August 18, 2007	Saturday	Sha’aban 4, 1428

KARACHI, Aug 17: Stock market on Friday resisted fresh fall as leading shares came in for active short-covering at the attractively lower levels but finished with clipped gains on late-selling. The KSE 100-share index was off by 10.47 points at 12,698.04.

The opening was fairly promising in the wake of last couple of sessions massive pruning and leading shares started rising steadily on active short-covering, pushing the index to session’s peak level of 12,761.46, ignoring the plunging world markets.

Indications are that the market would be back on the rails after trading resumes on next Monday as institutional traders and bargain-hunters are back in the market and are not inclined to miss an attractive bait of current lower levels.

After early rise, the KSE 100-share index again finished modestly lower by 10.47 points at 12,698.04 points as compared to 12,708.51 points a day earlier as leading base shares fell further under the lead of Bank Alfalah and some others.

But on the other hand the KSE 30-share index rose by 20.77 points at 15,148.22 as leading shares recovered from the previous lows.

No one could deny the fact that the prevailing turmoil on the world bourses amid mounting fears of credit crunch in view of the US housing loan woes did impact the local stock trading forcing leading foreign funds to have an overview of the situation, said Ahsan Mehanti.

“It was natural for them to balance their inventories here to avoid fresh losses,” he said, adding “their unloading in banking, oil and cement shares kept the market in the minus column through out the week”.

“Everyone seems to be awaiting the return of foreign investors whose absence kept local interest in low key restricting to jobbing affairs rather than any large buying or brisk activity,” said Hasnain Asghar Ali.

Dividends over the week were on the higher side, notably 25pc bonus shares by Faysal Bank and Glaxo-SKF Pakistan but they failed to lure investors back in the market at attractively lower levels, he added.

But some others said the prevailing political situation and hearing of some important cases in the Supreme Court was also proving an inhibiting factor for renewed buying as investors were awaiting the court ruling before resuming normal trading.

Leading gainers were led by EFU Life, Attock Petroleum and Siemens Pakistan, which posted gain of Rs16, Rs25.85 and Rs57 respectively. They were followed by Pakistan Resource Co, Attock Refinery, Millat Tractors, ICI Pakistan, MCB and EFU General, up by Rs4.50 to Rs7.50.

Top losers included HinoPak Motors, JS & Co, Javed Omer, Exide Pakistan, Central Insurance, Ferozsons Lab, Shell Pakistan, New Jubilee Insurance and AKD Capital, off by Rs7 to Rs10.

Trading volume showed a fresh modest rise at 196m shares as compared to previous 186m shares but losers held a modest lead over the gainers at 149 to 117, with 41 shares holding on to the last levels.

PTCL topped the list of actives, lower by Rs2.75 at Rs52.65 on 20m shares followed by Bosicor Pakistan, up by 90 paisa at Rs19.10 on 17m shares and TRG Pakistan, lower 75 paisa at Rs11.95 on 12m shares.

National Bank, steady by 15 paisa at Rs230.75 on 10m shares, OGDC, up by 90 paisa at Rs115 on 7m shares and Bank of Punjab, off 70 paisa at Rs89.80 on 6m shares.

Other actives were led by Fauji Fertiliser Bin Qasim, easy 15 paisa on 8m shares, Arif Habib Securities, lower by Rs1.80 on 5m shares and Javed Omer, sharply lower by Rs9.20 on 5m shares.

FORWARD COUNTER: National Bank led the list of actives and steady by 15 paisa at Rs232.15 on 7m shares followed by Lucky Cement, lower by Rs1.15 at Rs106.10, MCB, up by Rs3 at Rs292 on 4m shares.

Bank Alfalah followed them, easy by 55 paisa at Rs49.65 on 4m shares and Lucky Cement (B shares), off Rs1.70 at Rs105.10 also on 4m shares.

DEFAULTER COS: Owing to weekend considerations, the activity on this counter was slow barring Zeal-Pak Cement, up by five paisa at Rs5.55 on 0.524m shares followed by Nimir Chemical, unchanged at Rs3.85 on 0.451m shares.

Unity Modaraba followed them, steady by five paisa at 75 paisa on 0.142m shares, while others were modestly traded.

DIVIDEND: National Refinery, cash 200pc plus bonus shares 20pc, BOC Pakistan, cash interim 30pc and Soneri Bank, bonus shares interim at the rate of 20pc.