April 14, 2007	Saturday	Rabi-ul-Awwal 25, 1428

KARACHI, April 13: Stocks on Friday maintained their upward drive as investors were not inclined to take even a technical breather in an overbought market and judiciously followed the lead of foreign investors and punters.

Much of the activity remained confined to the banking shares where Standard Chartered Bank made a firm debut well beyond the analysts’ predictions.

After opening at its face of Rs10.00, it steadily rose to session’s peak level of Rs65.50 but it closed slightly lower on late-selling at Rs57.65 on 13m shares.

The significant feature was that its addition to the active list pushed the market capital to new all-time peak level so far of Rs3,495.109bn, adding a massive single session figure of Rs243bn in the total.

The KSE 100-share index posted a fresh gain of 71.82 points at 11,977.74 as compared to 11,905.92 a day earlier but earlier attempted rallies initiated by the bulls failed to push it to the pre-determined target of 12,000. The KSE 30-share index followed suit in the same manner and ended higher by 78.71 points at 14,908.77 points.

“Most of the leading investors are, however, worried over the developing situation in the backdrop of president’s warning of withdrawal as a front line country in war against terrorism if the US media continued to make adverse comments on the Pakistan’s role,” said a leading analyst.

But some others say the battle of wits on the issue will continue in future too but the market has its own guidelines and will judiciously follow them even during the next week.

Analysts attributed the relative calm partly to resumption of hearing on presidential reference against the Chief Justice in the Supreme Judicial Council and uncertainty about the proceedings and partly to fears of law and order situation owing to protests by the lawyers and the political parties.

But selective support remained fairly steady on some of the blue chips aided by some leading foreign funds and the local institutional traders, which in turn absorbed bulk of the selling at the falling prices, they said.

Most of the current favourites in the bank, oil and cement sectors attracted much of the buying, which reflected foreign funds were not inclined to entertain bearish ideas at this stage, they added.

Leading gainers were led by Unilever Pakistan and Standard Chartered Bank, up by Rs25 and Rs47.65 followed by Atlas Honda, Bata Pakistan, National Refinery, Pakistan Refinery, J.S. Global and Treet Corporation, which posted gains ranging from Rs6.45 to Rs11.40.

Losers were led by Thal Jute, Honda Cars, Dawood Hercules, Gillette Pakistan, Pak-Suzuki Motors and Pakistan Services, off by Rs3.35 to Rs13.

Trading volume fell to 228m shares but gainers held a strong lead over the losers at 168 to 128, with 39 shares holding on to the last levels.

Bank of Punjab topped the list of most actives, up by Rs2.90 at Rs99.20 on 29m shares followed by Askari Bank, higher by Rs2.70 at Rs89.90 on 20m shares, Bank Al-Habib, firm by Rs1.70 at Rs50.10 on 20m shares, Lucky Cement, steady by 65 paisa at Rs97.50 on 14m shares and National Bank, higher by Rs2.15 at Rs245.75 on 9m shares.

Other actives were led by Dewan Cement, firm by 80 paisa on 13m shares, Fauji Cement, lower 10 paisa on 11m shares, Pakistan Petroleum, steady by 90 paisa on 11m shares and D.G. Khan Cement, up by 65 paisa on 8m shares.

FORWARD COUNTER: OGDC led the list of actives on this counter and rose by 85 paisa at Rs121.60 on 13m shares followed by Bank of Punjab, higher by Rs2.75 at Rs99.35 on 7m shares and Lucky Cement, higher by 70 paisa at Rs97.95 on 6m shares.

National Bank followed them, up by Rs1.85 at Rs246.20 on 5m shares and Bank Alfalah, higher by Rs1.40 at Rs50.05 also on 5m shares.

DEFAULTER COS: Zeal-Pak Cement led the list of actives on this counter, lower five paisa a Rs5.45 on 0.484m shares followed by Nimir Chemicals, unchanged at Rs2.55 on 0.167m shares and S.S. Oils, up by 50 paisa at Rs7 on 0.148m shares.

DIVIDEND: Habib Metropolitan Bank, interim bonus shares at the rate of 67 per cent and Crescent Steel and Allied Products, cash interim 10 per cent.