September 21, 2007	Friday	Ramazan 08, 1428

KARACHI, Sept 20: Stocks on Thursday failed to extend the last two sessions upward drive and ran into profit-selling at the higher levels triggered by reports of fixation presidential election on Oct 6, and some other technical factors relating to Pakistan’s foreign ratings of the economy.

The announcement of date for presidential election by the Election Commission prior to the apex court’s ruling on the petition against dual office of the president could generate political heat as the opposition wants it after the verdict.

Larger decline was, however, resisted owing to the presence of strong support at the dips both on the blue chips and second-liners.

The KSE 100-share index though managed to stay marginally above the coveted level of 13,000 points as some leading base shares posted fresh gains on active follow-up support, but the likely backlash of the political manoeuvring and war of wits between the contenders of power took its toll and halted the market’s upturn.

After early rising to 13,189, the KSE 100-share index ended with a fall of 82.97 points at 13,044.61 points as compared to 13,127.58 a day earlier as investors seem to have decided to go by the market fundamentals rather than the external irritants.

All the leading base shares, notably Pakistan Petroleum, National Bank, Engro Chemical, Attock Refinery and Arif Habib Securities during the last couple of sessions came in for active profit-selling and drove the market into the minus column.

However, the question widely being debated was that why the stock market during the last two sessions added over three per cent despite the fact that the political and legal background news was not that encouraging, some analysts asked.

“The current run-up aided by higher world prices and the president’s uniform news may not be the genuine reasons on which it could feed on for a longer period,” they said, adding “we fear it could well prove a calculated trap for small investors”.

No one could deny the fact the dividend news, notably bonus shares are well beyond the market expectations of analysts and investors but they alone could not support any run-up for a longer period as they provide only instant boost to a liquid shares.

Leading gainers were led by Unilever Pakistan and Siemens Pakistan, up by Rs35 and Rs40, followed by KSB Pumps, Central Insurance, Atlas Battery, HinoPak Motors, Cherat Papersack, Noon Pakistan, Shezan International, Colgate Pakistan and Attock Petroleum, which posted gains ranging from Rs6.45 to Rs17.65.

Leading losers were led by Lakson Tobacco and Nestle Pakistan, off by Rs25 and Rs70 respectively. Arif Habib Ltd, Javed Omer, EFU Life, Pakistan Resource Co, Sapphire Fibre, Attock Refinery, National Refinery, Pakistan Refinery, Shell Gas, Packages and Bata Pakistan, followed them, off by Rs8.05 to Rs19.70.

Trading volume was maintained at the overnight level of 215m shares but losers held a lead over the gainers at 184 to 109, with 38 shares holding on to the last levels.

The most active list was topped by WorldCall Telecom, up by Re1 at Rs19.40 on 15m shares, Pakistan Petroleum, off Rs1.60 at Rs266.40 on 14m shares and Engro Chemical, lower by Rs1.60 at Rs251.90 on 13m shares.

National Bank, easy by 40 paisa at Rs240 on 11m shares, Lucky Cement, off Rs1.35 at Rs124.15 on 11m shares, Arif Habib Securities, sharply lower by Rs9.05 at Rs133.95 on 10m shares and Attock Refinery, off Rs8.05 at Rs213 on 9m shares.

Other actives were led by Fauji Fertiliser Bin Qasim, lower 60 paisa on 10m shares, TRG Pakistan, easy 25 paisa on 12m shares and NIB Bank, steady by five paisa on 8m shares.

FORWARD COUNTER: OGDC led the list of actives on this counter, off 95 paisa at Rs114.40 on 7m shares followed by Lucky Cement, off Rs1.50 at Rs124.40 on 5m shares and Pakistan Petroleum, lower Rs2.55 at Rs266 on 4m shares.

Engro Chemical followed them, off Rs1.65 at Rs252.20 on 4m shares and D.G. Khan Cement, easy by 80 paisa at Rs105.75 also on 4m shares.

DEFAULTER COMPANIES: Active trading was witnessed on this counter where Japan Power and Zeal Pak Cement came in for active selling and fell modestly lower. While Zeal Pak Cement was marked down by 25 paisa at Rs4.80 on 5.589m shares, Japan Power was quoted lower by 20 paisa at Rs10.05 on 2.171m shares.

Norrie Textiles followed them, up by 10 paisa at Rs2.35 on 0.684m shares, Nimir Chemical, lower by 10 paisa at Rs3.75 on 0.302m shares and Pangrio Sugar, up by Re1 at Rs8.20 on 0.142m shares.