August 11, 2007	Saturday	Rajab 26, 1428

KARACHI, Aug 10: Stocks on Friday failed to sustain the early run-up aided by official denial about the imposition of emergency as a section of leading investors indulged in weekend selling but larger fall was averted owing to presence of support at the dips.

The KSE 100-share index followed the lead of the broader market and after having risen by 200 points at 13,359.41 in early trading, finally closed with a fresh fall of 166.45 points or 1.26 per cent at 13,012.96 points as compared to 13,179.41 a day earlier.

The market capital shed another Rs40bn at Rs3,814bn, the total during the last two sessions being Rs155 billion.

The small savers were said to be at the receiving end and suffered massive losses, more than a half of the total, floor brokers said.

Leading base shares, notably OGDC, MCB, Bank of Punjab and some others were leading among the losers contributing significantly to index decline.

The KSE 30-share index also suffered a fall of 240.70 points at 15,608.01 as compared to 15,848.71 a day earlier.

What seemed to have deterred investors to make heavy covering purchases at the attractively low levels was the prime minister’s statement that the imposition of emergency had been deferred and could be imposed depending on the future political situation, said a leading broker.

However, there was no trace of the panic witnessed a day earlier, although investors played safe and did not take undue risk apparently awaiting more developments on the political front, he added.

“The big question being debated by the leading investors is that how will foreign fund behave in the coming weeks if the political uncertainty further intensified,” said an analyst, adding “whether or not would sustain their exit”.

He said news from the corporate front were more than healthy and could aid the market to sustain any corporate run-up but indications were that the future market trend would be set by the political factors.

Siemens Pakistan and EFU Life Insurance were leading among the losers, off by Rs45 and Rs19.95 respectively. They were followed by Arif Habib Ltd, Javed Omer, MCB, Adamjee Insurance, EFU General and EFU Life, Attock Petroleum and HinoPak, which suffered fall ranging from Rs10 to Rs19.95. There were several other losers also.

Fazal Textiles and Pakistan Resource Company were leading among the gainers, up by Rs15 and Rs12.75. Others which also rose included JS Global, International Industries, Indus Motors, Sitara Chemicals, Nestle Pakistan, Ferozsons Lab and Shezan International, up by Rs5 to Rs11.15.

Trading volume fell to 263m shares from the previous 263m shares as losers held a lead over the gainers at 144 to 125, with 25 shares holding on to the last levels.

OGDC topped the list of most actives, off Rs1.75 at Rs116.25 on 14m shares followed by Askari Bank, lower by 55 paisa at Rs96.60 on 12m shares and Arif Habib Securities, up by 90 paisa at Rs127.90 on 11m shares.

Bank of Punjab, lower Rs4.65 at Rs96.75 on 8m shares, MCB, off Rs10 at Rs299.25 on 6m shares, Fauji Fertiliser Bin Qasim, off 85 paisa at Rs43.30 on 7m shares and Pakistan Petroleum, higher by Rs3.10 at Rs251.50 on 8m shares.

Other actives were led by TRG Pakistan, easy 15 paisa on 10m shares, Bosicor Pakistan, lower 15 paisa on 7m shares and Fauji Cement, off 70 paisa on 6m shares.

FORWARD COUNTER: Lucky Cement came in for fresh active selling and was quoted sharply lower by Rs5.95 at Rs113.70 on 6m shares followed by MCB, off by Rs10.90 at Rs300.50 also on 6m shares and National Bank, lower by Rs2.75 at Rs245.25 on 5m shares.

Bank of Punjab followed them, lower by Rs5.10 at Rs97.20 on 4m shares and D.G. Khan Cement, lower by Rs5.05 at Rs102.20 also on 4m shares.

DEFAULTER COS: Nimir Chemicals came in for active selling at the overnight higher level and was marked down by 10 paisa at Rs4.05 on 2.656m shares followed by Japan Power, lower by five paisa at Rs9.45 on 1.597m shares and Zeal Pak Cement, up by 15 paisa at Rs9.45 on 0.877m shares.

Unity Modaraba followed them, up by 15 paisa at 70 paisa on 0.203m shares and S.S. Oil, off Re1 at Rs23.25 on 0.147m shares.

DIVIDEND: Pakistan Tobacco, second interim 20 per cent (15 per cent first interim already paid), Al-Meezan Balanced Fund, cash final 16 per cent and Golden Arrow Selected Stocks Fund, cash 15 per cent and bonus shares 10 per cent.