June 27, 2007	Wednesday	Jamadi-us-Sani 11, 1428

KARACHI, June 26: Stocks on Tuesday finished with an extended gain on active follow-up support as the market witnessed a major shift in the investor buying strategy apparently to minimise financial risks and realise quick gains.

The prevailing political situation has forced leading investors and punters to move to low-risk scrips from the over-valued counters and that is perhaps why blue chips and market trend-setters were relegated to the secondary position, analysts said.

The KSE 100-share index, however, posted a fresh modest rise of 30.69 points at 13,571.14 points as compared to 13,540.45 a day earlier as leading base shares tended further higher on active follow-up support.

“The market appears to be in a consolidation mood and is creeping cautiously to its next target of 14,000,” said an analyst, adding “the positive impact of United Bank GDR is absorbed to a certain extent and now it is awaiting the bidding date of PSO”.

Trading volume sharp increase at 364m shares from the previous 286m shares as gainers held a comfortable lead over the losers at 179 to 161, with 43 shares holding on to the last levels.

Floor brokers said bulk of the support again remained around the low-priced shares, having potential of capital gains as a section of leading investors was not inclined to go for overvalued shares on the bank, oil and cement sectors. TRG Pakistan and Maple Leaf Cement were notable among them, which maintained their sustained run-up.

However, instances of year-end buying or portfolio adjustments were not many owing partly to rollover week for the matured June settlements, they said, adding “in normal trading conditions during the previous years a lot of activity is witnessed at the end of fiscal year”.

But some others said foreign investors were not that active as they had been during the last couple of weeks owing perhaps to negative fallout of the political developments and their return to the market could trigger fresh price flare-up.

Leading gainers were led by Siemens Pakistan and Wyeth Pakistan, up by Rs78 and Rs89. Other good gainers included Central Insurance, Javed Omer, Gatron Industries, Excide Pakistan, Ferozsons, Cherat Papers, Sanofi-Aventis, Fazal Textiles, Treet Corporation, Pakistan Services and JS & Co, which posted gains ranging from Rs7.20 to Rs22.55.

National Refinery and Unilever Pakistan fell by Rs8.90 and Rs30 respectively followed by Atlas Insurance, Shahtaj Sugar, Dawood Hercules, Packages, Merit Packaging and Atlas Honda, off by Rs3 to Rs8.15.

Among the actively traded shares, NIB (right shares) was leading, up by Re1 at Rs8.50 on 36m shares followed by Lucky Cement sharply higher by Rs3.15 at Rs137.10 on 33m shares, D.G. Khan Cement, lower 95 paisa at Rs118.60 on 21m shares, TRG Pakistan, steady 35 paisa at Rs13.80 on 25m shares, Maple Leaf Cement, higher by Rs1.20 at Rs25.30 on 21m shares and Bank Alfalah, higher by Rs1.95 at Rs57.45 on 14m shares.

Other actives were led by Askari Bank, up by 90 paisa on 12m shares, Fauji Fertiliser Bin Qasim, steady by 10 paisa on 11m shares and Bosicor Pakistan, up by 45 paisa on 10m shares.

FORWARD COUNTER: Lucky Cement led the list of actives on the cleared list, up by Rs2.95 at Rs136.95 on 12m shares followed by its July contracts, higher by Rs2.60 at Rs137.40 on 7m shares and D.G. Khan Cement, off 81 paisa at Rs119 on 5m shares.

Maple Leaf Cement was quoted higher by Rs1.20 at Rs25.20 on 4m shares and OGDC, unchanged at Rs120.25 also on 4m shares.

DEFAULTER COS: Crescent Standard Modaraba led the list of actives on this counter, up by 35 paisa at Rs1.95 on 0.868m shares followed by Nimir Chemical, steady by 10 paisa at Rs4 on 0.800m shares and Norrie Textiles, easy five paisa at Rs2.70 on 0.646m shares.

Other actives were led by Crescent Fibres, up by Re1 at Rs13.45 on 0.412m shares, Japan Power, easy five paisa at Rs5.40 on 0.328m shares and Saitex Textiles, lower 15 paisa at Rs75 paisa on 0.309m shares.