KARACHI, May 11: Despite prevailing tension ahead of Saturday’s rallies, stocks on Friday managed to finish modestly higher on active short-covering on some blue chip counters. The KSE 100-share index was up 21 points at 12,367.62.
Bulk of the support originated from some of the leading financial institutions but it failed to evoke sympathetic support from the bargain-hunters and speculators who were not inclined to take even the calculated risks.
Trading activity therefore was relatively slow as investors were in no mood to make bigger commitments owing to prevailing tension ahead of Saturday’s rallies planned by ruling and opposition parties and lawyer organisations.
The KSE 100-share index, however, managed to finish modestly higher by 20.73 points at 12,367.62 as compared to 12,346.89 a day earlier as some of the leading base shares ended higher under the lead of Bank of Punjab, Nishat Mills, Pakistan Oilfields and Hub-Power.
Stray support was, however, evident on selected counters but it was too feeble to evoke sympathetic buying on the other low-priced shares having potential of capital gains.
The lawyers and opposition parties have announced public rallies to welcome the Chief Justice of Pakistan on his maiden visit after the judicial crisis, while MQM has also announced a big rally on the same day and as the routes of the both rallies are same analysts fear violence. Taking into account the size of the rallies followed by massive drive, they fear, it may not be possible to control the participants not to indulge in violence on slight provocation from the either side.
“The general perception is that the city will virtually remain shut for business as the MQM participants from the interior will start arriving well before the scheduled time on the M.A. Jinnah Road,” some brokers said.
“The talk of martial law seems to have further added to the prevailing confusion and investors could not precisely decide how to behave but vowed to resume normal trading if goes all well on Saturday,” they added.
They said financial institutions tried to normalise trading conditions but the absence of foreign buyers who generally get scare in the local tensions did not allow the market to perform properly.
Shell Pakistan and Siemens Pakistan were leading among the gainers, up by Rs19.30 and Rs70, followed by Attock Refinery, EFU General, Pakistan Resources Co, Pakistan Tobacco, Attock Petroleum, Pakistan Oilfields, Sanofi-Aventis, Colgate Pakistan, Indus Motors, HinoPak, BOC Pakistan, J.S. Global and Packages, which posted gains ranging from Rs5 to Rs12.25. Murree Brewery and Pakistan Refinery fell by Rs5.80 and Rs6.90. Other losers were led by Habib-Metropolitan Bank, Askari Insurance, EFU Life, Lakson Tobacco, International Industries, Service Industries, Pakistan Hotels, off by Rs3.10 to Rs5.
Trading volume further fell to 220m shares from the previous 252m shares but gainers held a modest lead over the losers at 166 to 140, with 44 shares holding on to the last levels.
Fauji Fertiliser Bin Qasim topped the list of actives, up by Rs1.55 at Rs36.35 on 32m shares, followed by Bank of Punjab, higher by Rs1.20 at Rs105 on 11m shares, OGDC, easy by 30 paisa at Rs118.85 also on 11m shares, Nishat Mills, up Re1 at Rs129 on 10m shares, PICIC, up by Rs2.20 at Rs69.95 also on 10m shares, Arif Habib Securities, higher by Rs4 at Rs300 on 8m shares and Pakistan Oilfields, up by Rs5.05 at Rs341.60 on 7m shares.
Other actives were led by JS Bank, up by 55 paisa on 10m shares, D.G. Khan Cement, lower 70 paisa at Rs101 on 8m shares and Hub-Power, up by 30 paisa on 6m shares.
FORWARD COUNTER: Fauji Fertiliser Bin Qasim also led the list on the cleared list and was marked up by Rs1.15 at Rs36.15 on 8m shares, followed by Nishat Mills, higher by Rs2.25 at Rs128.15 on 4m shares and Pakistan Oilfields, higher by Rs4.10 at Rs342.10 on 3m shares.
Other actives were led by OGDC, steady five paisa at Rs119.60 on 3m shares and National Bank, lower by 80 paisa at Rs241.80 also on 3m shares.
DEFAULTER COS: S.S. Oils again came in for active support and was quoted higher by Re1 at Rs13 on 0.431m shares followed by Nimir Chemicals, unchanged at Rs3.35 on 0.311m shares and Norrie Textiles, up five paisa at Rs2.65 on 0.215m shares.
Quice Foods and Japan Power were also actively traded. While the former rose by 25 paisa at Rs5.15 on 0.151m shares the latter fell by 20 paisa at Rs4 on 0.132m shares.
