December 16, 2006	Saturday	Ziqa'ad 24, 1427

KARACHI, Dec 15: Stocks finished the weekend session on an easy note on renewed selling in the overvalued bank and oil shares amid panic caused by reports that the brokers’ share booking data on last year’s market crash was missing from the computers of the SECP and the KSE, giving new turn to the ongoing probe.

Although selling was modest and confined to most of the overvalued shares, notably National Bank, MCB, Pakistan Petroleum and Faysal Bank as a result larger fall was averted on stray covering purchases at the dips.

The KSE 100-share index suffered a fresh fall of 52.57 points at 10,551.87 as compared to 10,604.44 a day earlier. The KSE 30-share index fell by 111.35 points at 13,289.47 points as leading base shares posted sharp fall.

What seems to have given new turn to the market crash apart from weekend considerations was report of missing data related to booking of shares by the brokers from the computers of SECP, KSE and brokerage houses, analysts said.

“Who did it and why is a big question mark on the entire market crash issue?” the National Assembly probe committee members asked and directed all the concerned to answer these questions by the end of the current month.

There is a loud whispering about the names of erring five big ones but the probe committee intends to go by the facts before naming them, they said.

But one things now appears certain that the action will follow under the law based on the evidence against those who may have indulged in price manipulation irrespective of the fact who is involved, some analysts predict, adding “the reopening of the issue points to it”.

In the prevailing conditions investors will think twice before making fresh commitments as an attractive bait of lower level could hardly net them in, market sources said.

However, selective support on oil counter followed by reports of hike in international prices and new oil and gas finds and higher corporate earnings by the banking sector will continue to attract active support at the current lower levels, they added.

Colgate Pakistan and Siemens Pakistan were leading among the gainers, up by Rs17 and Rs55 followed by Al-Abbas Sugar, Clover Pakistan and Lakson Tobacco, higher by Rs2.75 and Rs9.50.

Attock Petroleum and Sanofi-Aventis were prominent losers, off by Rs9 and Rs10. They were followed by National Bank, Pakistan Oilfields, Pakistan Cables, Ferozsons Lab, Bata Pakistan and Gillette Pakistan, off Rs4.10 to Rs6.75.

Trading volume was light and maintained at the overnight level of 71m shares as losers held a strong lead over the gainers at 181 to 107, with 39 shares holding on to the last levels.

PTCL topped the list of actives, off 45 paisa at Rs46.85 on 6m shares followed by National Bank, sharply lower by Rs4 at Rs254.60 also on 6m shares, PIAC (A), up by 20 paisa at Rs8.05 on 5m shares, Pakistan Petroleum, off Rs1.70 at Rs242.75 on 5m shares, MCB, off Rs2.95 at Rs258.50 on 4m shares and OGDC, up by 20 paisa at Rs123 on 2m shares.

They were followed by Javed Omer & Co, up by Re1 on 4m shares, PICIC, lower by 90 paisa on 3m shares and WorldCall Telecom, easy by 20 paisa on 2m shares.

FORWARD COUNTER: National Bank came in for renewed selling and suffered a fresh fall of Rs4.60 at Rs255.40 on 6m shares, MCB, off Rs2.25 at Rs259.50 on 3m shares and OGDC, lower 25 paisa at Rs121.10 also on 3m shares.Pakistan Petroleum followed them, off Rs1.25 at Rs243.70 on 2m shares and Pakistan Oilfields, off Rs2.60 at Rs362.25 on 1m shares.

DEFAULTER COS: Most of the actives on this counter came in for weekend selling and ended fractionally lower under the lead of Crescent Standard Bank, lower by 25 paisa at Rs5.20 on 0.507m shares followed by Norrie Textiles, easy by 10 paisa at Rs4 on 0.163m shares and Pangrio Sugar, lower also by 10 paisa at Rs7.90 on 0.116m shares.