March 03, 2007	Saturday	Safar 13, 1428

KARACHI, March 2: Stocks on Friday remained under pressure on weekend profit-selling triggered by reports of fresh fall on the Shanghai bourse and its negative fallout spilled over to the Asian markets including KSE. The KSE 100-share index was off 75 points at 11,133.35.

Trading volume fell to a new low of 115m shares, reflecting that leading investors kept to the sidelines awaiting the dust created by the crash of Chinese bourse settles down. As far as the local fundamentals are concerned they are positive and could pull the market out of the current crisis-like situation.

Instances of dividend-linked speculative and genuine buying on those counters was, however, not wanting, which in turn allowed the market to avert a major fall considered a normal activity at the weekend sessions, analysts said.

“It was a judicious combination of both weekend and CLN related selling but appears to be well-absorbed as was reflected by a low volume,” analysts said.

The new CLN regime will be in place from next Monday (March 5), but analysts “don’t think there could be major dents in the current price structure as brokers have already agreed to play under the new rules.”

The stock trading during the next week could undergo a major change as some of the foreign investors are said to be planning for new portfolios in the light of recent payout and that increased the daily turnover figure as well a price flare-up on selected counters, brokers predict.

The KSE 100-share index ended with a modest fall of 74.44 points at

11,133.35 as compared to 11,207.79 a day earlier, reflecting the weakness of some leading shares.

Most of the leading base shares, notably OGDC, National Bank, Bank of Punjab, D.G.Khan Cement and some others remained under pressure and fell further.

The prices changes were, however, mostly fractional and indicated that bulls are in the process of re-entering in the market as the negative fallout of China’s bourse is well-absorbed by now as was reflected by Thursday’s modest recovery.Bata Pakistan and Wyeth Pakistan, which rose by Rs7.95 and Rs39 were leading among the gainers, followed by Atlas Insurance after a higher cash payout and bonus shares, J.S. & Co, Fazal Textiles, Packages, and Sapphire Fibers, up by Rs3.85 to Rs5.30.Treet Corporation and Nestle Pakistan led the list of losers, off Rs7 and Rs33.

Other prominent losers being J.S. Global, MCB, IGI Insurance, Pak-Suzuki Motors, Dawood Hercules, Engro Chemical, Sanofi Aventis, Clariant Pakistan, Lakson Tobacco, and Allied Bank, which suffered fall ranging from Rs3.95 to Rs6.90.

Trading volume fell to 115m shares from the previous 166m shares as gainers trailed far

behind the losers at 112 to 165, with 38 shares holding on to the last levels.

Lucky Cement, topped the list of actives, up 30 paisa at Rs67.60 on 11m shares followed by National Bank, steady by 10 paisa at Rs268.80 also on 11m shares, OGDC, lower by 85 paisa at Rs118 on 9m shares, D.G.Khan Cement, easy by Rs1.05 at Rs83.50 on 8m shares, Bank AlFalah, easy by 20 paisa at Rs50.90 on 7m shares, and Bank of Punjab, lower by Rs1.90 at Rs119 on 6m shares, but Hub-Power rose by 40 paisa at Rs32.40 on 3m shares.

Other actives were led by Fauji Fertiliser Bin Qasim, easy five paisa on 4m shares, PICIC, up 45 paisa also on 4m shares, and Hub-Power, higher by 40 paisa on 3m shares.

FORWARD COUNTER: National Bank came in for modest support and led the list of actives, up 25 paisa at Rs269.25 on 10m shares followed by Lucky Cement, up 50 paisa at Rs68.50 on 7m shares and OGDC, lower by Rs1.05 at Rs118.65 on 5m shares.

Other actives were led by MCB, off Rs4.30 at Rs294.50 on 5m shares and Bank of Punjab, lower by Rs2.50 at Rs119.30 also on 5m shares.

DEFAULTER COS: Trading on this counter was relatively slow in the absence of leading investors. Prices showed either-way fractional Changes.

But Crescent Standard Bank came in for active weekend selling and was marked down by 30 paisa at Rs3.95 on 1.296m shares followed by Zeal Pak Cement, lower by 35 paisa at Rs5.05 on 0.109m shares. Others were modestly traded.

DIVIDEND: Atlas Insurance, cash 70 per cent, bonus shares 30 per cent for the year ended Dec 31, 2006