April 18, 2007	Wednesday	Rabi-ul-Awwal 29, 1428

KARACHI, April 17: The KSE 100-share index on Tuesday settled above the coveted level of 12,000 points for the second session in a row but analysts fear it may not be sustained for a longer period in an overbought market needing correction.

Indications are that bulls may allow an overdue technical correction after having achieved so far an elusive goal and let counter market forces to play their due role in the coming sessions under the consolidation process, they added.

After early rising to session’s peak level of 12,073.92, on active follow-up support by the leading bulls, it steadily declined on hasty selling in some of the leading base shares and fell to hit the lowest for the day at 11,873.07 points.

However, the finish was nominally higher above the barrier at 12,002.77, showing a fractional decline of 1.82 points. But its junior partner managed to close with a modest rise of 13.50 points at 14,422,6 points.

The notable feature of the day was that traded volume soared above 300 million share mark after a couple of months, signaling that dividend-led rally could extend itself in the coming sessions also.

Another feature of the trading was that there were no massive volume in any of actives but the entire volume was judiciously distributed among all the leading shares.

“Bank shares whose board meetings are due soon again led the market advance under the lead of Bank of Punjab, Askari Bank, and Bank AlFalah and some others and so did oil and cement shares,” analysts said.

But some others said the correction is overdue as the market is in a highly overbought position and investors should play safe after taking hedging facilities on the forward counter.

Indus Motors and HinoPak Motors were leading among the gainers, up by Rs10.10 and Rs10.45. Other notable gainers were led by Habib Metropolitan Bank, Quetta Textiles, National Refinery, Pakistan Engineering, Atlas Honda, Pakistan Cables, Ferozsons Lab, Murree Brewery and Shell Gas, which posted gains ranging from Rs4 to 10.

Prominent losers were led by Mirpurkhas Sugar and Pakistan Services, off by Rs6 and Rs14, respectively, followed by Adamjee Insurance, Central Insurance, IGI Insurance, Lakson Tobacco, KSB Pumps, Afriautos, and Grays of Cambridge, off by Rs3 to Rs5.Traded volume rose to 326m shares from the previous 284m shares but losers forced a lead over the gainers at 175 to 144, with 44 shares holding on to the last levels.

Bank of Punjab led the list of actives, up Rs4.80 at Rs103.85 on 41 million shares followed by Askari Bank, higher by Rs1.95 at Rs91.10 on 29 million shares, Lucky Cement, firm by 55 paisa at Rs98.85 on 23 million shares, Bank Al-Falah, up Rs1.60 at Rs55.20 also on 23 million shares, D.G.Khan Cement, lower 20 paisa at Rs99.20 on 20 million shares, National Bank, off 90 paisa at Rs244.40 on 14 million shares and OGDC, easy 40 paisa at Rs120.20 also on 14 million shares.

They were followed by Bosicor Pakistan in response to reports that it is going into retail oil business from June, up one rupee on 13m shares followed by Fauji Fertiliser Bin Qasim, higher by 45 paisa on 12m shares and Fauji Cement, lower 40 paisa on 11m shares.

FORWARD COUNTER: Bank AlFalah led the list of actives on this counter, higher by Rs2.60 at Rs55.15 on 11m shares followed by Bank of Punjab, higher by Rs4.50 at Rs103.90 on 9m shares, and Lucky Cement, firm by 65 paisa at Rs.99.30 also on 9m shares.OGDC followed them, off 50 paisa at Rs120.60 on 6m shares and Askari Bank, higher by Rs2.10 at Rs91.50 also on 6m shares. Others were modestly traded.

DEFAULTER COS: Norrie Textiles came in for active support at the lower level and rose by 55 paisa at Rs3.75 on 2.229m shares followed by Zeal-Pak Cement, firm by 15 paisa at Rs5.70 on 0.506m shares and Sardar Chemicals, off 90 paisa at Rs3.05 on 0.319m shares.