March 28, 2007	Wednesday	Rabi-ul-Awwal 8, 1428

KARACHI, March 27: Stocks on Tuesday maintained their recovery drive as leading shares posted fresh gains on modest covering purchases at the lower levels but the broader market did not follow the general trend on stray profit-selling. The KSE 100-share index posted a fresh rise of 26.85 points at 11,328.47.

Cash dividend plus bonus shares by leading insurance companies, notably EFU Life and EFU General and Premier Insurance were on the higher side of the market expectations and were well-received by the investors. Habib Insurance and Silver Star Insurance followed them.

Owing to the prevailing political uncertainty, a section of leading investors was still in two minds about taking fresh positions on the current levels ensuring good capital gains.

Most of the technical worries of the investors seemed to be over and they could plan on long-term basis in a market having potential to rise from the current sluggishness, brokers said.

The investors were steadily pulling themselves out from the ongoing judicial crisis

The KSE 100-share index on Tuesday finished with a fresh rise of 26.85 points at 11,328.47 as compared to 11,301.62 points a day earlier followed by active buying in the leading bank and oil shares.

The KSE 30-share index also rose by 24.71 points and was last quoted at 14,127.70 from the previous 14,102.99 points as some of the leading base shares maintained their recovery drive on stray covering purchases.

Leading index shares showed fresh gains under the lead of OGDC, PTCL, National Bank, Pakistan Petroleum, Pakistan Oilfields and Lucky Cement.

The share market has been under pressure since the suspension of the chief justice in the backdrop of lawyers’ massive daily protests seeking his restoration leading to political uncertainty, analysts said.

But the recovery appeared to be inconclusive as foreign investors were still in two minds and could decide “whether or not to resume their normal trading operations at the current attractively lower levels, they added.

The future direction of the market is still unclear but those who could take risks are buying cement, bank and oil shares at the current levels that would ensure attractive capital gains after sanity returns to the market.

Leading gainers were led by Pakistan Oilfields, EFU General, Colgate Pakistan, Bata Pakistan, Adamjee Insurance, J.S. & Co, Central Insurance, National Foods, Siemens Pakistan and HinoPak, which posted gains ranging from Rs4 to Rs9.65.

Losses on the other hand were fractional barring Pak-Suzuki, Atlas Insurance, MCB, United Bank, EFU Life, Pakistan Engineering and United Sugar, off Rs3.15 to Rs10.

Trading volume showed a modest rise at 131m shares from the overnight’s 106m shares but losers held a modest lead over the gainers at 158 to 148, with 51 shares holding on to the last levels.

The most active list was topped by Fauji Fertiliser Bin Qasim, up by 80 paisa at Rs31.40 on 14m shares followed by OGDC, up by Re1 at Rs118.20 also on 14m shares, Lucky Cement, higher by Rs1.35 at Rs80.95 on 12m shares, Bank of Punjab, firm by 70 paisa at Rs80.95 on 9m shares, Bank Alfalah, easy five paisa at Rs45.80 on 8m shares, National Bank, up by Rs1.55 at Rs233.55 on 7m shares and PTCL, higher by 95 paisa at Rs47.95 on 6m shares.

Other actives were led by MCB, off Rs4.10 on 7m shares, Pakistan Petroleum, up by 90 paisa on 4m shares and Pakistan Oilfields, higher by Rs4 on 3m shares.

FORWARD COUNTER: MCB led the list of actives on the cleared list and was marked further down by Rs4.10 at Rs270.40 on 7m shares, followed by Bank Alfalah, easy 15 paisa at Rs45.85 on 6m shares and D.G. Khan Cement, steady by 49 paisa at Rs88.60 also on 6m shares.National Bank followed them, up by Rs1.36 at Rs234.11 on 5m shares and OGDC, higher by Re1 at Rs118.50 also on 5m shares.

DEFAULTER COS: Norrie Textiles led the list of actives on this counter, easy by 10 paisa at R3 on 0.545m shares, followed by Crescent Standard Bank, up by 15 paisa at Rs3.55 on 0.206m shares and Quice Foods, higher by 40 paisa at Rs3.40 on 0.132m shares.Nimir Chemical followed them, steady by five paisa at Rs2.50 on 0.109m shares. Others were modestly traded.

BOARD MEETINGS: PIAC, Pakistan Cement on March 29, Universal Insurance, Masood Textiles on March 31, Ittefaq General Insurance on April 4, Shaheen Insurance on April 6 and Pakistan Petroleum on April 25.