KARACHI, Sept 24: Stocks on Monday staged a robust rally as leading oil, bank and cement shares came in for active short-covering at the lower levels triggered by perceptions of some positive developments on the political front, although some major market irritants still stand unresolved. The KSE 100-share index was up by another 155 points at 13,220.12.
“But to me it appears to be an oil-fired snap rally based on record rise in world crude oil prices,” said an analyst “fresh price flare-up in the oil shares triggered sympathetic buying on the other blue chip counters”.
The KSE 100-share index posted a fresh sharp rise of 154.95 points or 1.19 per cent at 13,220.12 as compared to 13,065.00 at the last weekend signalling that its drive to next chart point of 14,000 has begun. Leading base shares, including National Bank, Engro Chemical, Lucky Cement and PTCL were among the major contributors to the rise.
The free-float 30-share index on the other hand rose by 208.04 points at 15,915.17 as against 15,707.13 at the last weekend.
The share of Habib Bank came on the ready board of the Karachi bourse around Rs305 but failed to maintain its previous trading tempo and fell by Rs15.25 at Rs289.75 on selling but still well above its face value.
Soon after its public offering some two months back, its share was provisionally listed on the forward counter and was initially quoted around Rs340 on the higher side against the face value of Rs10 and a premium of Rs225 per share. However, trading was suspended because of some technical reasons.
The KSE sources said the clearing of the outstanding deals prior to suspension of trading would be settled on Sept 26, providing it a fresh start on the ready counter.
The broader market was, however, a bit hesitant as investors were in two minds about the future share business outlook in the backdrop of some crucial events, notably expected Supreme Court verdict on the president’s dual office and filing of nomination papers by the presidential candidates including Gen Musharraf, analysts said.
Another important event during the week could be resignations by the opposition members to foil the president’s bid to get him re-elected from the existing assemblies, they said.
Unlike the weekend session, plus signs dominated the list under the lead of Unilever Pakistan and Siemens Pakistan, which were marked up by Rs30 and Rs45.
Other prominent gainers were led by Arif Habib Ltd, Javed Omer, Pakistan Resource Co, Attock Refinery, Pakistan Refinery, Shell Gas, Indus Motors, Attock Petroleum, Abbott Lab, after second interim at the rate of 130 per cent, Packages, Bata Pakistan, National Foods, Pakistan Services and National Refinery, which posted gains ranging from Rs8.25 to Rs19.15.
JS & Co and Habib Bank, were leading among the losers, off by Rs10 and Rs15.25 respectively followed by IGI Insurance, Gatron Industries, Premier Sugar, Atlas Battery and Sapphire Fibre and United Sugar, off by Rs3.60 to Rs8.50.
Trading volume rose to 210m shares from the previous 127m shares as gainers forced a strong lead over the losers at 199 to 103, with 34 shares holding on to the last levels.
Lucky Cement topped the list of actives, higher by Rs4.90 at Rs129.50 on 29m shares followed by D.G. Khan Cement, firm by Rs1.45 at Rs108.45 on 18m shares and Fauji Fertiliser Bin Qasim, up by Rs1.25 at Rs43.75 on 17m shares.
Engro Chemical, higher by Rs4.35 at Rs256.85 on 8m shares, Arif Habib Securities, up by Rs6.45 at Rs135.50 on 7m shares, National Bank, up by Rs4 at Rs242.50 on 6m shares and PTCL, firm by Rs1.30 at Rs51.30 also on 6m shares.
Other actives were led by WorldCall Telecom, lower 25 paisa on 8m shares, TRG Pakistan, up by 30 paisa also on 8m shares and Bank of Punjab, higher by Rs2.60 on 6m shares.
FORWARD COUNTER: Lucky Cement also led the list of actives on the cleared list and was marked up by Rs4.60 at Rs129.55 on 10m shares followed by D.G. Khan Cement, firm by Rs1.95 at Rs108.60 on 4m shares and Fauji Fertiliser Bin Qasim, steady by Rs1.26 at Rs43.86 on 3m shares.
October settlement of Lucky Cement also rose by Rs5.17 at Rs130.12 on 2m shares and National Bank, up by Rs3.70 at Rs242.50 also on 2m shares.
DEFAULTER COMPANIES: Zeal Pak Cement again came in for active support and was quoted higher by 15 paisa at Rs4.85 on 1.673m shares followed by Pangrio Sugar, higher by 40 paisa at Rs8.90 on 0.761m shares and Japan Power, lower 25 paisa at Rs9.70 on 0.476m shares.
Unity Modaraba followed them, up by 10 paisa at 75 paisa on 0.395m shares and Norrie Textiles, steady five paisa at Rs2.25 on 0.132m shares. Nimir Chemical fell by 10 paisa at Rs3.80 on 0.110m shares.
DIVIDEND: Abbott Lab, cash second interim, 130 per cent, Habib Bank Modaraba, cash 13 per cent, Dadex Eternity, cash 30 per cent, Orix Leasing, cash 35 per cent, Sigma Leasing, final six per cent, 10 per cent interim already paid, Karim Silk, Karim Cotton Mills, both nil for the year ended June 30, 2007.
