October 20, 2007	Saturday	Shawwal 7, 1428

KARACHI, Oct 19: Stocks on Friday turned in a highly volatile performance amid alternate bouts of buying and selling triggered by Thursday’s carnage, but managed to finish higher after having given an enthusiastic welcome to the homecoming of PPP chairperson Benazir Bhutto.

The closing was, however, on the higher side on the perception that the country may return to political stability under the current wave of optimism in the developing scenario, some brokers hope.

The modest gain in the KSE 100-share index in a highly overbought market reflects that bulls are not inclined to lay their guards after having hit their next target of 15,000 points.

It finally finished the weekend session with a gain of 32.63 points at 14,787.55 as compared to 14,754.92 a day earlier after having hit its career-best level of well over 14,800 points at one stage. But on the other hand the free-float 30-share index shed 87.86 points at 17,995.29 points on selling in some of the pivotals. Most of the leading base shares came in for modest pruning indicating that bulls were not inclined to loose their grip on the current price levels, or not before the index level of 15,000 points.

“The index level of 15,000 now appears to be well within reach possibly by the next week as the market is expected to resume its upward drive by the next week after having mourned the death of 139 innocent persons killed in reported bomb blasts targeted against Benazir Bhutto,” some analysts said.

The strong presence of foreign buying on the oil sector on the perception that the arrival of Benazir could end the prevailing uncertainty on the political front and the continuation of the current economic and financial policies, they said.

But some others said the negative fallout of the Thursday’s carnage will be felt by the next week amid fears of law and order situation and there is a possibility of fresh pruning depending on the objective conditions.

Leading gainers were led by JS & Co and Siemens Pakistan, up by Rs25.60 and Rs58, while KSB Pumps and Treet Corporation were prominent among the losers, off by Rs12.70 and Rs15.90.

Trading volume fell to 371m shares from the previous 485m shares but gainers held a strong lead over the losers at 218 to 122 with 36 shares holding on to the last levels.

The most actives list was topped by Arif Habib Securities, sharply higher by Rs8.20 at Rs180.95 on 37m shares followed by NIB Bank, up by Rs1.15 at Rs24.75 on 25m shares and Lucky Cement, off Rs1.75 at Rs24.75 on 25m shares.

Fauji Fertiliser Bin Qasim, steady by 15 paisa at Rs48.30 on 21m shares, D.G. Khan Cement, off Rs2.30 at Rs114.80 on 17m shares, OGDC, lower by Rs1.45 at Rs130.35 on 16m shares and Bank of Punjab, up by 75 paisa at Rs108 also on 16m shares.

Other actives were led by Pak PTA, up by 60 paisa on 16m shares, Pakistan Oilfields, higher by Rs7.80 on 11m shares and TRG Pakistan, lower 35 paisa also on 11m shares.

FORWARD COUNTER: Lucky Cement came in for active selling and was marked down by Rs1.60 at Rs141.45 on 12m shares, followed by Pakistan Petroleum, unchanged at Rs270.75 on 10m shares and Fauji Fertiliser Bin Qasim, up by 45 paisa at Rs48.55 on 8m shares.

Pakistan Oilfields followed them, up by Rs6 at Rs344.50 on 6m shares and D.G. Khan Cement, off Rs2.20 at Rs115.20 also on 6m shares.