December 08, 2006	Friday	Ziqa'ad 16, 1427

KARACHI, Dec 7: The KSE 100-share index on Thursday suffered a mild reaction owing to pruning in the leading base shares, notably banks and oil but the broader market performed credibly well followed by selective support.

It finished the session with a fall of 34.70 points at 10,642.68 as compared to 10,677.38 a day earlier, reflecting the strength of MCB and some others. The KSE 30-share index also shed 77.73 points at 13,459.03.

Price changes were, however, fractional in most of the leading shares indicating that leading punters were inclined to maintain a status quo after the market meets its technical demands and they resume fresh buying.

After last three sessions sustained run-up, stocks consolidated previous gains as investors followed market’s technical demands rather than responding to some positive corporate news.

Higher opening of OGDC GDS around $20 against the reference price of $18.90 on the London Stock Exchange on Wednesday and the sell-off of PICIC to NIB Bank owned by the Singapore based Temasek group and financial benefits to investors after the acquisition failed to boost the underlying sentiment, analysts said.

The OGDC did not react bullishly to the news from London and fell to finish around the session’s low of Rs122.20. Barring MCB, which maintained its upward drive and closed with an extended gain.

NIT, National Bank, Bank of Punjab and Faysal Bank are expected to be the major gainers of the PICIC sell-off owing to their large stake in it.

Floor brokers attributed the sharp decline in turnover figure to KSE annual elections for the office-bearers for the next year but failed to pinpoint immediate reason behind profit-taking as it was speculated that the bull-run would continue.

The market could suffer fresh pruning on Friday which generally attracts selling from jobbers, short-term dealers and sundry speculators.

But the next trading week could be very crucial for the future market direction as both speculative buying and portfolio adjustments by the financial institutions could gain in stature, they said.

Among the top gainers, Nestle Pakistan and Wyeth Pakistan were leading, up by Rs29.05 and Rs28, followed by Clover Pakistan, Bata Pakistan Gillette Pakistan, Clariant Pakistan, Glaxo-SKF, Pakistan Refinery Abbott Lab and Attock Petroleum, higher by Rs5 to Rs8.55.

IGI Insurance and Colgate Pakistan fell by Rs8.50 and Rs16.45 respectively. Adamjee Insurance, Indus Motors, Callmate Telips and Central Insurance followed them, lower by Rs4 to Rs7.

Trading volume suffered sharp contraction at 190m shares as compared to 253m shares a day earlier but gainers held a comfortable lead over the losers at 181 to 144, with 45 holding on the last levels, reflecting the strength of blue chips.

Bank of Punjab led the list of actives and showed a fractional rise of five paisa at Rs106.90 on 15m shares followed by Bank Alfalah, up by Rs1.05 at Rs49.90 also on 15m shares, PTCL, up by five paisa at Rs47.05, MCB, higher by Rs3 at Rs259 on 13m shares, National Bank, off Rs1.95 at Rs264.25 on 9m shares and Faysal Bank, lower 95 paisa at Rs67.60 on 8m shares.

Other actives were led by Fauji Fertiliser Bin Qasim, easy five paisa on 12m shares, Pakistan Oilfields, off Rs3.70 on 6m shares and Unity Modaraba, firm by 30 paisa on 12m shares.

FORWARD COUNTER: MCB again came in for active short-covering at the lower levels and recovered another Rs3.80 at Rs260.55 on 7m shares, followed by National Bank, off Rs1.50 at Rs265.60 on 5m shares and D.G. Khan Cement, lower Rs3.15 at Rs70 on 4m shares.

Other actives were led by Bank Alfalah, up Rs1.20 at Rs50.10 on 4m shares and OGDC, easy by 75 paisa at Rs121.60 also on 4m shares.

DEFAULTER COS: Active trading was again witnessed this counter as a section of investors playing safe indulged in alternate bouts of buying and selling.

Crescent Standard Bank led the actives among them, unchanged at Rs5.90 on 2.758m shares followed by Redco Textiles, higher by 70 paisa at Rs3.55 on 1.603m shares and Norrie Textiles, up by 35 paisa at Rs4.25 on 0.807m shares.

Mukhtar Textiles was also actively traded, up by 80 paisa at Rs3.75 on 0.325m shares and Crescent Standard Modaraba, firm by 10 paisa at Rs1.80 on 0.158m shares.

BOARD MEETINGS: Globe Textiles and JWD Sugar Mills on Dec 8, Ahmed Spinning on Dec 9, NIB Bank on Dec 12 and Saudi Pak Leasing on Dec 15.