March 10, 2007	Saturday	Safar 20, 1428

KARACHI, March 9: Stocks on Friday maintained their upward drive for the third session in a row followed by strong speculative support in banking, oil and some other leading shares, pushing the KSE 100-share index higher by another 129 points at 11,413.12.

Some of the leading base shares, notably finished around its upper lock amid reports that some foreign investors have resumed fresh buying interrupted by some last week’s negative news.

The market’s buoyant mood was also well reflected in the performance of the KSE 100-share index, which stayed firmly above the level of 11,000 points at 11,413.12, up 129.25 points or 1.15 per cent and confidently eyeing its next lost target of 12,000 points, analysts said.

Leading base shares, notably Bank AlFalah, OGDC, National Bank, D.G.Khan Cement, and some others though fell below their session’s highs on weekend selling but managed to keep it on the higher side.

It has touched more than twice in its career, this coveted levels and trying to stay above it or beyond it aided by higher productivity and exports by some of the listed sectors.

The market’s improved performance demonstrates that investors are not inclined to go by the negative background news on the political front at least for the near-term and means to operate within its business norms, they added.

“The fact that investors have ignored the likely negative fallout of the US threat allays fears that the market could bow down to external news on the strength of its positive fundamentals,” stock analyst Ashraf believed.

Although the major company results season barring insurance sector are almost over, the market has other positive factors including its inherent strength to tread on a course set by itself and its technical demands, he added.

Leading gainers were led by Rafhan Bestfoods and Nestle Pakistan, up by Rs37.50 and Rs64.70 followed by National Bank, Sapphire Fibre, Mirpukhas Sugar, Pakistan Engineering, AKD Securities, Attock Petroleum, PSO, Bata Pakistan and Pak-Suzuki, which posted gains ranging from Rs5 to Rs25, the largest being in MCB, PSO and Pak-Suzuki.

Habib Metropolitan Bank and National Refinery fell by Rs3.95 and Rs4. Others to follow them were Central Insurance, IGI Insurance, and Shield Corporation, off Rs2.70 to Rs3.45.

Trading volume rose further to 315m shares from the previous 263m shares as gainers maintained a strong lead over the losers at 197 to 94,with 30 shares holding on to the last levels.

The most active list was again topped by Bank AlFalah, higher by Rs2.70 at Rs57.15 on 42m shares followed by OGDC, steady by 10 paisa at Rs120.65 on 32m shares, Pakistan Petroleum, up Rs2 at Rs259 on 16m shares, National Bank, up Rs5.50 at Rs274.50 on 15m shares, MCB, higher by Rs13.60 at Rs315.55 on 13m shares and D.G.Khan Cement, lower 85 paisa at Rs9.30 on 19m shares.

Other actives were led by lucky Cement, up by Rs1.60 on 18m shares, Bank of Punjab, higher by Rs1.10 on 14m shares, and Pakistan Oilfields, higher by Rs3.55 on 11m shares.

FORWARD COUNTER: Bank AlFalah also topped the list of actives on this counter and was quoted ex-bonus at Rs43.57 and rose to close at Rs44.84, up at Rs44.84 on 17m shares followed by D.G.Khan Cement came in for active selling at the higher levels and fell by 90 paisa at Rs9.80 on 11m shares, followed by OGDC, firm by 35 paisa at Rs121.50 on 10m shares.

Lucky Cement followed them, up Rs1.25 at Rs76.50 on 9m shares and National Bank, ex-bonus, up Rs5 at Rs238 on 8m shares.

DEFAULTER COS: Zeal Pak Cement came in for active selling and fell by 50 paisa at Rs5.85 on 0.594m shares followed by Crescent Standard Bank, easy by five paisa at Rs3.95 on 0.312m shares and Unity Modaraba, steady five paisa at 60 paisa on 0.180m shares. Nimir Chemical was marked down by 10 paisa at Rs2.55 on 0.170m shares.

DIVIDEND: Adamjee Insurance, final cash 18 per cent, interim 10 per cent already paid and interim bonus shares at the rate of 12.5 per cent, East-West Insurance, cash 10 per cent, bonus shares 15 per cent.