January 27, 2007	Saturday	Muharram 07, 1428

KARACHI, Jan 26: Stocks finished the weekend session on a bullish note as bulls were not inclined to take even a technical breather and miss to ride the rising bandwagon ahead of higher corporate announcements due by some of the leading companies next week. The KSE 100-share index rose by another 74.25 points at 11,105.34 points.

The mid-session, however, witnessed a modest pause caused partly by bomb blast in Islamabad and partly to the weakness of some leading bank shares including MCB and National Bank.

The dividend-driven rally manifested itself in a bigger way as the rising market ignored the suicide attack in Islamabad’s high security zone after a brief interruption.

Final cash dividend of 39 per cent by the fertilizer giant, Fauji Fertiliser Company, making the total of 100 per cent as it has already paid an interim dividend of 61 per cent. But unlike the previous year, it omitted the bonus shares.

The KSE 100-share index added another 74.26 points to the overnight total and settled well above the coveted barrier at 11,105.34 as compared to 11,031.08 a day earlier.

“I don’t think any bear onslaught could push it below the index level of 11,000 until the dividend rally held sway,” leading stock analyst Faisal A. Rajabali said adding “most of the corporate announcements are in line with market expectations or above them, which is chief sustaining factor behind the current run-up.”

However, there could be some interruptions after the CFS crosses the Rs50 billion mark, which may follow by technical selling and bargain-hunting by the speculative forces, he added.

Ahsan Mehanti, another analyst almost holds the same view about the future direction of the market and don’t see any big shakeout at this stage.

Floor brokers said instances of weekend profit-taking were not lacking as jobbers and short-dealers sold owing to a long weekend holiday ahead as the market will reopen on next Wednesday owing to Ashura holidays on Monday and Tuesday.

Leading gainers were led by Millat Tractors, Siemens Pakistan and Nestle Pakistan, which posted gains ranging from Rs13, 45.50 and 60 in that order. They were followed by Bank of Punjab, National Bank, Pak Resource Insurance, HinoPak, and Indus Motors, up by Rs4 to 5.15.

Losers were led by IGI Insurance, Agriautos, Pakistan Engineering, Sitara Chemicals, Sanofi-Aventis, Clover Pakistan, Clariant Pakistan, Gillette Pakistan and Pakistan Cables, off Rs4 to 11.05. But the largest fall of Rs45 was noted in Wyeth Pakistan.Trading volume fell to 297m shares from the previous 336m shares as gainers maintained a comfortable lead over the losers at 137 to 130, with 32 shares holding on to the last level.

Bank of Punjab topped the list of actives, up Rs5.05 at Rs115.50 on 37m shares followed by OGDC, steady by 55 paisa at Rs121.80 on 30m shares, National Bank, higher by Rs4.10 at Rs478.50 on 26m shares, PTCL, up 80 paisa at Rs52.25 also on 26m shares, Pakistan Petroleum, off Rs3.65 at Rs257.25 on 19m shares, Faysal Bank, up Rs2.25 at Rs67 on 14m shares and MCB, off Rs2 at Rs295 on 11m shares.

Other actives were led by Fauji Fertiliser Bin Qasim, firm by 45 paisa on 16m shares, followed by D.G.Khan Cement, higher by Rs1.25 on 12m shares and Pakistan Oilfields, up Rs1.90 on 9m shares.

FORWARD COUNTER: Bank of Punjab also led the list of actives on this counter, up Rs5.05 at Rs116.50 on 8m shares followed by National Bank, higher by Rs2.90 at Rs280, on 7m shares, and Pakistan Petroleum, off Rs3.52 at Rs259.50 on 6m shares.

Pace Pakistan followed them, up Rs1.25 at Rs29.40 on 6m shares and OGDC, firm by 30 paisa at Rs122.50 also on 6m shares.

DEFAULTER COS: Crescent Standard Bank came in for renewed selling and was marked down by 15 paisa at Rs4.20 on 1.169m shares followed by Norrie Textiles, easy by five paisa at Rs30 and Nimir Chemicals, lower 15 paisa at Rs3.05 on 0.154m shares.

DIVIDEND: Fauji Fertiliser Company, final cash 39 per cent, Pakistan Cables, interim 17.5 per cent.