March 17, 2007	Saturday	Safar 27, 1428

KARACHI, March 16: Share market on Friday extended the overnight rally as leading base shares came in for fresh covering purchases, pushing the KSE 100-share index higher by another 63.13 points at 11,374.03.

It appears to be PSO’s day apparently on positive news from its privatisation front as its share value jumped up by Rs14.35 at Rs370.65 and took the entire market along with it in the plus column, says a leading stock analyst.

Leading base shares came in for modest support at the lower levels as was reflected by a fresh increase of 63.13 points in the KSE 100-share index at 11,374.03 points as against previous 11,310.90.

“The rally appears to be selective as no genuine investor would like to make fresh commitments in the prevailing uncertainty,” said a leading broker, adding “weekend considerations generally attract a lot of profit-selling”.

Analysts said investors seemed to be more interested to know about fresh developments on the presidential reference against the misconduct of the suspended chief justice of the Supreme Court. Investors will play safe until the impasse on the legal issue continues for another couple of weeks, they added.

However, they ruled out the possibility of any major shakeout at this stage as both leading investors and financial institutions would keep to the sidelines rather than selling at the dips.

Instances of stray buying and selling here and there were not lacking as some of the leading shares managed to finish modestly higher amid light trading.

Leading gainers were led by United Bank, Indus Motors and Wyeth Pakistan, up by Rs7.85 and Rs65.20 followed by National Bank, Central Insurance, Shell Pakistan, National Foods, Central Insurance and Sitara Chemical, which posted gains ranging from Rs4 to Rs6.50.

Losses on the other hand were mostly fractional barring Dawood Hercules, Shaheen Insurance, KSB Pumps, Treet Corporation Javedan Cement and Bata Pakistan, off Rs4 to Rs7.50.

Trading volume fell further to 147m shares from the previous 163m shares a day earlier as gainers held a modest lead over the losers at 141 to 126, with 37 shares holding on to the last levels.

Fauji Fertiliser Bin Qasim topped the list of actives, off 65 paisa at Rs31.50 on 19m shares followed by Azgard Nine, steady by 45 paisa at Rs24.90 on 9m shares, Pakistan Petroleum, up by Rs2.60 at Rs252.50 also on 9m shares, WorldCall Telecom, higher by 70 paisa at Rs11.70 on 9m shares, PSO, sharply higher by Rs14.35 at Rs370.65 on 8m shares, OGDC, lower 35 paisa at Rs117.65 on 8m shares and Bank Alfalah, up by Rs1.40 at Rs60 on 7m shares.Other actives were led by Kot Addu Power, steady by 70 paisa on 5m shares, Lucky Cement, lower by Rs1.05 also on 5m shares and J.S. Bank, steady by 10 paisa on 4m shares.

FORWARD COUNTER: Bank Alfalah led the list of actives, up by 80 paisa at Rs46.40 on 11m shares, followed by PSO, higher by Rs13.85 at Rs370.85 on 6m shares and National Bank, higher by Rs5.20 at Rs236.70 on 5m shares.

Other actives were led by Pakistan Petroleum, higher by Rs2 at Rs253.40 on 4m shares and D.G. Khan Cement, off Rs1.45 at Rs88.70 on 3m shares.

DEFAULTER COS: Nimir Chemical led the list of actives on this counter, easy by five paisa at Rs2.50 on 0.173m shares followed by Japan Power, lower by also five paisa at Rs3.85 on 0.142m shares and Crescent Standard Bank, easy by five paisa at Rs3.80 on 0.126m shares.

Saitex Spinning was leading among them, which managed to rise by five paisa at Rs0.50 on 0.200m shares.