September 15, 2007	Saturday	Ramazan 2, 1428

KARACHI, Sept 14: Stocks on Friday took a technical breather as a section of investors indulged in profit-selling at the inflated levels on the oil and cement counters but unlike the previous sessions there were buyers at the dips. The KSE 100-share index shed 84.20 points at 12,779.68.

The market sentiment was, however, a bit shaky in the backdrop of suicide attack on elite force near the capital in which 18 security personnel were killed, and rising militant activity in the tribal areas and conflicting reports about the death toll, analysts said.

But there were no signs of proverbial sluggishness associated with the holy month of Ramazan as was reflected by the higher turnover figure which indicated investors have opted for a bull market.

“Bulls seem to be in no mood to give even a breathing space to the bears and were out to ensure gains of higher corporate announcements including cash dividend and bonus shares within the elite circle,” said an analyst.

Indications are that the market is expected to follow its own guidelines based on potential earning growth rather than the negative political developments.

The KSE 100-share index resumed trading on the higher note despite negative news and rose by 57 points, but on profit-selling from the bargain hunters and speculative traders owing to fears about the law and order situation the index ended with 84.20 points fall at 12,779.68 points as compared to previous 12,863.88 points.

The KSE 30-share index on the other hand shed 199.50 points at 15,437.75.

Pakistan Resource Company and JS Global were leading among the gainers, up by Rs15 and Rs17, followed by IGI Insurance, Sanofi-Aventis, Atlas Honda, Sitara Chemicals, Noon Pakistan and Treet Corporation, which posted gains ranging from Rs7.95 to Rs9.80.

Prominent losers were led by Javed Omer and Adamjee Insurance, off by Rs9.55 and Rs15.65. They were followed by EFU Life, MCB, Arif Habib Ltd, PSO, Pakistan Oilfields, Packages, Clover Pakistan and Packages, which fell by Rs5.15 to Rs9.

Trading volume fell to 193m shares from the previous 291m shares as losers held a lead over the gainers at 166 to 90, with 32 shares holding on to the last levels.

Lucky Cement came in for active selling at the higher levels and fell by Rs5.35 at Rs122.40 on 25m shares followed by Arif Habib Securities, lower by 95 paisa at Rs131.80 on 19m shares and PTCL, up by 25 paisa at Rs50 on 13m shares.

D.G. Khan Cement, off Rs4.25 at Rs105.50 on 8m shares, Bank Alfalah, lower by 35 paisa at Rs47.75 on 7m shares, Attock Refinery, higher by Rs2.50 at Rs191 and Bank of Punjab, steady by 25 paisa at Rs96.25 on 6m shares.

Other actives were led by Fauji Fertiliser Bin Qasim, steady by 10 paisa on 7m shares, Maple leaf Cement, up by also 10 paisa on 6m shares and Fauji Cement, firm by 15 paisa also on 6m shares.

FORWARD COUNTER: Lucky Cement also remained under pressure and quoted further lower by Rs4.70 at Rs122.85 on 15m shares followed by D.G. Khan Cement, off Rs3.85 at Rs106.05 on 6m shares and OGDC, lower by 95 paisa at Rs110.80 on 5m shares.

Maple Leaf Cement followed them, steady by five paisa at Rs22.30 on 3m shares and PTCL, up by 25 paisa at Rs50 also on 3m shares.

DEFAULTER COMPANIES: Norrie Textiles attracted selling at the higher levels and was marked down by 10 paisa at Rs2.55 on 0.610m shares, followed by Japan Power, easy by 10 paisa at Rs10.40 on 0.380m shares and Pangrio Sugar also lower by the same amount at Rs6.70 on 0.236m shares. Nimir Chemical was off by 15 paisa at Rs3.75 on 0.179m shares.

DIVIDEND: Pakistan Paper Products, cash 70 per cent and Haydari Construction, nil.