April 24, 2007	Tuesday	Rabi-us-Sani 06, 1428

KARACHI, April 23: Stocks market on Monday came in for fresh profit-selling at the higher levels under the lead of current favourites but unlike the weekend session there were buyers at the dips aided by board meetings of some leading companies.

Although the KSE 100-share index posted a fresh fall of 75.35 points at 12,016.18 as compared to 12,091.53 at the weekend as leading base shares, notably OGDC, National Bank, Bank of Punjab and D.G. Khan Cement fell sharply lower, the broader market performed well.

“So far as the index could stay above the barrier of 12,000 points, there is no chance for bears to play a dominant role in the near future,” says a leading broker, adding “moreover the current technical correction seems to have run its course, after having chipped well over 100 points from the it during the last three sessions”.

But if there is a downward breach in the index below the 12,000 level, it could shed another 200 to 300 points in the coming sessions, flutters triggered by higher corporate earnings here and there notwithstanding, he added.

News from the political front may not be that encouraging in the backdrop of prevailing judicial crisis, so far investors are confidently digesting its negative fallout, he said.

Essentially, it was the continuation of the weekend technical correction at the highly inflated levels on the current blue chip counters but analysts ruled out the possibility of any major shakeout at this stage.

A sharp rise of Rs8.90 in Adamjee Insurance stock, on higher earning reports and positive response to new insurance policy, indicated that this sector could attract fresh support at the current levels and join the rank of market trend-setters.

Investors would base their future market perception on the unfolding corporate scenario during the current week, notably interim board meetings of some of the leading companies, including oil giants, OGDC, Pakistan Petroleum, Engro Chemicals, Bank Alfalah, ICI Pakistan and some others.

The current sell-off was not that aggressive as to cause major dents in the prevailing price structure as only extreme gains were being pared on most of the counters under the lead of bank and cement shares.

Plus signs held slight edge over the minus ones under the lead of Pak-Suzuki Motors and Millat Tractors, up by Rs8.95 and Rs13.90, followed by Merit Packaging, Agriautos, Pakistan Tobacco, Quetta Textiles, Pakistan Engineering, Pakistan Reinsurance Co, IGI Pakistan, Central Insurance and Adamjee Insurance, which posted gains ranging from Rs4.25 to Rs8.90.

Colgate Pakistan and Siemens Engineering shed Rs21.45 and Rs25 respectively. Other notable losers included PSO, Fazal Textiles, HinoPak, National Refinery, Atlas Honda, National Foods, Lakson Tobacco, Shell Gas and Pakistan, off by Rs4.75 to Rs12.30.

Trading volume further shrank to 171m shares from the previous 277m shares but gainers held a modest lead over the losers at 166 to 164 with 31 shares holding on to the loser levels.

Lucky Cement topped the list of actives, off Rs2 at Rs99.20 on 20m shares followed by Bank Al-Habib, up by Rs1.20 at Rs55.20 on 15m shares, D.G. Khan Cement, lower by Rs4.90 at Rs95 on 11m shares, Askari Bank, easy 35 paisa at Rs90.90 also on 11m shares, Bank of Punjab, off Rs2.85 at Rs100 on 8m shares, OGDC, easy by Rs1.40 at Rs120.35 on 7m shares and National Bank, lower Rs2.85 at Rs243.90 on 6m shares.

They were followed by Adamjee Insurance, sharply higher by Rs8.90 on 6m shares, Nishat Mills, up by Rs2.80 also on 6m shares and Fauji Cement, lower 60 paisa on 5m shares.

FORWARD COUNTER: Lucky Cement also came in for active selling on this counter and fell by Rs2.05 at Rs99.35 on 12m shares followed by Bank Alfalah, up by Rs1.74 at Rs55.24 on 5m shares and D.G. Khan Cement, lower by Rs4.80 at Rs95.05 on 4m shares.

They were followed by Bank of Punjab, lower Rs2.20 at Rs100.40 on 4m shares and National Bank, off Rs2.70 at Rs244.30 on 3m shares. Others were modestly traded.The notable feature was that trading also started in the May contracts side by side the maturing April settlements being the rollover week. But prices mostly fell on active selling.

DEFAULTER COS: Norrie Textiles came in for active selling and fell by 30 paisa at Rs3 on 0.600m shares followed by Nimir Chemical, unchanged at Rs2.80 on 0.278m shares and Zeal-Pak Cement, up by five paisa at Rs4.10 on 0.122m shares.