KARACHI, Sept 13: Stocks on Thursday maintained their recovery drive boosted by heavy buying in the leading oil shares followed by reports of new oil and gas finds and steep increase in international oil prices.
Analysts said from Friday the proverbial sluggishness associated with the holy month of Ramazan may overshadow the daily proceedings.
The KSE 100-share index posted a fresh good gain of 80 points and analysts predicted it was steadily inching up to its near-term target of 13,000 points on the strength of leading oil shares.
After hitting the session’s high of 12,890.44, it partially reacted from the peak level and finished at 12,863.88, up 79.88 points. The free float 30-share index on the other hand posted a gain of 53.56 points at 15,637.25.
“The sustained run-up was supported by the leading oil shares on reports of new oil and gas finds,” said analyst Hasnain Asghar Ali, adding “the fresh rise in international prices was an aiding positive factor”.
Pakistan Petroleum and Pakistan Oilfields, the chief new oil finders, followed by Attock Refinery and some other oil shares led the market advance, finishing with smart gains, he said.
“I presume the presence of strong foreign buying in them and for good reasons too,” another analyst Ahsan Mehanti said, adding “their lower levels could be attractive bait for any prospective investors”.
Ashraf Zakaria believes political uncertainty notwithstanding, the growth factor in the backdrop of current rate of dividend and bonus shares could play wonders with the share business as no one is inclined
to miss the rising market.
Oil, cement and bank shares at the current levels ensure handsome capital gains if there is no political turmoil, he added.
Colgate Pakistan and Wyeth Pakistan were leading among the gainers, up by Rs20 and Rs35. Other good gainers were led by JSGlobal, Pakistan Resource Co, Thal Jute, Shell Pakistan, Mari Gas, Pakistan Oilfields, Pakistan Petroleum, Pakistan Engineering, Sanofi-Aventis, Sitara Chemicals, Packages, Noon Pakistan and National Foods, which posted gains ranging from Rs8 to Rs14.20.
Losses on the other hand were mostly fractional barring Unilever and Nestle Pakistan, off by Rs10 and Rs15 followed by JS & Co, Mehmood Textiles, Lakson Tobacco, International Industries and Millat Tractors, off by Rs3 to Rs6.90.
Trading volume further rose to 291m shares from the previous 253m shares as gainers held a comfortable lead over the losers at 188 to 131, with 33 shares holding on to the last levels.
D.G. Khan Cement led the list of actives, up by Rs2.40 at R109.75 on 24m shares followed by Arif Habib Securities, higher by Rs4.30 at Rs132.75 on 20m shares and OGDC, steady by 20 paisa at Rs114.60 on 18m shares.
Pakistan Oilfields, sharply higher by Rs9.85 at Rs312.25 on 15m shares, Pakistan Petroleum, up by Rs8 at Rs255.75 also on 15m shares, Lucky Cement, off Rs1.45 at Rs127.75 on 14m shares and National Bank, firm by 40 paisa at Rs237.90 on 8m shares.
Other actives were led by TRG Pakistan, lower 50 paisa on 15m shares, Attock Refinery, higher by Rs7.90 on 10m shares and Bosicor Pakistan, easy by 30 paisa also on 10m shares.
FORWARD COUNTER: D.G. Khan also led the list of actives on the cleared list and was marked up by Rs2.65 at Rs109.90 on 9m shares followed by Lucky Cement, off Rs1.20 at Rs127.55 on 8m shares and OGDC, steady by 25 paisa at Rs111.75 also on 8m shares.
MCB followed them, off Rs1.90 at Rs327.35 on 5m shares and Pakistan Oilfields, higher by Rs9.50 at Rs312.50 also on 5m shares.
DEFAULTER COMPANIES: Norrie Textiles led the list of actives on the cleared list, higher by 85 paisa at Rs2.65 on 2.453m shares followed by Japan Power, lower 10 paisa at Rs10.50 on 0.609m shares, Pangrio Sugar, up by 25 paisa at Rs6.70 on 0.530m shares and Nimir Chemicals, easy 10 paisa at Rs3.90 on 0.410m shares.
DIVIDEND: Standard Chartered Modaraba, cash 15 per cent and bonus shares five per cent, Pak Datacom, cash 30 per cent, Artistic Denim, bonus shares 20 per cent, KASB Bank, right shares 36 per cent, Security Leasing (preference), 9.1 per cent, Security Leasing, Fecto Cement and Ishaq Textiles, nil.
