March 14, 2007	Wednesday	Safar 24, 1428

KARACHI, March 13: Share market on Tuesday failed to establish any definite price pattern as investors played on both sides of the fence amid alternate bouts of buying and selling but larger fall was averted owing to short-covering at the dips. The KSE 100-share index showed a fresh fractional decline of 2.92 points at 11,404.95.

Analysts said both leading investors and financial institutions were a bit hesitant to make fresh commitments amid fears that country-wide protests against the suspension of the Chief Justice of Pakistan could take an ugly turn if they continued for an indefinite period.

The KSE 100-share index posted a fresh fractional fall of 2.92 points at 11,404.95 as compared to 11,407.87 a day earlier as some of the leading base shares fell further, while others managed to finish modestly higher.

But on the other hand, the KSE 30-share index rose by 11.95 points at 14,416.10 as compared to 14,404.15 a day earlier as some of the base shares managed to finish modestly higher.

Unlike the previous session, trading resumed on a higher note as there were no signs of overnight tensions and the KSE 100-share index surged to 11,496.00 points but mid-session selling push it down to session’s low of 11,339.00, although late covering purchases again pushed it up to finish modestly higher.

Cement, fertiliser and some leading shares in the banking sector early came in for active short-covering at the lower levels and kept the market on the higher side but lack of an aggressive support did not allow them to stage a decisive rally.

“As the basic fundamentals are intact, I think the market could be back on the rails during the next couple of sessions,” leading analyst Ahsan Mehanti said, adding “there, however, may not be an upward thrust for the near-term”.

But Ashraf Zakaria said as the legal battle on the Chief Justice’s suspension may not end soon, it was pretty difficult at this stage to say something about the future direction of the market.Leading gainers were led by Arif Habib Securities, Bata Pakistan and Rafhan Maize Products, which posted gains ranging from Rs9.25 to Rs66.50 followed by Allied Bank, J.S. Global, Shaheen Insurance, Adamjee Insurance and HinoPak Motors, up by Rs4.40 to Rs5.90.

Wyeth Pakistan shed Rs96 was among the top losers followed by Pakistan Petroleum, Indus Motors, J.S. Co, IGI Insurance and Treet Corporation, off by Rs3.25 to Rs6. Others fell fractionally.

Trading volume was on the higher side and rose to 241m shares but losers held a modest lead over the gainers at 160 to 150, with 63 shares holding on to the last levels.

Fauji Fertiliser Bin Qasim topped the list of actives, up by 45 paisa at Rs32.55 on 31m shares followed by D. G. Khan Cement, off Rs2.50 at Rs90 on 24m shares, Lucky Cement, lower by 55 paisa at Rs79.70 on 19m shares and Maple Leaf Cement, higher by 85 paisa at Rs20.20 on 16m shares.

PICIC, up Rs3.30 at Rs69.50 on 13m shares, Pakistan Petroleum, off Rs3.25 at Rs258 on 10m shares and OGDC, lower by 85 paisa at Rs118.20 on 8m shares.

Other actives were led by Bank of Punjab, easy 10 paisa on 12m shares, Fauji Cement, lower 20 paisa on 9m shares and Nishat Mills, off 85 paisa on 8m shares.

FORWARD COUNTER: Bank Alfalah led the list of actives, steady by 10 paisa at Rs45.10 on 11m shares followed by D. G. Khan Cement, off Rs2.70 at Rs90.50 also on 11m shares and Lucky Cement, lower 25 paisa at Rs80.05 on 7m shares.

They were followed by Maple Leaf Cement, up by 85 paisa at Rs20.25 on 5m shares and MCB, up by Rs2.35 at Rs273.05.

DEFAULTER COS: Dadabhoy Cement came in for fresh support and rose by Re1 at Rs8.20 on 0.827m shares followed by Zeal-Pak Cement, lower by five paisa at Rs5.75 on 0.591m shares and Norrie Textiles, easy by 10 paisa at Rs3.40 on 0.371m shares.

Schon Modaraba and Crescent Standard Bank were among the other actives, lower by 10 paisa each at 60 paisa and Rs3.85 on 0.264m and 0.180m shares respectively.