June 30, 2007	Saturday	Jamadi-us-Sani 14, 1428

KARACHI, June 29: The KSE 100-share index on Friday briefly broke through the barrier of 13,800 but finished the weekend session below it on late-selling, indicating that it could take a breather after having hit its next target of 14,000 points.

It was a credible performance at the weekend session, which generally attracts profit-selling by the punters and reflects that both the local institutional traders and foreign buyers are not deterred by negative news from the political front, analysts said.

Stocks closed the last session of the fiscal year 2007 on a firm note as judicious blend of both local and foreign buying absorbed the negative fallout of adverse developments both on the corporate and political fronts.

But weekend selling at the fag-end of the afternoon session slowed down the market’s early run-up and some of the leading shares finished with clipped gains, however the underlying sentiment remained uppishly inclined thanks to active support at the dips.

The KSE 100-share index ended with a fresh modest rise of 44.51 points at 13,772.46 as compared to 13,727.95 a day earlier as leading base shares tended further higher.

The FY 2007, ends on June 30, was an eventful year in the trading history of the KSE as both the KSE 100-share index and the market capital set all-time high record at 13,728.00 and Rs4,004bn ($70bn) respectively.

“Although news in the backdrop of judicial crisis and political polarisation are not that supporting, investors seem to have decided to go by the market fundamentals in the new fiscal and not to be overawed by the external factors,” analysts said.

They said interim corporate earnings reports from all the leading sectors were on the higher side and may keep investors in a positive mood in the coming weeks also.

But leading among them were worried over the delay in bidding of Pakistan State Oil (PSO), which analysts said, could give a massive boost to the share business.

Nestle Pakistan and Lakson Tobacco topped the list of gainers, up by Rs45 and Rs25 followed by Javed Omer, Sapphire Fibres, Pakistan Resource Co, Gatron Industries, Excide Pakistan, Atlas Battery, Siemens Pakistan, Pakistan Services, Bata Pakistan, Attock Petroleum, and JS & Co, which posted gains ranging from Rs7.80 to Rs24.65.

Pakistan Oilfields and National Refinery, off Rs8 and Rs7. Central Insurance, Mirpurkhas Sugar, Pakistan Packages, Clover Pakistan, Tri-Pack Films, Thal Jute and Ferozsons Lab followed them, off by Rs4.90 to Rs6.75.

Trading volume was maintained on the higher side at 448m shares as compared to previous 430m shares as gainers topped losers by 183 to 168, with 39 shares holding on to the last levels.

Bank Alfalah topped the list of actives, higher by Rs2.95 at Rs65.10 on 42m shares, TRG Pakistan, firm by Re1 at Rs16.40 on 33m shares and Bank of Punjab, up by Rs2.60 at Rs116.50 on 29m shares.

PTCL, firm by 80 paisa at Rs57 on 29m shares, Lucky Cement, steady by 85 paisa at Rs137.75 on 23m shares, Askari Bank, up by 95 paisa at Rs105.90 on 19m shares and Dewan Cement, higher by 70 paisa at Rs17.35 on 15m shares.

Other actives were led by Telecard, up by Re1 on 14m shares, WorldCall Telecom, lower 35 paisa also on 14m shares and Fauji Cement, off 50 paisa at Rs19.70 on 11m shares.

FORWARD COUNTER: Bank Alfalah was also actively traded on the cleared list and was marked up by Rs3.12 at Rs65.80 on 11m shares followed by Bank of Punjab, higher by Rs2.20 at Rs117.20 on 8m shares and Lucky Cement, up by Re1 at Rs138.62 also on 8m shares.

OGDC followed them, off 60 paisa at Rs119.70 on 5m shares and Bank Alfalah, June contract, higher by Rs2.79 at Rs65 on 5m shares.

DEFAULTER COS: Nimir Chemical came in for strong support apparently on market talk of management change and was quoted higher by 30 paisa at Rs4.50 on large turnover of 3.557m shares followed by Japan Power, unchanged at Rs6 on 0.976m shares and Crescent Fibres, up by 20 paisa at Rs15.55 on 0.416m shares.

Norrie Textiles followed them, lower five paisa at Rs2.65 on 0.273m shares followed by Shakarganj Foods, off 45 paisa at Rs15.45 on 0.167m shares and Mukhtar Textiles, lower 25 paisa at Rs2.90 on 0.134m shares.