May 01, 2007	Tuesday	Rabi-us-Sani 13, 1428

KARACHI, April 30: The KSE 100-share index on Monday hit its all-time high record level at 12,369.70 on aggressive foreign buying on some selected counters aided by announcement of healthy results by leading companies.

Its previous record was 12,336 established last year. Analysts predict it is virtually going to hit 14,000-point level before the current year ends.

“It was a judicious blend of both local and foreign buying, but was confined to selected counters,” analyst Faisal A. Abbas said, adding “however, it has a positive impact on other blue chips also”.

The index has been successfully sustaining gains above the 12,000-mark after the predictions by a foreign agency that it can hit an elusive target of 14,000 during the current calendar year.

The 100-share index quoted higher by 134.51 points or 1.10 per cent on Monday, while the free float 30-share index was up by 226.13 points at 15,390.36 points.

Cement shares were in the forefront of the most actives followed by reports that India, which needs 20 million tons of cement to meet domestic shortages, has allowed import from Pakistan. Banks followed them on strong foreign buying and so did oil shares.

Analysts at a leading research house said cumulative foreign portfolio investment amounts to 10 per cent of the free-float market capital of about $60bn and as the SCRA (Special Convertible Rupee Account) figures are rising each month foreign buying is gaining in stature at the same pace.

“There could be technical corrections here and there, but the higher corporate earnings and payouts including bonus shares reflect that the new target may not that far,” analyst Ahsan Mehnati believes.

But some others said future direction of the market would be finally set by the happenings on the political front, notably the judicial crisis as its negative fallout on stock trading could be enormous. “Liquidity problems are there as CFS is stuck up around its ceiling and nts to an imminent sell-off”.

Heavy speculative buying in cement shares featured the trading where other leading shares also maintained their upward drive. The perception that leading among them offer higher capital gains at the current levels.

Bank shares followed them on reports of higher profits and strong foreign interest in some of the leading banks and both the sectors pushed the index further higher, floor brokers said.

Among the leading gainers Attock Petroleum and Siemens Pakistan were leading, up by Rs17 and Rs58.70, followed by Arif Habib Ltd, Arif Habib Securities, Thal Jute, Adamjee Insurance, Mirpurkhas Sugar, Al-Ghazi Tractors, HinoPak Motors, Engro Chemical, Sitara Chemical, Package, Merit Packaging, Zulfiqar Industries and Grays of Cambridge, which posted gains ranging from Rs5 to Rs14.05.

Prominent losers were led by IGI Insurance and Sanofi-Aventis, off Rs9.55 and Rs11 respectively. Indus Motors, Pak-Suzuki Motors, Atlas Honda, Ferozsons Lab and Colgate Pakistan suffered fall ranging from Rs5 to Rs6.80.

Trading volume rose to 350m shares from the previous 296m shares as gainers held a comfortable lead over the losers at 184 to 160, with 38 shares holding on to the last levels.

Fauji Cement topped the list of actives, up by 55 paisa at Rs20.20 on 34m shares followed by Fauji Fertiliser Bin Qasim, steady by 35 paisa at Rs35.30 on 28m shares, Bank of Punjab, higher by Rs3 at Rs108.50 on 26m shares, D.G. Khan Cement, up by Rs3.50 at Rs101.70 on 25m shares and Lucky Cement, firm by 85 paisa at Rs104.35 on 18m shares.

They were followed by National Bank, up by Rs1.60 on 12m shares, WorldCall Telecom, up by 65 paisa on 17m shares and TRG Pakistan, firm by 25 paisa at Rs12 on 12m shares.

FORWARD COUNTER: Lucky Cement topped the list of actives, up by 80 paisa at Rs105.10 on 7m shares followed by Bank of Punjab, higher by Rs2.98 at Rs109 also on 7m shares and Bank Alfalah, up by Rs2.82 at Rs59.25 also on 7m shares.

D.G. Khan Cement followed them, higher by Rs3.30 at Rs102.30 on 6m shares and Fuaji Fertiliser Bin Qasim, up by Rs1.01 at Rs35.45 on 5m shares.

DEFAULTER COS: Nimir Chemical came in for strong support and was quoted higher by 55 paisa at Rs3.75 on a large volume of 6.36m shares followed by Norrie Textiles, unchanged at Rs3 on 0.609m shares and S.S. Oil, higher by Re1 at Rs8.35 on 0.313m shares.

Quice Foods was among other actives, up by 70 paisa at Rs4.70 on 0.202m shares and Zeal-Pak Cement, steady five paisa at Rs5.30 on 0.152m shares.

DIVIDEND: Siemens Pakistan, cash interim at the rate of 300 per cent and Azgard Nine, cash 11 per cent.