April 27, 2007	Friday	Rabi-us-Sani 09, 1428

KARACHI, April 26: Stocks on Thursday finished with an extended gain aided by the strength of leading cement, bank and oil shares amid market talk of higher after-tax profits and enhanced payouts by some leading companies.

The second cash and third interim dividends at the rate of 40pc and 20pc by Pakistan State Oil and Oil and Gas Development Corporation (OGDC) respectively were in line with the analysts’ expectations and supported the market. Both had already paid first interim of 60pc and two interims of 35pc (17.5pc each) respectively.Essentially, it was a rally linked to positive corporate results and remained confined to those sectors whose board meetings were due by the end of the current month, which incidentally included some leading ones under the lead of Unilever Pakistan, Bank of Punjab, MCB, National Bank and PTCL.

The KSE 100-share index posted a fresh gain of 42.84 points at 12,208.87 as compared to 12,166.03 a day earlier as leading base shares ended with fresh gains.

Sharp increase in the after tax profits of National Bank, MCB, Bank of Punjab, Askari Bank and some others and upgrading of their rating by the Moody’s was the chief inspiring factor behind fresh sustained rise in their share values renewed covering purchases in them in anticipation of higher final dividend and bonus shares.

The underlying sentiment in part was also influenced favourably ahead of board meetings of Engro Chemical, Pakistan State Oil (PSO) and OGDC and market talk of higher dividend, analysts said.

The corporate results season is heading for an encouraging close for the year and first quarterly working results of most of the leading companies and investors may have to coin fresh guiding factors to keep the current buying euphoria at a high pitch, they added.

But some others said phenomenal growth in earnings of banks, oil and cement shares and some other high-profile corporate leaders would not allow the market to fall below the current levels, technical corrections here and there notwithstanding.

“The market has already withstood the negative fallout of the judicial crisis and there are reasons to believe that the predictions of an index level of 14,000 points may now not be an elusive goal,” they said.

Wyeth Pakistan and Siemens Pakistan were top gainers, up by Rs88.70 and Rs49, followed by Arif Habib Ltd, Pakistan Resource Co, Thal Jute, National Refinery, Sitara Chemicals, National Foods and Shezan International, which posted gains ranging from Rs5 to Rs10.

Lakson Tobacco and Central Insurance, led the list of major losers, off Rs29.75 and Rs7.90. They were followed by Gatron Industries, Shell Pakistan, HinoPak, Millat Tractors, Indus Motors, Pak-Suzuki Motors, Atlas Honda, Bata Pakistan and Clover Pakistan, off Rs3.50 to Rs6.05.

Trading volume fell to 255m shares from the previous 278m shares as gainers held a fair lead over the losers at 177 to 160, with 33 shares holding on to the last levels.

The most active list was topped by D.G. Khan Cement, up by Rs3.65 at Rs100.55 on 35m shares followed by Lucky Cement, higher by Rs4.40 at Rs104.75 on 34m shares, Askari Bank, firm by Rs1.35 at Rs94.20 on 17m shares, Fauji Cement, firm by 15 paisa at Rs19.45 on 17m shares, OGDC, steady by 70 paisa at Rs122.45 on 16m shares and Bank Alfalah, up by 95 paisa at Rs55.50 on 9m shares.

Other actives included WorldCall Telecom, up by 95 paisa on 14m shares, Callmate Telips, steady by 15 paisa on 6m shares and TRG Pakistan, firm by 30 paisa also on 6m shares.

FORWARD COUNTER: D.G. Khan Cement led the list of actives on this counter, up by Rs3.30 at Rs100.80 on 7m shares and its April settlement rose by Rs3.05 at Rs100.45 on 6m shares, Lucky Cement followed it, higher by Rs4.40 at Rs105.60 on 7m shares, while its April contracts rose by Rs4.30 at Rs104.80 on 5m shares.

Among the other actives, OGDC was quoted higher by 35 paisa at Rs123.24 on 4m shares, while others were modestly traded but on the higher side.

DEFAULTER COMPANIES: Nimir chemicals came in for active selling at the overnight higher levels and fell by five paisa a Rs3 on 0.603m shares followed by Norrie Textiles, unchanged at Rs3.10 on 0.213m shares and Zeal-Pak Cement, up BY five paisa at Rs5.30 on 0.107m shares.