January 16, 2007	Tuesday	Zilhaj 25, 1427

KARACHI, Jan 15: Trading on the share market on Monday was resumed on a higher note as leading base shares again came in for active support under the lead of PTCL, OGDC, Pakistan Petroleum and some others. The KSE 100-share index was quoted further higher by 82.06 points at 10,507.52.

Bulk of the covering purchases remained confined to some of the pivotal still ruling within the ‘buying range’ having in-market parlance, potential of quick capital gains.

The follow-up support appears to be a belated reaction of those who were caught unaware on the weekend session by the positive impact of postponement of stamp duty on electronic transactions of shares and rode the bandwagon though a bit late, analyst Ahsan Mehanti said.

The KSE 100-share index posted a fresh rise of 82.06 points at 10,507.52 as compared to previous 10,425.46, reflecting the strength of major base shares. The KSE 30-share index also rose by 66.03 points at 13,125.42.

“The breach of index level of 10,500 reflects that it has the potential to rise further in the coming week, the nearest bull target appears to be 10,700 points,” analyst Ashraf Zakari predicts “but it may go further higher as all the basic fundamentals are terribly bullish.”

But it was disappointing to note that leading bank shares, which have assumed the role of market trend-setters, remained under pressure on active profit-selling by some leading investors.

“It appears to be a technical selling by some of the big players to attract sympathetic selling from the weak holders and to lift them at the lower levels,” Faisal A. Rajabali, another leading analyst said “their annual reports are now due and there is a talk of massive earnings and higher dividends, which no shrewd investor could miss.”

The bulls have, however, demonstrated in more than one way that they could lift the market to their desired levels sans bank blue chips, he added.

Leading gainers were led by Lakson Tobacco and Unilever Pakistan, up by Rs21 and 50, followed by Attock Refinery, EFU General, National Refinery, Pakistan Oilfields, Siemens Pakistan, Clariant Pakistan, Colgate Pakistan and Nestle Pakistan, which posted fresh gains ranging from Rs4.10 to 10.

Prominent losers included Dawood Hercules and Noon Pakistan, off Rs6.80 and 8.75, respectively, followed by National Bank, MCB, Gillette Pakistan, Clover Pakistan, and Jahangir Siddiqui & Co, off Rs2.50 to 5.45.

Turnover figure rose to 174m shares from the previous 159m shares as gainers held a comfortable lead over the losers at 156 to 42, with 50 shares holding on to the last levels.

PTCL came in for active foreign demand and was quoted higher by Rs1.30 at Rs49.40 on 24m shares followed by OGDC, up Rs1.70 at Rs118.10 on 21m shares, Pakistan Petroleum, higher by Rs3 at Rs346 on 17m shares, National Bank, off Rs2.50 at Rs257.50 on 13m shares, Pakistan Oilfields, firm by Rs3.65 at Rs346.55 on 8m shares and MCB, off Rs2.55 at Rs262.25 on 7m shares.

Other actives were led by Nishat Mills, higher by Rs1.35 on 7m shares, D.G.Khan Cement, firm by 1.25 on 6m shares and Lucky Cement, up Rs2.25 on 5m shares.

FORWARD COUNTER: National Bank came in for renewed selling on this counter and was marked down by Rs3.15 at Rs258.60 on 9m shares, followed by Pakistan Petroleum, higher by Rs4.15 at Rs248 on 6m shares, and PTCL, up Rs1.35 at Rs49.50 also on 6m shares.OGDC followed them, higher by Rs1.55 at Rs118.40 on 5m shares and MCB, off Rs3.05 at Rs262.70 on 4m shares. Others were modestly traded.

DEFAULTER COS: Active trading was seen on the cleared list but prices generally finished with fractional fall on profit-taking in the current favourites.

Crescent Standard Bank, Noori Textiles and Nimir Chemical led the list of actives but ended lower on profit-selling, finishing lower by 15, 25 and 20 paisa in that order at Rs5.25, 1.25 and 2.90 on 0.494, 0.303, and 0.309m shares, respectively.

Harum Textiles followed them, easy by 10 paisa at Rs2.45 on 0.144m shares, Unity Modaraba, unchanged at 65 paisa on 0.125m shares and Zeal-Pak Cement, also unchanged at Rs4.35 on 0.121m shares.