KARACHI, May 23: Stocks on Wednesday extended the overnight run-up as investors covered positions on selected counters under the lead of leading bank, cement and oil shares amid an actively traded session. The KSE 100-share index was up by about 60 points at 12,496.17.
But the price changes were mostly fractional and reflected a tussle between the bulls and bears to tilt the balance in their respective favour.
The notable feature was the return of foreign investors after a pause caused by the May 12 killings and they covered positions on selected counters but did not indulge in speculative support.
After having touched the session’s peak level at 12,528.00, the KSE 100-share index finally finished with a clipped gain of 59.98 points at 12,496.17 as compared to 12,436.19 points a day earlier.
Leading base shares, notably OGDC on reports of fresh oil discovery, MCB and PTCL on foreign buying played a pivotal role in consolidating the overnight gains.
However analysts did not consider the strong revival of foreign buying in PTCL as morale booster behind fresh price flare-up in its share value.
“There are more than one reasons which could be cited behind the current run-up but one thing appears certain that bulk of the portfolio support is linked to higher interim corporate earnings,” analyst Ahsan Mehanti said.
It seems local institutional traders have picked up the thread where the foreign investors had left it and the signs of flexibility shown by the SECP on the CFS Mark-II have further accelerated the pace of recovery, analyst Faisal A. Abbas observed.
However, investors could not precisely decide about the impact of Supreme Court verdict on the judicial crisis in the coming week and some of them are in two minds about the long-term buying strategy.Siemens Pakistan and Nestle Pakistan led the list of major gainers, up by Rs40 and Rs60 followed by Pakistan Oilfields, JS & Co, Fazal Textiles, Al-Ghazi Tractors, Rafhan Bestfoods, Grays of Cambridge, Adamjee Insurance and JS Global, which posted gains ranging from Rs5 to Rs15.40.
Losers were led by Pakistan Tobacco and Bata Pakistan, off Rs5 and Rs10 at Rs127 and Rs240 respectively. Other prominent losers included Millat Tractors, Sitara Chemicals, Unilever Pakistan, Agriautos, Dawood Lawrence, Pak-Suzuki and Pakistan Tobacco, which suffered fall ranging from Rs2.70 to Rs5.
Turnover figure showed a modest rise at 223m shares as compared to 217m shares a day earlier as gainers maintained a fair lead over the losers at 184 to 157, with 43 shares holding on to the last levels.
OGDC led the list of actives, on buying triggered by reports of new oil find, up by 75 paisa at Rs120.85 on 23m shares followed by TRG Pakistan, firm 65 paisa at Rs11.65 on 15m shares, Javed Omer & Co, up by Rs4.20 at Rs119.80 on 11m shares, Lucky Cement, steady by 50 paisa at Rs100.85 on 9m shares and PTCL, up by 55 paisa at Rs51 also on 9m shares.
Bank Alfalah followed them, lower 20 paisa at Rs56.70 on 8m shares and D.G. Khan Cement, up by 85 paisa at Rs97.35 also on 8m shares.
Other actives were led by Fauji Cement, up by 20 paisa on 7m shares, Soneri Bank, higher by Rs5 also on 7m shares and Nishat Mills, higher by 75 paisa on 7m shares.
FOTWARD COUNTER: OGDC was actively traded on both May and June settlements and rose by 57 and 66 paisa at Rs120.82 and Rs120.10 respectively on 4m shares each. MCB followed it, higher by Rs5.14 at Rs322.50 on 3m shares.
But both May and June contracts of PTCL on the other hand showed gains of 54 and 20 paisa at Rs51.05 and Rs51.20 respectively. Others were modestly traded.
DEFAULTER COS: Norrie Textiles, came in for stray support and was marked up by 10 paisa at Rs2.65 on 0.214m shares followed by Japan Power, easy five paisa at Rs4.05 on 0.208m shares and Pangrio Sugar, up by 20 paisa at Rs4.20 on 0.165m shares.
They were followed by Nimir Chemicals, unchanged at Rs3.20 on 0.155m shares and Zeal-Pak Cement, also unchanged at Rs4.85 on 0.123m shares.
