KARACHI, Oct 4: The KSE 100-share index on Thursday consolidated well above the coveted level of 14,000 points but analysts fear it may undergo a big technical correction on selling in the pivotals as the political scenario is again getting uncertain amid “serious ifs and buts” about the presidential election and deal with Benazir Bhutto.
As a result, the last couple of sessions’ sustained upward drive slightly slowed down as investors had an overview of their inventories before making fresh commitments.There were, therefore, not many price flare-ups as was seen during the last three sessions, price changes either-way were orderly though a section of investors opted for profit-taking.
The KSE 100-share index managed to finish with an extended gain of 53.93 at 14,099.94 as compared to previous 14,046.01, reflecting the strength of leading bank shares, notably National Bank, PTCL, Bank Alfalah and Engro Chemical but the broad market was a bit weak on profit-selling.
However, analysts doubted its ability to sustain the newly attained level of 14,000 points as pre-Eid holiday selling and any adverse ruling by the apex court on the review petitions could push it lower by the next week.
But foreign buying in some of the leading bank shares again figured in prominently, having a stabilising impact on the other blue chip counters, although active profit-selling on the some counters indicated that the current bull-run may have run its course, analysts said.
A section of investors was also worried over the legal battle in the Supreme Court where review petition of opposition candidates on the eligibility of Gen Musharraf as presidential candidate is being heard, they said.
However, as far as the basic market fundamentals are concerned they are terribly positive in the backdrop of higher cash dividend and bonus shares pouring in each session, he said.
Some others said the market had already crossed the Rubicon after having hit the index level of 14,000 for the second time during the current year and may undergo mild correction before the Eid holidays.
Unilever Pakistan and Pakistan Reinsurance Co were leading among the gainers, up by Rs75 and Rs18.20, followed by Allied Bank, National Bank, Indus Motors, Gillette Pakistan, Bank of Punjab, Mehmood Textiles, Atlas Honda, Dawood Hercules and Shezan International, which posted gains ranging from Rs5 to Rs13.75.
Rafhan Maize and Siemens Pakistan topped the list of losers, off by Rs50 and Rs29. Other notable losers were Javed Omer, United Bank, EFU Life, National Refinery, Exide Pakistan, Attock Petroleum, AKD Securities and Sanofi-Aventis, which suffered fall of Rs5.45 to Rs12.
Trading volume sharply shrank to 288m shares from the previous 379m shares a day earlier as losers held a modest lead over the gainers at 165 to 151, with 39 shares holding on to the last levels.
National Bank topped the list of actives, up by Rs7.55 at Rs270.90 on 31m shares followed by OGDC, lower by 50 paisa at Rs125 on 27m shares, Lucky Cement, up by Rs1.75 at Rs137.50 on 23m shares, Engro Chemical, higher by Rs13.75 at Rs296.70 on 12m shares, PTCL, up by Rs1.60 at Rs55.80 on 11m shares, Bank Alfalah, firm by 95 paisa at Rs56.35 on 10m shares and Pakistan Petroleum, off Rs5 at Rs280 also on 10m shares.
Other actives were led by Fauji Fertiliser Bin Qasim, steady by 10 paisa on 17m shares, NIB Bank, up by Re1 on 13m shares and D.G. Khan Cement, up by Rs1.90 on 9m shares.
FORWARD COUNTER: D.G. Khan Cement came in for active speculative support on the cleared list and rose by Rs2.20 at Rs114.50 on 14m shares followed by National Bank, higher by Rs6.55 at Rs271.05 on 8m shares and Bank of Punjab, higher by Rs5.05 at Rs106.05 on 8m shares.
Lucky Cement followed them, up by Rs2.10 at Rs137.65 on 6m shares and OGDC, lower by 20 paisa at Rs125.80 on 5m shares.
DEFAULTER COMPANIES: Japan Power led the list of actives on this counter, higher by 40 paisa at Rs9.50 on 0.888m shares followed by Nimir Chemicals, steady by five paisa at Rs3.95 on 0.318m shares, Quice Foods, easy by five paisa at Rs4.10 on 0.172m shares.
Crescent Jute followed them, up by 70 paisa at Rs7.50 on 0.112m shares followed by Pangrio Sugar, higher by 35 paisa at Rs9.35 on 0.170m shares.
DIVIDEND: Punjab Oils, cash 20 per cent, Huffaz Pipes, bonus shares in the ratio of 2:10 or 20 per cent, BMA Capital Guaranteed Fund, bonus shares six per cent.
