July 04, 2007	Wednesday	Jamadi-us-Sani 18, 1428

KARACHI, July 3: The Lal Masjid operation on Tuesday intercepted the market’s recent upward drive as investors indulged in panic selling after reports of firing both from the seminary and the law enforcement agencies and the resultant casualties reached the market. The KSE 100-share index reacted to close lower by 120 points at 13,809.85.

As a result, the KSE 100-share index failed to break through the barrier of 14,000 points and missed it only by six points on selling triggered by reports of Lal Masjid operation.

The opening was, however, fairly promising as it early rose to 13,994.16, only six points short of the target and steadily fell to hit the session’s low of 13,772.08 after the news of Lal Masjid operation reached the market.

The finish was fairly better on late session buying on the blue chip counters and it finally ended with trimmed loss of 119.85 points at 13,809.85 points.

Lal Masjid is a religious institution in Islamabad, which conducts courses in sharia and religion for both the male and female students and its leaders are said to be chief exponents of enforcement of Islamic laws in Pakistan.

Analysts said reports - that about three dozen male and female students were injured after the students have also taken positions inside the Masjid and fired back on the law enforcement agencies - created panic like conditions on the share market followed by hasty selling.

They said the market could take another couple of days to fully cope with the new psychological depressant after the number of casualties is known by tomorrow.

All the leading base shares fell across the board. These include Lucky Cement, D.G. Khan Cement, Hub-Power, Bank Alfalah and some others.

But low-priced shares, which has been in strong demand on reports of higher earnings were, however, maintained their upward drive and ended with fresh gains.

TRG Pakistan, Bosicor Pakistan, Nimir Chemicals and some others, managed to finish with fresh gains and so did the overvalued Arif Habib Securities, Nishat Mills, and Hub-Power.

Sanofi-Aventis, Pakistan Resource Co, Sapphire Fibres, Pakistan Tobacco, National Refinery, Pakistan Refinery, Shell Gas, Exide Pakistan, were leading among the gainers, which posted gains ranging from Rs8 to 16.50.

Siemens Pakistan and Wyeth Pakistan topped the losers, off Rs59 and 24.10 followed by Adamjee Insurance, IGI Insurance, Thal Jute, HinoPak, Javed Omer and Treet Corporation, which fell by Rs8 to 16.55.

Trading volume was maintained on the higher side at 412m shares as compared to 410m shares a day earlier as losers forced a strong lead over the gainers at 239 to 129, with 29 shares holding on to the last levels.

TRG Pakistan led the list of actives, up by 30 paisa at Rs17.70 on 53m shares followed by Bosicor Pakistan, firm by 95 paisa at Rs19.20 on 23m shares, Arif Habib Securities higher by Rs5.05 at Rs121.50 on 16m shares, Nimir Chemicals, steady by 10 paisa at Rs5.60 on 15m shares, Pak PTA, lower 35 paisa at Rs6.15 on 14m shares, Lucky Cement, easy 50 paisa at Rs138 also on 14m shares, and D.G. Khan Cement, lower 50 paisa at Rs116.60 on 13m shares.

Other actives were led by Nishat Mills, higher by Rs2.80 on 12m shares, Bank Alfalah, off Rs1.95 on 12m shares and Hub-Power, steady by 20 paisa on 11m shares.

DEFAULTER COS: Lucky Cement topped the list of actives on the cleared list, lower by 40 paisa at Rs139 on 8m shares, followed by Bank Alfalah, off Rs2.10 at Rs60.45 on 6m shares, and Telecard, lower by Rs75 paisa at Rs13.45 on 5m shares.

D.G.Khan Cement, followed them, lower by 70 paisa at Rs117.30 on 4m shares and Maple Leaf Cement, easy by 25 paisa at Rs24.70 on 3m shares.

DEFAULTER COS: Japan Power again came in for strong buying amid market talk of management change and was quoted higher by 50 paisa at Rs7.50 on 8.792m shares followed by Nimir Chemical, up 10 paisa at Rs5.60 on 14.975m shares and Zeal Pak Cement, lower 25 paisa at Rs5.35 on 0.339m shares.

Norrie Textiles, Mukhtar Textiles and Asset Bank were also actively traded under the lead of Norrie Textiles, up 10 paisa at Rs2.75 on 0.299m shares followed by Asset Bank, higher by 30 paisa at Rs5 on 0.154m shares and Mukhtar Textiles, lower 10 paisa at Rs2.95 on 0.150m shares.