April 11, 2007	Wednesday	Rabi-ul-Awwal 22, 1428

KARACHI, April 10: The KSE 100-share index on Tuesday briefly crossed the psychological barrier of 11,800 points on active foreign and institutional support in the oil shares aided by the new exploration policy, but failed to sustain it on late-selling.

The KSE 100-share index gained another 97.31 points at 11,773.90.

According to the new oil exploration policy the well-head prices of crude and gas have been raised. The perception that the step could give a major boost to oil shares in the coming weeks triggered active short-covering in most of them at lower levels and sympathetic support on the other blue chip counters.

The market’s buoyant mood was also well-reflected in the KSE 100-share index, which briefly broke through the barrier of 11,800 points. But the finish was on the lower side on mid-session selling by some speculative traders and ended with a fresh gain of 97.31 points at 11,773.90 as compared to 11,676.59 points.

The KSE 30-share index also rose by 118.64 points at 14,679.72 points.

The index is heading to improve its all-time peak level of above 12,000 points if goes well with the market thinking about the future share market outlook as is evident by heavy stakes being taken in the banking, cement and oil shares by all and sundry, most floor brokers believe.

Pakistan Petroleum led the market advance on heavy foreign local buying on the perception that it could be one of the chief beneficiary of the new oil exploration policy, while OGDC, Pakistan Oilfields followed them triggering a buying euphoria on other counters also. At one stage it rose to Rs261 from Rs254.25 but ended reacted to close at Rs258.45.

Leading cement shares on the other hand came in for active profit-selling at the higher levels and finished modestly lower under the lead of Lucky Cement.

“Investors seem to have go alone apparently ignoring the current tussle between the contenders of power leading to political uncertainty,” analysts said, adding “but as the corporate fundamentals are terribly bullish investors are not inclined to miss the rising bandwagon”.

“In similar political conditions, only those take financial risks who precisely know what is going to happen,” said a leading broker.

Packages and Pak-Suzuki Motors led the list of gainers, up by Rs10.95 and Rs15. Adamjee Insurance, Central Insurance, Mirpurkhas Sugar, National Refinery, Pakistan Refinery, Gillette Pakistan and Thal Jute, which posted gains ranging from Rs5.60 to Rs10.40.

While prominent losers included Nestle Pakistan and EFU Insurance, off by Rs5.05 and Rs7.85. They were followed by Shaheen Insurance, Sazgar Engineering, Millat Tractors, Indus Motors and Murree Brewery, which fell by Rs2 to Rs3.55.

Trading volume fell further to 260m shares from the previous 269m shares but gainers consolidated their lead over the losers at 210 to 120, with 35 shares holding on to the last levels.

Fauji Cement was actively traded, lower by 50 paisa at Rs19.45 on 21m shares followed by Pakistan Petroleum, higher by Rs4.20 at Rs258.45 on 17m shares, D.G. Khan Cement, steady by 15 paisa at Rs94.75 on 17m shares and Lucky Cement, off 80 paisa at Rs92.60 on 15m shares.

National Bank, up by Rs1.50 at Rs245.00 on 14m shares, PTCL, higher by Rs1.15 at Rs51.40 on 13m shares and Bank of Punjab, easy 80 paisa at Rs93.15 on 10m shares.

Other actives were led by Pakistan Cement, nominally lower by two paisa on 12m shares, Askari Bank, off Rs2.05 on 8m shares and Dewan Salman, up by 60 paisa also on 8m shares.

FORWARD COUNTER: OGDC came in for active support and rose by 40 paisa at Rs118.60 on 11m shares followed by Lucky Cement, easy by 70 paisa at Rs93.20 on 7m shares and Pakistan Petroleum, higher by Rs4.30 at Rs259.60 on 6m shares.

D.G. Khan Cement followed them, steady 15 paisa at Rs95.20 also on 6m shares and National Bank, higher by Rs1.35 at Rs246.35 on 5m shares.

DEFAULTER COS: Zeal-Pak cement came in for fresh support and led the list of actives, up by 10 paisa at Rs5.70 on 2.886m shares followed by Norrie Textiles, firm by 15 paisa at Rs3.55 on 0.416m shares and Unity Modaraba, easy five paisa at 55 paisa on 0.148m shares.

Sardar Chemicals and Nimir Chemicals were also active actively traded, up by 95 and unchanged at Rs3.95 and Rs2.65 on 0.114 and 0.124m shares respectively.

BOARD MEETINGS: Sigma Leasing on April 14, BMA Fund No. 1, HinoPak Motors, Balochistan Wheels, KSB Pumps on April 16, National Refinery, Standard Chartered Bank on April 17, Askari Bank on April 18, Otsuka Pakistan on April 19, Pakistan Engineering on April 21 and Shabbir Tiles on April 28.