October 26, 2007	Friday	Shawwal 13, 1428

KARACHI, Oct 25: Stocks on Thursday were back on the rails followed by active short-covering by both the foreign and the local institutional traders on the oil and banking counters, but general investors kept to the sidelines as was reflected by steep fall in the volume figure. The KSE 100-share index recovered 100.29 points at 14,361.15.

The recovery was broad-based as investors after having squared or rolling over of their positions in the matured October contracts on the forward counter made fresh commitments at the lower levels.

The index seems to have shed its extra weight of 400 points during the last three sessions, as recovery of 100 points was welcomed with cautious optimism by a section of leading investors.

The KSE 100-share index was last quoted at 14,351.15 points, up by 100.29 points, adding Rs30 billion to the market capital at Rs4.376 trillion. Its junior partner also recovered 175.52 points at 17,281.39.

Most of the leading base shares, notably OGDC, Arif Habib Securities, Lucky Cement, MCB and National Bank came in for active short-covering at the lower levels and pushed the market in the plus column.

But analysts were not clear whether or not the recovery would be extended or bears again dominate the trading on the weekend session or the snap rally may falter under the weight of fresh selling.

Some others were, however, of the opinion that the market had already shed an extra weight and there was no reason to believe that the current technical correction was overdone.

“The apex court verdict on president’s and national elections uncertainties are yet to come and leading investors appear to be in search of safe havens to meet any emergency on the political front,” said a leading analyst.

Leading gainers were led by Siemens Pakistan and Unilever Pakistan, up by Rs38 and Rs75. Other good gainers included Pakistan Oilfields, National Refinery, Attock Refinery, KSB Pumps, Pakistan Engineering, HinoPak, Colgate Pakistan, Bata Pakistan, Nestle Pakistan and Pakistan Resource Co, up by Rs8.45 to Rs19.

Losers were led by JS & Co and Wyeth Pakistan and fell by Rs31.15 and Rs92.50, respectively. They were followed by Packages, EFIU General, Mari Gas, Treet Corporation, Cherat Papersack and Lakson Tobacco, off by Rs9.65 to Rs15.

Trading suffered sharp contraction in the absence of leading sellers and fell to 272m shares from the previous 361m shares as gainers held a strong lead over the losers at 221 to 153, with 24 shares holding on to the last levels.

Arif Habib Securities topped the list of actives, up by Rs6.80 at Rs179.50 on 33m shares followed by Pak PTA, firm by Re1 at Rs6.45 on 13m shares, OGDC, higher by Rs1.15 at Rs124.65 on 12m shares, Lucky Cement, up by Rs1.95 at Rs129 on 12m shares, Bank Alfalah, easy by 20 paisa at Rs61.50 on 10m shares, Javed Omer, higher by Rs3.85 at Rs179.80 also on 10m shares and D.G. Khan Cement, off Rs1.75 at Rs103.70 on 8m shares.

Other actives were led by WorldCall Telecom, up Re1 on 11m shares followed by NIB Bank, lower 45 paisa on 8m shares and TRG Pakistan, steady by five paisa on 7m shares.

FORWARD COUNTER: Lucky Cement came in for modest short-covering on reports of its cement export to India via the overland route, up by Rs2.80 at Rs130.01 on 5m shares followed by D.G. Khan Cement, off Rs2.25 at Rs103.20 also on 5m shares and OGDC, up by Rs1.50 at Rs125.90 also on 5m shares.

Other actives were led by D.G. Khan November contract, lower by Rs1.14 at Rs104.50 on 4m shares and Pakistan Petroleum, up by Rs5.50 at Rs253.75 also on 4m shares.

DEFAULTER COMPANIES: Zeal Pak Cement came in for active selling and fell by five paisa at Rs5.60 on 6.318m shares followed by Nimir Chemical, up by 60 paisa at Rs5.15 on 5.511m shares and Japan Power, lower 10 paisa at Rs8.60 on 425m shares.

Asset Bank and Norrie Textiles on the other hand managed to finish with gains of Re1 and 25 paisa respectively at Rs6.10 and Rs2.15 on 0.494m and 0.199m shares respectively.