November 29, 2006	Wednesday	Ziqa'ad 7, 1427

KARACHI, Nov 28: Stock market on Tuesday lacked normal trading interest as leading investors kept to the sidelines, but stray institutional buying on selected counters evoked modest speculative interest on some high-profile scrips at the lower levels. The KSE 100-share index was up by 12 points at 10,762.16.

Price changes were fractional mostly in blue chips, notably National Bank, Faysal Bank and OGDC reflecting that investors were a bit shaky to go beyond certain limits apparently awaiting some fresh positive developments on the corporate front.

Active buying in OGDC on reports of some further developments on its global depository shares (GDSs) issue, however, lifted the market from the overnight lows as investors covered positions on some other leading shares also.

But a massive either-way movement of well over 200 points in the KSE 100-share index reflects that the volatility could lead to further pruning on the blue chip counters, analysts fear.

After having hit the session’s peak at 10,811.92 and the low at 10,690.58, the KSE 100-share index finally finished with a gain of 11.75 points at 10,762.16 as compared to 10,750.41 a day earlier.

The fresh buying at the dips on selected counters, notably oil and banks, shows that a section of leading investors is in the market indulging in mopping operations on the counters of their choice, they said.

Institutional traders were, however, not that active for technical reasons and that is perhaps why trading was by and large insipid and alternate bouts of buying and selling remained confined to most of the current favourites.Floor brokers said the market may take some more days to become normal as investors are worried over the developing political situation and mostly play safe.

There may be some technical factors behind the current sluggishness including an increase in leverage positions after the CFS investment crossed the limit of Rs35 billion, but the chief reason is absence of leading market players, they said.

Bank and oil shares led the market recovery under the lead of National Bank, Bank of Punjab and Pakistan Oilfields, followed by some other blue chips, notably Callmate Telips and Adamjee Insurance, which rose sharply higher on active support.EFU General Insurance and Nestle Pakistan were leading among the gainers, up by Rs10.80 and Rs10.05, followed by Nishat Mills, Premier Sugar, Callmate Telips, HinoPak Motors, Bata Pakistan, Gillette Pakistan, AKD Securities and Mari Gas, which rose by Rs4 to Rs6.50.

Prominent losers were led by Wyeth Pakistan and Siemens Pakistan, off by Rs75 and Rs20. Attock Petroleum, Pakistan Engineering, Pak-Suzuki Motors,

Dawood Hercules, Murree Brewery, Jahangir Siddiqui & Co and its sister company, suffered fall ranging from Rs4 to Rs8.

Trading volume was light at 149m shares as compared to 138m shares a day earlier but losers held a modest lead over the gainers at 164 to 145, with 46 shares holding on to the last levels.

OGDC topped the list of actives, up by 85 paisa at Rs130.80 on 20m shares followed by PICIC, higher by Rs1.25 at Rs77.25 on 18m shares, National Bank, steady by 80 paisa at Rs276.80 on 8m shares, Faysal Bank, lower 35 paisa at Rs66 on 7m shares, Callmate Telips, higher by Rs4 at Rs84 also on 7m shares, Bank of Punjab, up by Rs1.05 at Rs107.35 also on 7m shares and Pakistan Oilfiedls, higher by Rs3.30 at Rs355.45 on 7m shares.

Adamjee Insurance followed them, up by Rs3.50 on 5m shares, Azgard Nine, higher by 60 paisa on 4m shares and Bank Alfalah, lower 40 paisa also on 4m shares.

FORWARD COUNTER: OGDC also led the active list on this counter and was marked up by Rs1.15 at Rs130.50 on 9m shares followed by PICIC, higher by Rs1.40 at Rs77.50 on 6m shares and National Bank, steady by 30 paisa at Rs278.30 on 5m shares.

Bank of Punjab followed them, up by 95 paisa at Rs108.05 on 3m shares and Faysal Bank, lower 50 paisa at Rs66.50 on 2m shares.DEFAULTER COS: Active trading was witnessed on this counter as some of the shares came in for active bouts of buying and selling under the lead of Nazir Cotton, which was quoted higher by Re1 at Rs2.80 on 1.107m share followed by Crescent Investment Bank, up by 10 paisa at Rs5.45 on 1.643m shares and Norrie Textiles, lower by 25 paisa at Rs1.25 on 0.405m shares.

Unity Modaraba came in for stray support but was quoted unchanged at Rs0.55 on 0.290m shares. Others showed fractional price changes.

DIVIDEND: Wah Nobel Chemicals, cash at the rate of 20 per cent.