May 03, 2007	Thursday	Rabi-us-Sani 15, 1428

KARACHI, May 2: The KSE 100-share index on Wednesday stayed well above its newly established career best level after having narrowly missed its intra-day peak of 12,500 points and analysts said it is poised to set new all-time record in the coming sessions.

The upward drive was sustained on strong foreign buying in leading oil and bank shares amid reports of higher profits and handsome payouts.

After early hitting its new intra-day peak level of 12,493.82, only six points short of the 12,500 level, the KSE 100-share index finished at its new career best level of 12,433.22 as compared 12,369.70 on Monday, up 63.52 points.

Massive speculative foreign buying in oil shares after reports that British Petroleum will also bid for the controlling shares of Pakistan State Oil (PSO) pushed the index early higher by 124 points but incidentally the level of 12,500 could not be hit owing to mid-session selling in the cement shares.

Opinions are divided over the future direction of the index. Some say it could stabilise below the 12,500 level as the market is in an overbought position, while some others claim it is heading to set new single session record.

“If the CFS issue is resolved and its limit is raised from the current Rs55bn already hit, the index could touch rumoured level of 14,000 points,” a leading analyst Hasnain Asghar Ali said.

Strong presence of foreign fund buying, higher corporate results by most of the leading companies and perceptions associated with the PSO sell-off after the entry of the British Petroleum in the battle of giants seems to have changed the entire share business outlook, another analyst Ashraf Zakaria said.

Although technical correction is overdue but indications are that the market is poised to maintain its current upward drive irrespective of fall in the regional market owing to political crisis in Turkey, some others said.

Siemens Pakistan, which announced an interim dividend of 300 per cent, posted a fresh sharp rise of Rs61.65 followed by Colgate Pakistan, and Wyeth Pakistan, higher both by Rs20. Other good gainers were led by Murree Brewery, Sitara Chemicals, Arif Habib Ltd, MCB, Fazal Textiles, PSO, HinoPak Motors and Pakistan Oilfields, which posted gains ranging from Rs5.15 to 16.60.

Unilever Pakistan and Treet Corporation were leading among the losers, off Rs10 each followed by Shaheen Insurance, Pakistan Resource Insurance, Attock Petroleum, Pakistan Hotels, National Refinery, Atlas Honda, Honda Atlas, and Singer Pakistan, off by Rs3 to 5.Trading volume was maintained on the higher side at 369m shares as compared to previous 350m shares as gainers maintained a fair lead over the losers at 179 to 152, with 45 shares holding on to the last levels.

PTCL despite third quarter after-tax fall of Rs9 million in profits at Rs11.869bn, EPS at Rs2.33 came in for active support on the perception that it will reduce call rates after fibre link between Pakistan and India will be operational by May 3, topped the list of actives, up 65 paisa at Rs51.90 on 24m shares.

Other actives were led by Bank AlFalah, steady by 50 paisa at Rs59.80 on 24m shares followed by Bank of Punjab, lower 30 paisa at Rs108.20 on 23m shares, D.G.Khan Cement, off Rs2.10 at Rs99.60 on 22m shares, National Bank, up 50 paisa at Rs249.35 on 21m shares, OGDC, higher by 80 paisa at Rs123.75 also on 21m shares, Fauji Cement, lower 40 paisa at Rs19.80 on 18m shares.

Other actives were led by Fauji Fertiliser Bin Qasim, lower 40 paisa on 18m shares, Pakistan Oilfields, sharply higher by Rs16.60 on 17m shares and Lucky Cement, easy 35 paisa on 15m shares.

FORWARD COUNTER: Bank AlFalah, led the list of actives on the cleared list, up by 85 paisa at Rs60.10 on 7m shares followed by D.G.Khan Cement, off Rs1.95 at Rs100.35 on 6m shares and National Bank, steady by 10 paisa at Rs250.50 also on 6m shares.

Pakistan Oilfields, sharply higher by Rs16.80 at Rs354.70 on 6m shares and Lucky Cement, off 45 paisa at Rs104.65 on 5m shares.

DEFAULTER COS: Nimir Chemical led the list of actives, steady by five paisa at Rs3.80 on 2.855m shares followed by Norrie Textiles, lower 15 paisa at Rs2.85 on 0.716m shares, S.S.Oils, higher by one rupee at Rs9.35 on 0.405m shares and Zeal Pak Cement, unchanged at Rs5.30 on 0.212m shares. Quice Foods followed them, off 30 paisa at Rs7 on 0.147m shares.

DIVIDEND: Netsol Technologies, bonus shares at the rate of 15 per cent, D.S.Industries, cash 10 per cent and IGI Insurance, right shares 700 per cent.