December 29, 2006	Friday	Zilhaj 07, 1427

KARACHI, Dec 28: Stocks on Thursday gave an improved performance aided by active short-covering in the cement sector amid market talk of formation of a cartel and predictions of price flare-up in post-eid sessions.

All the leading cement shares, notably D.G. Khan and Lucky Cement, were in a highly oversold position and their lower levels attracted a lot of speculative buying in the backdrop of rising exports.

Trading activity, however, failed to pick up as leading investors and financial institutions remained busy with their year-end closing operations and did not make fresh commitments even at the attractively lower levels.The KSE 100-share index posted a fresh gain of 27.00 points at 10,058.46 as compared to 10,031.46 points a day earlier. Stray buying in OGDC, MCB and D.G. Khan Cement aided the increase.

The KSE 30-share index also rose by 35.30 points at 12,569.34 points on the strength of some leading base shares.

“The perception that market could spring some pleasant surprises during the closing sessions of the fading year remained an elusive goal,” says a leading stock analyst, adding “what was lacking the investor will to stay in the market”.

All hopes are now pinned on the new year trading sessions and general consensus is that there could be big boost to physical activity based on higher dividend by the banking and other sectors whose financial years are closing on Dec 31, 2006.

Cement shares came in for active support at the lower levels on reports of higher exports and some duty concessions and were actively traded after weeks of lean performance.

But on the other hand blue chips on the banking and oil counters remained under pressure and ended further lower on renewed selling amid absence of foreign support, brokers said.

Prominent gainers were led by Pak-Suzuki Motors, Jahangir Siddiqui Fund, which rose by Rs20.95 and Rs8.45 followed by EFU Life, Javedan Cement, Mustehkam Cement, Lakson Tobacco, Attock Petroleum, Shell Pakistan, Sanofi-Aventis, Gillette Pakistan and Bata Pakistan, up by Rs4 to Rs6.05.

Losers were led by Wyeth Pakistan, sharply lower by Rs113, followed by Fazal Textiles, Shaheen Insurance, Millat Tractors, Clariant Pakistan and Pakistan Refinery, off Rs4.40 to Rs6.95, others fell modestly.

Trading volume remained light below the 100m share mark at 85m shares as financial institutions just filled in portfolio gaps and did not opt for fresh commitments. Gainers topped losers by 155 to 127, with 40 shares holding on to the last levels.

D.G. Khan Cement led the list of actives, up by Rs1.50 at Rs64.10 on 7m shares followed by OGDC, firm by 55 paisa at Rs115.55 on 6m shares, National Bank, off Rs1.50 at Rs224.50 also on 6m shares, MCB, up by Re1 at Rs247 also on 6m shares, PICIC, higher by 85 paisa at Rs63 on 5m shares, PTCL, steady 25 paisa at Rs44.50 on 5m shares and Lucky Cement, up by Rs1.50 at Rs60.85 on 4m shares.

Other actives were led by Maple Leaf Cement, up by Re1 on 4m shares, Fauji Cement, steady by 15 paisa also on 4m shares and Pakistan Petroleum, off Rs1.20 on 3m shares.

FORWARD COUNTER: MCB led the list of actives on this counter, up by Rs1.60 at Rs249 on 9m shares followed by National Bank, off Rs1.65 at Rs226.50 on 7m shares and D.G. Khan Cement, up by Rs1.55 at Rs64.65 on 3m shares.

They were followed by Pakistan Petroleum, lower by Rs1.90 at Rs233 on 2m shares and Lucky Cement, higher by Rs1.45 at Rs61.45 also on 2m shares.

DEFAULTER COMPANIES: Trading activity on this counter was relatively slow and remained confined to Crescent Standard Bank, up by 45 paisa at Rs5 on 0.406m shares followed by Unity Modaraba, steady by five paisa at Rs0.70 on 0.123m shares.

But Noori Textiles came in for active short-covering and was marked up by 40 paisa at Rs4.10 on 1.990m shares.

DIVIDEND: Mehran Sugar Mills, cash 25 per cent, Thal Industries, cash final at the rate of 10 per cent for the year ended Sept 30, 2006.