October 03, 2007	Wednesday	Ramazan 20, 1428

KARACHI, Oct 2: Stocks on Tuesday remained in a bullish frame of mind and maintained their upward drive on active follow-up support in bank, cement and oil shares as investors ignored the possible negative fallout of the new legal battle in the apex court challenging the candidacy of President Musharraf for re-election.

Surging turnover figure and fresh rise in the index reflects that bulls think that the re-election of the president is a foregone conclusion.

The KSE 100-share index during the last two sessions has risen by 4.23 per cent or 470 points including 185 points of Tuesday, at 13,922.08, adding Rs 168 billion to the market capital at well over $72 billion, shows that bulls are out to outwit their immediate rivals on the floor.

Indications are that it may react after having crossed its previous all time peak level of 14,202 six months back.

“But I still think there could be more than one surprises for the ruling elite in the coming sessions and warned small investors not to be carried away by the quick capital gains,” an analyst said.

Stocks rose further higher under the lead of blue chips as the buying support maintained its aggressiveness associated with a bull market despite fears that presidential election may be stayed pending apex court decision on the review petitions.

“The legal battle has just begun after the other presidential candidate challenged Musharraf’s candidacy as an army chief,” analysts said. “He may wade through but the early euphoria associated with apex court ruling and Election Commission clearance to the president is gradually fading out.”

The en-block resignations by the members of the opposition parties yesterday and the proposed dissolution of the NWFP could have negative impact on his legitimacy if Musharraf was re-elected, they said.

Leading investors and punters played a pretty safe after having an overview of the developing situation on the legal and political fronts as in the similar conditions as prevailing one it is not that easy to predict the market trend, some others said.Bulk of the support again remained confined to leading blue chips, including OGDC, Pakistan Oilfields, Pakistan Petroleum, National Bank, MCB, D.G.Khan Cement, Arif Habib Securities and some others.

Leading gainers were led by Unilever Pakistan and Siemens Pakistan, up by Rs75 and 47, Habib Bank, Javed Omer, MCB, EFU Life, IGI Insurance, Kohinoor Sugar, Attock Refinery, Pakistan Oilfields, KSB Pumps, Hino Pak Motors, Cherat Papersacks and National Foods, up by Rs8 to 19.10.

Prominent losers were led by Nestle Pakistan and Wyeth Pakistan, off Rs39 and 97.50. Others fell fractionally barring Attock Petroleum, Indus Motors, Dawood Hercules, Colgate Pakistan, and AKD Securities, off by Rs5.20 to 8.10.

Trading volume showed a fresh increase at 355m shares from the previous 317m shares as gainers maintained a comfortable lead over the losers at 180 to 147, with 33 shares holding on to the last levels.

OGDC topped the list of actives, up Rs2.75 at Rs121.25 on 27m shares followed by D.G.Khan Cement, steady by Rs1.05 at Rs114.70 on 20m shares, Arif Habib Securities, up by Rs1.85 at Rs142.35 on 18m shares, Pakistan Oilfields, higher by Rs13.55 at Rs336.50 on 18m shares, Bank AlFalah, firm by Rs1.65 at Rs52.80 on 17m shares, National Bank, higher by Rs4.75 at Rs260.95 on 16m shares, Pakistan Petroleum, up Rs2.90 at Rs275 on 14m shares.

Other actives were led by Pakistan Cement, up 85 paisa on 15m shares, TRG Pakistan, steady five paisa also on 15m shares and Lucky Cement, firm by 50 paisa on 13m shares.

FORWARD COUNTER: Lucky Cement led the list of actives on this counter, up by Rs1.1 at Rs134.75 on 5m shares followed by Bank of Punjab, higher by Rs1.85 at Rs99.75 also on 5m shares and D.G.Khan Cement, firm by 55 paisa at Rs113.50.

Pakistan Oilfields led the other actives, sharply higher by Rs13.50 at Rs324 and MCB, up Rs.12.35 at Rs362 on 4m shares.

DEFAULTER COS: Zeal Pak Cement led the list of actives on the cleared list up by 10 paisa at Rs4.65 on large turnover of 5.626m shares, followed by Pangrio Sugar, lower by 15 paisa at Rs9.85 on 0.347m shares and Nimir Chemical, easy 10 paisa at Rs4 on 0.261m shares.

Other actives were led by Japan Power, easy 15 paisa at Rs9.35 on 0.240m shares, S.S.Oil, up 40 paisa at Rs22.50 on 0.182m shares, and Quice Foods, lower by 30 paisa at Rs4.15 on 0.102m shares.

DIVIDEND: Kohinoor Energy, cash 15 per cent, Escort Investment Bank, 20 per cent and Shahtaj Textiles, 20 per cent.