Rs3 to Rs5.35.

Shell Gas and EFU Life were leading among the losers, which fell by Rs11.45 and Rs9 respectively. Other losers included Prime Bank, Attock Cement, National Refinery, Pakistan Oilfields, Pakistan Petroleum and Pakistan Paper Products, off Rs2.40 to Rs3.60.

Trading volume was maintained on the higher side totalling 237m shares but losers held a slight edge over the gainers at 136 to 130, with 38 shares holding on to the last levels.

PICIC topped the list of actives on support aided by reports of buying offer, up by Rs3.70 at Rs77.95 on 37m shares followed by National Bank, higher by Rs8.60 at Rs278.90 on 32m shares, Bank of Punjab, up Rs1.85 at Rs107.80 on 18m shares, Faysal Bank, firm by Rs1.15 at Rs66.75 on 15m shares, PTCL, lower 65 paisa at Rs48.85 on 14m shares, OGDC, easy Rs1.35 at Rs133.35 also on 14m shares and MCB, easy by 10 paisa at Rs255.60 on 12m shares.

Other actives were led by D.G. Khan Cement, firm by 55 paisa on 10m shares followed by Pakistan Oilfields, off Rs2.30 on 9m shares and Fauji Fertiliser Bin Qasim, lower 40 paisa on 5m shares.

FORWARD COUNTER: OGDC came in for active selling at the higher level and was marked down by 80 paisa at Rs132.50 on 9m shares followed by National Bank, higher by Rs8 at Rs281 also on 9m shares and PICIC, up by Rs3.75 at Rs78.83 on 8m shares.

They were followed by MCB, up by 30 paisa at Rs256.55 on 7m shares, while OGDC’s December settlement was quoted lower by Rs1.37 at Rs133.15 on 5m shares. Others were modestly traded mostly on the higher side.

DEFAULTER COS: Crescent Investment Bank led the list of actives on this counter, off 35 paisa at Rs5.70 on 1.365m shares followed by Unity Modaraba, which also came in for active profit-selling at the higher levels and was quoted lower by 15 paisa at 50 paisa on 1.05m shares.

Others were fractionally traded mostly on the lower side under the leading Norrie Textiles, higher by Re1 at Rs5.90 on 0.484m shares.