September 26, 2007	Wednesday	Ramazan 13, 1428

KARACHI, Sept 25: The share market on Tuesday passed through a consolidation phase as investors took stock of their inventories before launching a new buying operation after the apex court ruling on the president’s dual office.

In the process of portfolio adjustments there were minor either-way fractional changes but the underlying sentiment remained uppishly inclined thanks to buying at the dips.

The newly-listed Habib Bank came in for renewed selling for no apparent reverse comment and led the list of losers, off Rs14.45 at Rs275.30 on 0.206m shares.

The KSE 100-share index posted a fresh fall of 23.08 points at 13,197.04 as compared to 13,220.12 a day earlier as leading base shares came in for active profit-selling at the overnight higher levels. The free float 30-share index shed 10.50 points at 15,904.67.

Essentially, the market is tossing either-way in the backdrop of political news and until major issues are not settled the current confrontation between the contenders of power would lead no where, said analyst Ashraf Zakaria.

But some analysts ruled out the possibility of an advent of foreign buying even on blue chip counters owing to prevailing political polarisation amid clash of interest.

“Foreign investors will certainly resume their covering operations after the presidential elections but will prefer to stay on the sidelines during the intervening turmoil,” they said.

Some others said apex court’s ruling on the president’s dual office will set the future direction of the market and until then there could be technical flutters here and there.

“Nobody doubts that the market has, during the recent past, assumed a strong base owing to higher earnings and payouts but it needs peace on the political front also to sustain the growth potential,” analyst Ahsan Mehanti believes.

The Supreme Court verdict on the petitions will settle major issues leading to presidential re-election but the mood of the opposition signals that the sailing may not be that smooth if it resigns from the assemblies and there could be more problems, some others said.

National Foods and Unilever Pakistan Foods were leading among the gainers, up by Rs18.15 and Rs45, followed by Netsol, Packages, JS Global, Noon Pakistan, Bata Pakistan, Shezan International and Adamjee Insurance, which posted gains ranging from Rs5 to Rs15.80.

Losers were led by Pakistan Services and Rafhan Maize Products, off by Rs25 and Rs47.50 respectively. Other prominent losers included JS & Co, IGI Insurance, New Jubilee Insurance, Fazal Textiles, Reliance Cotton, Atlas Battery, Murree Brewery, Ferozons Lab, Shell Gas and Habib Bank, which suffered fall ranging from Rs4.75 to Rs14.45.

Trading volume again fell to 174m shares from the previous 210m shares as losers held a modest lead over the gainers at 172 to 141, with 35 shares holding on to their last levels.

Fauji Fertiliser Bin Qasim topped the list of actives, steady by 35 paisa at Rs44.10 on 14m shares followed by D.G. Khan Cement, lower 60 paisa at Rs107.85 on 13m shares, Arif Habib Securities, up by Rs1.80 at Rs137.30 on 12m shares and National Bank, higher by 75 paisa at Rs243.25on 9m shares.

Lucky Cement, off Rs1.50 at Rs128 also on 9m shares, Attock Refinery, higher by Rs2.35 at Rs231.50 on 5m shares and Bank of Punjab, firm by 20 paisa at Rs100.60 also on 5m shares.

Other actives were led by Javed Omer, up by 95 paisa on 7m shares, Maple Leaf Cement, easy five paisa on 6m shares and Pakistan Cement, up by 20 paisa also on 6m shares.

FORWARD COUNTER: Lucky Cement led the list of actives on this counter, off Rs1.35 at Rs128.20 on 3m shares followed by National Bank, up by Rs1.25 at Rs243.75 also on 3m shares and D.G. Khan Cement, lower by 70 paisa at Rs107.90 on 3m shares.

Fauji Fertiliser Bin Qasim followed them, up by 39 paisa at Rs44.25 on 2m shares and Bank Alfalah steady by 10 paisa at Rs48.45 also on 2m shares.

DEFAULTER COMPANIES: Pangrio Sugar again came in for active support and rose by 95 paisa at Rs9.85 on 1.761m shares followed by Nimir Chemicals, unchanged at Rs3.80 on 0.308m shares and Zeal Pak Cement, lower five paisa at Rs4.80 on 0.308m shares.

Japan Power followed them, lower 30 paisa at Rs9.40 on 0.277m shares, Norrie Textiles, steady by five paisa at Rs2.30 on 0.158m shares and Sardar Chemicals, up by 90 paisa at Rs4.40 on 0.148m shares.

DIVIDEND: Premium Textiles, cash 10 per cent, United Brands, 10 per cent, EMCO Industries, five per cent, Allawasaya Textiles, 12.5 per cent, Ghandhara Nissan, Fateh Industries, Brothers Textiles, Pakistan Synthetics and National Asset Leasing, all nil for the year ended June 30, 2007.