December 14, 2006	Thursday	Ziqa'ad 22, 1427

KARACHI, Dec 13: Share market on Wednesday failed to extend overnight recovery drive as investors indulged in profit-taking followed by reports that the National Assembly standing committee would again take up the forensic probe findings on the last year’s market crash.

The KSE 100-share index shed 57.27 points at 10,587.09.

The sell-off appears to be psychological rather than genuine as selling was not that aggressive and was limited to few pivotals as buyers were also reluctant to buy even at the falling prices.

Conflicting reports about suspension of trading in Callmate Telips, however, took their toll owing to higher outstanding deals and leverage positions, brokers said.

After last two sessions’ recovery, stocks again turned lower on profit-selling in leading shares at the inflated levels but price changes were mostly fractional.

Trading volume again fell to 81m shares as leading investors kept to the sidelines fearing fallout of fresh probe on the last year’s market crash.

Reports that the National Assembly probe committee would again take up the forensic investigation findings on the March 2005 market crash worried investors and weaker among them indulged in hasty selling, analysts said.

The other destabilising factor was unresolved issue of Callmate Telips despite market talk that settlement involving Rs3 billion investment had been reached and trading was expected to resume in a week’s time, they said.

The SECP had suspended trading in its share for 60 days for violation of rules in respect of bonus shares at the rate of 30 per cent plus cash dividend of 20 per cent.

Barring PTCL, which maintained its overnight modest run-up, all leading base shares notably MCB, National Bank, Pakistan Oilfields and Faysal Bank came in for active selling at the higher levels and fell modestly.

Among the top gainers Gillette Pakistan and Rafhan Maize were leading, up by Rs7.45 and Rs43, followed by Attock Petroleum, Pakistan Petroleum, Ferozsons Lab, Mustehkam Cement, Millat Tractors, Sanofi-Aventis, up by Rs3 to Rs5.05.

Clariant Pakistan and IGI Insurance were leading among the losers. United Bank, National Bank, Mirpurkhas Sugar, Premier Sugar, Attock Refinery, United Sugar, Dawood Hercules and National Foods followed them and were quoted lower by Rs3.35 to Rs6.

Trading volume suffered fall at 81.051m shares as compared to 124m shares a day earlier, owing to the absence of leading buyers, while losers held a strong lead over the gainers at 187 to 127, with 53 shares holding on to the last levels.

PTCL again led the list of actives, up by 15 paisa at Rs48.15 on 12m shares followed by National Bank, off Rs3.50 at Rs259 on 7m shares, MCB, lower by Rs1.30 at Rs261.20 on 6m shares, Pakistan Petroleum, up by Rs3.20 at Rs242.50 on 4m shares, PICIC, easy by Rs1.20 at Rs70.60 also on 4m shares, Bank Alfalah, firm by 15 paisa at Rs48.95 on 3m shares and Faysal Bank, off 65 paisa at Rs65.45 on 3m shares.

Other actives were led by Pakistan Oilfields, off 75 paisa on 3m shares, WorldCall Telecom, easy 10 paisa on 2m shares and Fauji Fertiliser Bin Qasim, lower 35 paisa also on 2m shares.

FORWARD COUNTER: National Bank again led the list of actives, off Rs4.20 at Rs260.20 on 6m shares followed by MCB, lower by Rs1.50 at Rs262.50 on 3m shares and Pakistan Petroleum, up by Rs2.90 at Rs243.40 on 2m shares.

Pakistan Oilfields followed them, off Rs1.75 at Rs365.80 on 2m shares and OGDC, lower 40 paisa at Rs120.25 on 1m shares.

DEFAULTER COS: Crescent Standard Chartered Bank came in for active selling and fell by 15 paisa at Rs5.25 on 1.190m shares, followed by Norrie Textiles, up by 35 paisa at Rs4.30 on 0.347m shares and Unity Modaraba, steady by 10 paisa at 80 paisa on 0.295m shares.