April 28, 2007	Saturday	Rabi-us-Sani 10, 1428

KARACHI, April 27: The KSE 100-share index on Friday consolidated well above the 12,000 point barrier and analysts said presence of strong foreign buying on the oil and bank counters could push it further higher during the coming weeks.

The board meetings of half a dozen leading companies, including MCB, Allied Bank, and Bank of Punjab were held on Friday (April 27), and reports reaching in the market indicate that profits were in line with the analysts’ predictions. MCB came out with an interim cash dividend of 25 per cent.

The KSE 100-share index netted fresh rise of 26.32 points at 12,235.19 as compared to 12,208.87 a day earlier as leading base shares posted fresh gains, although ended with clipped gains on late session selling. It touched the session high and low at 12,288.52 and 12,198.68 points, respectively.

The talk of the index level of 14,000 points predicted by a foreign agency based on positive economic and corporate positive fundamentals is gaining strength each session, although it is virtually creeping to the here to elusive goal, floor brokers said.But strong presence of foreign support on oil and bank sectors indicates that the target could be hit if all goes well on the political front, they said.

“A typical slow down in the corporate results–led buying euphoria reflects investors’ worries over the CFS, which is already close to its ceiling of Rs55 billion,” says a leading stock analyst Faisal A. Abbas adding” either the SECP raises the CFS limit to about Rs70 billion or punters go for a big kill in an overbought market.”

He said the market at this stage needs a fund maneuvering of about Rs6 billion to revive the bullish sentiment triggered by higher corporate payouts.

“The market is expected to maintain its upward drive during the next week also on the strength of higher payouts to be announced by some of the leading companies, including PTCL, Pakistan Oilfields, Sui Southern and some leading cement shares,” analyst Ahsan Mehanti said.

Weakness of leading auto shares on reports of fall in earnings and profit-taking in some of the leading bank shares on weekend considerations kept the broader market under pressure.

Leading gainers were led by Wyeth Pakistan and Rafhan Maize, up by Rs96.30 and 74.95, followed by Sitara Chemicals, Bata Pakistan, Engro Chemical, Attock Petroleum, Arif Habib Ltd, Adamjee Insurance and Arif Habib Securities, which rose by Rs5.40 to 13.20.

Among the top losers IGI Insurance and Indus Motors were leading, off Rs10.65 and 7.05. Other prominent losers included Thal Jute, Sapphire Fibres, HinoPak Motors, Millat Tractors, Pak-Suzuki Motors, Sanofi-Avents, and Indus Motors, off by Rs5 to 7.05.Trading volume rose to 296m shares from the previous 254m shares but losers held a modest lead over the gainers at 157 to 140, with 32 shares holding on to the last levels.

Fauji Fertiliser topped the list of actives, up Rs1.60 at Rs34.20 on 31m shares followed by Askari Bank, steady by 55 paisa at Rs94.75 on 29m shares, OGDC, up 90 paisa at Rs123.35 on 26m shares, Lucky Cement, off Rs1.25 at Rs103.50 on 17m shares, Bank of Punjab, off 50 paisa at Rs105.50 on 15m shares and Bank AlFalah, higher by one rupee at Rs56.50 also on 15m shares and Nishat Mills, higher by 2.90 at Rs112.50 on 16m shares.

Other actives were led by Fauji Cement, steady by 20 paisa on 13m shares, D.G.Khan Cement, lower Rs2.35 also on 13m shares and TRG Pakistan, steady 25 paisa on 9m shares.

FORWARD COUNTER: Fauji Fertiliser Bin Qasim came in for active support and was quoted higher by Rs1.64 at Rs34.44 on 6m shares followed by Bank AlFalah, up 69 paisa at Rs56.43 also on 6m shares and Lucky Cement, off Rs1.30 at Rs104.30 on 5m shares.

OGDC April and May settlements followed them, up 90 paisa and 71 paisa at 123.40 and 123.95 on 4m and 5m shares, respectively.

DEFAULTER COS: Nimir Chemical led the list of actives on this counter, up 20 paisa at Rs3.20 on 1.080m shares followed by Norrie Textiles, lower 10 paisa at Rs3.00 on 0.434m shares and Zeal-Pak Cement, easy five paisa at Rs5.25 on 0.160m shares.