KARACHI, Nov 2: Stocks on Friday resisted larger fall on strong covering purchases in some of the leading base shares under the lead of institutional investors but the underlying sentiment remained weak. After having falling early by 200 points the KSE 100-share index managed to recoup initial losses, off about 15 points at 13,915.00.
The market, however, finished the week on a terribly bearish note as investors were not inclined to take new positions owing to developing situation on the political and law and order front, notably linked to security concerns.
The KSE 100-share recovered from the early low of 13,731.14 on active short-covering in the leading base shares notably MCB, which holds a largest weightage in it and finished with a fresh modest decline of 14.88 points at 13,915.04 as compared to 13,929.92 a day earlier.
The general analysts’ perception is that the market will behave orderly after its current major irritants are removed and consolidation forces move in to boost the investors’ confidence.
What seems to have aggravated the situation on the robust corporate front was conflicting comments on the Supreme Court ruling on the petitions challenging the candidature of the president for election for the second term, floor brokers said “but the verdict due on Friday was delayed by another week as the state lawyer was still on his feet.
“The talk of martial law or emergency may not be relevant to the developing situation but weaker section of investing public stayed away after unloading their positions and for good reasons too,” analysts said.
In the similar situations as the prevailing one, no one would like to put his money in the share business because of his limited holding capacity but bigger ones, who have the taste to take risks, are active on a number of counters, they said.
Some of the leading institutions did try on Wednesday to put the market back on the rails after having injecting massive amounts on the risk-free shares but they too failed to stem the wrought, they added.
Siemens Pakistan and Nestle Pakistan, were leading among the gainers, up by Rs49 and 65, followed by Pakistan Engineering, MCB, JS Global, Fazal Textiles, HinoPak, BOC Pakistan, Colgate Pakistan, Bata Pakistan, which posted gains ranging from Rs10 to 28.85.
KSB Pumps and Wyeth Pakistan led the list of losers, off by Rs14.45 and 96, respectively. Other prominent losers, included Javed Omer, Arif Habib Ltd, Attock Refinery, Mari Gas, Al-Ghazi Tractors, and Sanofi-Aventis, off by Rs7.80 to 12.70.
Trading volume fell further to 237m shares from the previous 268m shares as losers maintained a modest lead over the gainers at 171 to 154, with 32 shares holding on to the last levels.
OGDC topped the list of actives, off Rs1.95 at Rs121.75 on 19m shares followed by Arif Habib Securities, lower by Rs5.40 at Rs165.10 also on 19m shares, National Bank, easy 50 paisa at Rs239 on 9m shares, MCB, sharply higher by Rs13 at Rs393.50 on 8m shares, Lucky Cement, steady by 50 paisa at Rs123 on 11m shares, D.G.Khan Cement, up by Rs1.50 at Rs97.60 on 8m shares.
Other actives were led by TRG Pakistan, lower 75 paisa on 13m shares, followed by NIB Bank, up 90 paisa on 11m shares, Fauji Fertiliser Bin Qasim, higher by 70 paisa on 7m shares and Nimir Chemical, off 50 paisa also on 7m shares.
FORWARD COUNTER: MCB came in for strong support on the cleared list and rose by Rs11.85 at Rs389.95 on 10m shares followed by Sui Southern Gas, easy 10 paisa at Rs27.50 on 8m shares and Lucky Cement, firm by 25 paisa at Rs123.75 on 6m shares.
National Bank was held unchanged at Rs241.00 on 6m shares, while OGDC suffered a fresh fall of Rs2.20 at Rs122.55 on 5m shares.
DEFAULTER COS: Japan Power led the list of actives, on this counter, off 50 paisa at Rs8.10 on 1.620m shares followed by Zeal-Pak Cement, unchanged at Rs5.40 on 1.770m shares and Quice Foods, up 70 paisa at Rs6.30 on 0.410m shares. S.S.Oil was quoted higher by Rs1.05 at Rs22.75 on 0.701m shares.
