KARACHI, March 30: Share market on Friday was back on the rails after several lean weeks as investors covered positions at the attractively lower levels on the blue chip counters amid active trading.
The market’s upward drive was also well reflected in the KSE 100-share index which staged a smart recovery boosted by revival of demand in the leading oil and bank shares.
It finally finished with a gain of 50.08 points at 11,271.59 points compared to 11,221.51 a day earlier as leading base shares closed with good gains under the lead of PSO and OGDC.
“It was a judicious blend of both local and foreign buying,” analysts said, adding “its revival at the weekend session indicates that optimism has returned to the market after a long bearish spell”. Being the last session of the rollover week of the matured March settlements, it goes to the credit of leading bulls who tried to keep the market in a positive mood, possibly leading to a sustained recovery after the trading resumes on next Monday.
Leading oil and bank shares led the market advance amid active short-covering at the lower levels both from the local and foreign investors and evoked sympathetic support on the other blue chip counters.
Analysts said the fresh increase in international oil prices was the chief reason behind the surge in local oil shares lifted actively by both the local and foreign investors as no one among them was in a mood to miss an attractive bait of higher capital gains.
“The future direction of the market will, however, be clear by the next week after the resumption of hearing of presidential reference against the chief justice of Supreme Court,” they said, adding “investors will base their future investment strategy on the trend of proceedings”.
Plus signs dominated the list, major gainers being PSO, Shell Pakistan and Wyeth Pakistan, which posted gains of Rs8.55, Rs15 and Rs89 respectively.
Other good gainers included Clover Pakistan, Pakistan Hotels, Murree Brewery, Attock Petroleum, National Refinery and Siemens Pakistan, up by Rs3 to Rs9.
Losses on the other hand were fractional in the absence of strong selling, leading losers being Otsuka Pakistan, Millat Tractors, Shield Corporation, Gillette Pakistan and Colgate Pakistan, which suffered fall ranging from Rs1.95 to Rs10.
Trading volume showed a modest rise at 132m shares as compared to 115m shares a day earlier as most of the current actives attracted good support despite weekend considerations.
Advancing shares forced a strong lead over the losers at 169 to 126, with 33 shares holding on to the last levels.
OGDC led the list of actives, up by Rs1.20 at Rs118.80 on 15m shares followed by TRG Pakistan, higher by Re1 at Rs10.45 on 14m shares, Fauji Fertilser, unchanged at Rs31.85 on 13m shares, Bank Alfalah, higher by Rs1.30 at Rs45.75 on 10m shares, Hub-Power, off 80 paisa at Rs28.95 on 8m shares and PSO, sharply higher by Rs8.55 at Rs355.05 on 6m shares.
Other actives were led by Pakistan Petroleum, higher by Rs2.35 on 5m shares, National Bank, easy by 65 paisa on 4m shares, Bank of Punjab, steady by 35 paisa also on 4m shares and Dewan Salman, easy 10 paisa on 3m shares.
FORWARD COUNTER: National Bank led the list of actives on this counter and fell by 50 paisa at Rs231.50 on 6m shares, Bank Alfalah, up Rs1.05 at Rs45.50 on 5m shares and OGDC, April contract, up by 90 paisa at Rs117.90.
March settlement of OGDC and April contract of Bank Alfalah were also quoted modestly higher amid active trading.
DEFAULTER COS: Norrie Textiles came in for active support at the overnight level and ended unchanged at Rs2.95 on 0.611m shares followed by Crescent Standard Bank, lower 10 paisa at Rs3.15 on 0.457m shares and Mukhtar Textiles, up 60 paisa at Rs2.90 on 0.179m shares. Nimir Chemical was traded higher by 10 paisa at Rs2.55 on 0.171m shares.
