March 22, 2007	Thursday	Rabi-ul-Awwal 2, 1428

KARACHI, March 21: Share market on Wednesday again turned lower as follow-up support turned shy in the absence of new guiding factors amid volatile political situation. Larger fall was, however, averted thanks to selective support on some of the blue chip counters but the broader market remained bearishly inclined on profit-selling here and there at the inflated levels.

The market’s highly volatile performance was well reflected in erratic movements of the KSE 100-share index, which after early rising by 108 points, fell by 179 points and again recovered to finish with a clipped loss of 34.73 points at 11,296.62. The session’s low and high was touched at 11,260.62 and 11,438.58.

Barring MCB, which seems to have boosted early market sentiment, pushing it by another Rs14 to Rs287.10, all the leading base shares, including OGDC, National Bank, PTCL and Pakistan Petroleum finished in the minus column. MCB, having a highest weightage of 11 per cent, in it itself ended lower from the peak at Rs280.85 on 6m shares.

But on the other hand its junior partner, KSE 30-share index managed to extend the overnight gains and was marked up by 26.79 points at 14,166.21 reflecting the strength of some leading industrial shares.

In the absence of leading foreign investors, trading activity seems to have turned into a jobbing affair as no one is inclined to hold long positions and tries to get out of the market the same day.

Analysts said apart from technical factors, notably higher inflow from the CFS market the judicial crisis is also taking its toll as investors are in two minds about the outcome and its likely negative impact on the market.

But for the time being no one is lured by the positive fundamentals and eyeing the outcome of legal battle on the judicial front, they added.

Nestle Pakistan and Wyeth Pakistan again topped the largest gainers, up by Rs28 and Rs48. Other notable gainers were led by Mirpurkhas Sugar, Adamjee Insurance, Ferozsons Lab, MCB, HinoPak Motors, Thal Industries, Bata Pakistan and IGI Insurance, up by Rs11.90.

Losers were led by Pakistan Services and Siemens Pakistan, off Rs15 and Rs50, respectively, followed by Javed Omer, United Bank, J.S.Global, Shell Pakistan, Engro Chemical and Noon Pakistan, off by Rs4.20 to Rs8.25.

Trading volume showed a fresh modest rise at 159m shares as compared to 144m shares a day earlier, but losers held a modest lead over the gainers at 156 to 141, with 49 shares holding on to the last levels.

Bank AlFalah topped the list of actives, up 30 paisa at Rs46.30 on 21m shares followed by National Bank, off Rs1.55 at Rs235.50 on 17m shares, Lucky Cement, up one rupee at Rs78.50 on 12m shares, OGDC, lower 20 paisa at Rs116.70 on 8m shares, PTCL, off Rs1.85 at Rs46.15 on 5m shares, Pakistan Petroleum, lower Rs1.70 at Rs245.30 also on 5m shares.

They were followed by D.G.Khan Cement, easy by five paisa on 8m shares, Fauji Fertiliser Bin Qasim, lower 45 paisa on 7m shares, and Kot Addu Power, up 35 paisa on 5m shares.

FORWARD COUNTER: Bank AlFalah was also actively traded on the cleared list but fell by 15 paisa at Rs46.45 after hitting the session’s peak level at Rs48.20 on 13m shares followed by National Bank, off Rs2.30 at Rs236.15 also on 13m shares and MCB, higher by Rs4.45 at Rs280.90 on 10m shares.

D.G.Khan Cement followed them, steady by 10 paisa at Rs87.50 on 4m shares and Bank of Punjab, up Rs1.50 at Rs92.75 also on 4m shares.

DEFAULTER COS: Unlike the previous sessions activity on this counter was relatively slow where Unity Modaraba and Crescent Standard Bank came in for modest selling and fell by five and 20 paisa at 50 paisa and Rs3.45 on 0.331m and 278m shares, respectively.

DIVIDEND: New Jubilee Insurance, cash 40 per cent, bonus shares at the rate of 25 per cent, KSB Pumps, cash 40 per cent, Pakistan Cement, right share,45 per cent and Pakistan Gum Chemicals, nil.