August 04, 2007	Saturday	Rajab 19, 1428

KARACHI, Aug 3: Stocks on Friday suffered modest pruning as jobbers and weakholders took profits at the higher levels amid light trading but some of the second-liners gave a credible performance.

The weekend session, however, ended without any significant change in the bullish investor psychology signaling that a good part of buying orders has been carried over to the next trading week.

The KSE 100-share index posted a modest fall of 7.36 points at 13,763.16 as compared to 13,770.52 a day earlier as leading base shares mostly ended with fractional fall. It hit the session’s high and low at 13,852.68 and 13,735.62 respectively.

But the free float 30-share index on the other hand finished with a gain of 7.55 at 16,567.00 as some of the industrial shares rose modestly.

“The dividend-aided rally is expected to manifest itself in a big way after the huge amounts (over Rs20bn) tied to the Habib Bank share float last week again found their way into the share market,” analyst Ahsan Mehanti said, adding “the index then would regain its lost glory above the level of 14,000 points.

Hasnain Asghar Ali predicts that the revival of foreign buying on selected counter after a brief interruption owing to law and order situation reflects the sailing could be more smooth by the next week as by that time some of the leading companies will announce their interim or full year results and dividend.

The bulk of the support, however, again remained confined to some of the second-liners, notably those which have the potential of capital gains as well as dividend, Fauji Cement, Pakistan Cement and D.G. Khan Cement were leading among them.

About half a dozen cement shares have assumed the role of market trend setters since the Indian government allowed imports of cement from short-listed Pakistani producers and analysts said some of them could come out with higher financial results for the year ended June 30, 2007.

Leading gainers were led by Siemens Pakistan and JS & Co, up by Rs25 and Rs42.30, Javed Omer, EFU General, EFU Life, Lakson Tobacco, Exide Pakistan, Pakistan Resource Co, IGI Insurance, Unilever Pakistan and Colgate Pakistan, which posted gains ranging from Rs7.15 to Rs24.35.

Prominent losers included Gillette Pakistan and Central Insurance, off Rs7.50 and Rs9.80 respectively. Other losers included Gatron Industries, Sazgar Engineering, Mitchell’s Fruits, Packages, Shell Pakistan and Gillette Pakistan, off Rs4.40 to Rs7.50.

Trading volume fell to 229m shares from the previous 273m shares as losers held a modest lead over the gainers at 155 to 146, with 29 shares holding on to the last levels.

The most active list was topped by Bosicor Pakistan, steady by 40 paisa at Rs21.30 on 30m shares followed by Fauji Fertiliser Bin Qasim, up by 95 paisa at Rs47.50 on 23m shares, Fauji Cement, firm by five paisa at Rs22.50 on 14m shares, Japan Power, steady by 20 paisa at Rs9.20 on 8m shares, National Bank, off Rs2.05 at Rs256.90 on 7m shares, Zeal-Pak Cement, up by Re1 at Rs6.95 on 7m shares, Engro Chemical, higher by Rs2.60 at Rs254 also on 7m shares and Adamjee Insurance, up by Rs1.25 at Rs319 on 6m shares.

Lucky Cement followed them, off Rs1.90 at Rs126.50 on 6m shares and Javed Omer, higher by Rs10.35 at Rs281.30 on 7m shares.

FORWARD COUNTER: Habib Bank came in for active selling at the higher level and was quoted lower by Rs17 at Rs323.15 on 12m shares followed by Fauji Fertiliser Bin Qasim, firm by 70 paisa at Rs47.20 on 7m shares and Lucky Cement, off Rs2 at Rs127.20 on 5m shares.

National Bank followed them, off Rs1.85 at Rs258.65 on 4m shares and Engro Chemical, higher by Rs2 at Rs253.50 on 3m shares.

DEFAULTER COS: Japan Power and Zeal Pak Cement came in for strong support amid market talk of management change and were quoted higher by 20 paisa and Re1 at Rs9.20 and Rs6.95 on 8.436m and 7.203m shares respectively.

Nimir Chemical followed them, higher by 25 paisa at Rs4.70 on 2.900m shares followed by Norrie Textiles and Mukhtar Textiles, up by 15 paisa each at Rs2.50 and Rs2.35 on 0.247m and 0.292m shares.

DIVIDEND: Balanced Fund, cash final 10.5 per cent and Kohinoor Industries, interim bonus shares at the rate of five per cent.