January 24, 2007	Wednesday	Muharram 04, 1428

KARACHI, Jan 23: Share market on Tuesday turned mixed as leading investors played on both sides of the fence amid alternate bouts of buying and selling but blue chips managed to finish with an extended fractional gain.

The sluggishness was also well-reflected in the KSE 100-share index, which tended lower by 0.55 points at 10,705.32. The KSE 30-share index fell by 45.66 points at 13,446.42.

Background news notably oversubscription of the OGDC local offering by 38 per cent and about $2 billion foreign direct investment failed to enthuse investors at least for the near-term.

The market consolidated previous gains as leading investors maintained a status quo ahead of board meetings of some of the leading fertiliser companies and market talk of higher payouts.

Owing to the start of the rollover week for the liquidation of the maturing January settlements, investors are playing safe in the backdrop of CFS investment of around Rs42 billion. Fears about settlement of outstanding positions in some of the high-profile shares curtailed their manoeuvring capacity, analysts said.

Falling volumes and fractional either-way price changes reflected this phenomenon. The market was expected to return to normal trading after the positive news from the cleared list on the strength of higher corporate dividends.

The status quo was also well-reflected in the highly erratic movements in the KSE 100-share index which hit the session high and low at 10,787.68 and 10,698.74 respectively, before finishing with a fractional decline of 0.55 points.

After having risen in the mid-session on strong support leading base shares finally finished around their overnight levels, showing that there is no change in market’s basic bullish stance.

Price changes were mostly fractional even in the blue chips such as MCB and PTCL which were quoted higher by 15 and five paisa respectively.

Rafhan Maize and Siemens Pakistan were leading among the gainers, up by Rs50 and Rs46.25, followed by Lakson Tobacco and Rafhan Bestfoods, higher by Rs28.45 and Rs29.90.

IGI Insurance, Jahangir Siddiqui & Co, Mirpurkhas Sugar, Dawood Hercules, Gillette Pakistan, Nestle Pakistan, Clover Pakistan, Colgate Pakistan, Clariant Pakistan and Sanofi-Aventis were other prominent gainers, up by Rs5 to Rs12.60.

Losers were led by Wyeth Pakistan and Jahangir Siddiqui Capital, off Rs67 and Rs5 respectively. Adamjee Insurance, Indus Dyeing, Attock Petroleum, Pakistan Oilfields and Engro Chemical followed them, fell by Rs2.10 to Rs3.30.

Trading volume was maintained around the overnight level at 126m shares but losers forced a modest lead over the gainers at 166 to 149, with 51 shares holding on to the last levels.

National Bank led the list of actives, up by 95 paisa at Rs260.85 on 15m shares followed by OGDC, unchanged at Rs116.25 on 13m shares, PTCL, steady by five paisa at Rs49.90 on 9m shares, Pakistan Petroleum, up by 50 paisa at Rs245.25 on 8m shares, MCB, firm by 15 paisa at Rs274.25 also on 8m shares, Fauji Fertiliser Bin Qasim, lower 85 paisa at Rs29.60 on 5m shares and Hub-Power, off Re1 at Rs30.40 also on 5m shares.

Bank of Punjab followed them, up by 35 paisa on 4m shares, KESC, off 40 paisa also on 4m shares and Crescent Standard Bank, lower 45 paisa on 3m shares.FORWARD COUNTER: National Bank also came in for modest support on the cleared list and was quoted higher by 81 paisa at Rs261.10 on 6m shares, MCB, firm by 10 paisa at Rs274 on 4m shares and OGDC, up by 44 paisa at Rs116.49 on 3m shares.

Pace Pakistan followed them, up by 45 paisa at Rs25.80 on shares and Pakistan Petroleum, higher by 65 paisa at Rs245.10 also on 3m shares.

DEFAULTER COS: Active trading was witnessed on this counter amid alternate bouts of buying and selling, Nimir Chemical came in for active support and rose by 30 paisa at Rs3.40 on 2.133m shares followed by Crescent Standard Bank, lower 45 paisa at Rs4.65 on 2.471m shares.

Crescent Standard Modaraba, steady by five paisa at Rs1.70 on 0.639m shares, Norrie Textiles, Redco Textiles and EMCO Industries were also actively traded.