KARACHI, Feb 22: Board meetings of some of the leading companies and banks dominated the trading on the stock market on Thursday as investors played on both sides of the fence guided by rumours and “insider leaks” about the cash payouts and bonus shares.
There was a relative quiet on the counters of trend-setters although some of them remained depressed under the lead of PTCL, which omitted dividend, and OGDC that fell from the recent highs.
A fresh price flare-up in the share of MCB Bank ahead of its board meeting on Friday highlighted the trading where other blue chips consolidated their previous gains.
The KSE 100-share index finished with a fresh modest rise of 22.36 points at 11,542.98 as compared to previous 11,520.62. The KSE 30-share index rose by 72.19 points at 14,588.22 points.
The MCB board meeting and market talk of higher final dividend plus bonus shares of about 20 per cent had taken the market by storm as its share virtually raced toward new peak level. During the last two sessions it ended with a gain of over Rs22 and was closed at Rs311.40 on Thursday.
But on the other hand National Bank whose board would meet on Feb 24 remained stuck up around its previous levels amid two opinions about the rumoured bonus shares.
The board of directors of PSO and PTCL met on Thursday, analysts said an interim dividend of 60 per cent by the former was in line with the market thinking but the omission of payout by the latter for the quarter ended Dec 31, 2006 disappointed investors.
However, sharp fall of Rs1.75 at Rs55.50 in the share value of PTCL showed that the working results may not be that encouraging, which had lifted its share value from Rs42 to around Rs60.“The market is keeping a near-status quo as both bull and bears are not inclined to outwit each other ahead of crucial board meetings of some of the leading banks and companies,” analysts said.
Analysts predict a bonus issue of 20 to 25 per cent in additions to a modest cash payout and renewed activity in Bank Alfalah also reflects some good news from its management.
Leading gainers were led by Nestle Pakistan and EFU General, which rose by Rs11 and Rs13.40. Other good gainers included Pak-Suzuki Motors, PSO, IGI Insurance, Mari Gas, Indus Motors, Clariant Pakistan, BOC Pakistan, Bata Pakistan and Thal Jute, which rose by Rs5 to Rs9.55.
Leading losers were led by Colgate Pakistan and Unilever Pakistan, off Rs20 to Rs83 followed by EFU Life, Gillette Pakistan and Pakistan Engineering, off by Rs3 to Rs5.60.
Trading volume fell to 177m shares from the previous 180m shares but gainers and losers were evenly matched at 150, with 48 shares holding on to the last levels.
PTCL topped the list of actives on post-board meeting selling, off Rs1.75 at Rs55.50 on 20m shares followed by Bank Alfalah, up by 55 paisa at Rs53.95 on 15m shares, MCB, higher by Rs9.55 at Rs311.40 on 13m shares, Fauji Fertiliser Bin Qasim, higher by 65 paisa at Rs32.05 on 12m shares, National Bank, easy by 15 paisa at Rs285.15 also on 12m shares, OGDC, off Rs1.15 at Rs122 on 10m shares and Faysal Bank, higher by 90 paisa at Rs71.75 on 7m shares.
Other actives were led by Bank of Punjab, up by Rs1.30 on 8m shares, Callmate Telips, higher Rs2.50 on 6m shares and Pakistan Petroleum, lower 50 paisa on 5m shares.
FORWARD COUNTER: MCB led the list of actives on the cleared list and was quoted further higher by Rs8.10 at Rs308.10 on 7m shares, followed by PTCL, March settlement, off Rs2.25 at Rs55.20 on 7m shares, while its matured February contract was, lower by Rs2.10 at Rs55.30 on 5m shares.
MCB’s February contract was quoted higher by Rs8.55 at Rs310.05 on 5m shares, while National Bank, showed an odd price change of 18 paisa at Rs286.31 also on 5m shares.
DEFAULTER COS: Norrie Textiles led the list of actives on this counter, easy by 50 paisa at Rs4.15 on 0.941m shares followed by Saitex Spinning, steady five paisa at Rs0.55 on 0.403m shares and Nimir Chemicals, lower five paisa at Rs2.95 on 0.138m shares.
DIVIDEND: Mari Gas, interim cash 22 per cent, Bata Pakistan cash final 50 per cent, BOC Pakistan final cash Rs12 or 120 per cent, interim 30 per cent already paid.
