November 09, 2007	Friday	Shawwal 27, 1428

KARACHI, Nov 8: Stocks finished the weekend session on a lower note followed by active profit-selling at the overnight inflated levels but investors remained conspicuous by their absence awaiting some positive developments on the political front.

The market, therefore, remained under pressure and eroded a good part of last two sessions’ gains on stray selling but investors kept to the sidelines partly owing to prevailing political uncertainty and partly to Friday’s closure on account of Iqbal Day holiday.

The heating of the political scenario after Benazir Bhutto’s threat of long march from Lahore to Islamabad next week, if her demand of election on time and president’s uniform is not met by that time also worked against the sentiment leading to fears of violence, analysts said.

The market’s uncertain outlook is also well-reflected in highly erratic movements of the KSE, which at one stage plunged by 312 points at 13,188.97 on selling triggered by the reports of US pressure on the president to doff uniform and hold national elections in January.

But later institutional support allowed it to close modestly lower at 13,423.87, off 76.71 points. The KSE 30-share index was down by 166.42 points at 16,013.71.

Leading oil shares including OGDC, Pakistan Oilfields and Pakistan Petroleum led the market decline despite higher world oil prices and so did Arif Habib Securities and some other leading shares. But National Bank managed to close with as modest gain on reports of higher profits.

For the last fourth consecutive sessions, the turnover figure is shrinking to a modest total as a section of investors is out to unload their positions even at loss, said a floor broker, adding but as there is no matching buying offers from any quarter both the volume and prices are moving lower.

The future share business outlook appears to be a bit bearish as no one is inclined to make fresh commitments until sanity returns to the background news, he added.

There was a loud whispering in the market that some big operators are shifting their buying portfolios to other attractive investment avenues, notably to gold because of the current bull-run and property, says a leading analyst but it is pretty difficult to say about the quantum of outflow.

Rafhan Maize maintained its upward drive and ended with a fresh gain of Rs93 and JS & Co, up by Rs27.50, followed by Fazal Textiles, Mirpurkhas Sugar, Mari Gas, Exide Pakistan, Sitara Chemicals, Tri-Pack Films, and BOC Pakistan, which posted gains ranging from Rs7.05 to Rs14.30.

Losers were lead by MCB and EFU Life Insurance, off Rs10.50 and Rs22.90 respectively. Other prominent losers included Arif Habib Securities and Arif Habib Ltd, Pak-Suzuki Motors, Dawood Hercules, ICI Pakistan, Mitchell’s Fruits, Noon Pakistan and Adamjee Insurance, which suffered fall ranging from Rs6.50 to Rs10.

Trading volume fell to 218m shares from the previous 236m shares as losers forced a strong lead over the gainers at 202 to 133, with 31 shares holding on to the last levels.

TRG Pakistan led the list of actives, up by 45 paisa at Rs12.50 on 18m shares followed by Arif Habib Securities, off Rs7.50 at Rs157.75 on 17m shares, OGDC, easy by 40 paisa at Rs115.85 also on 17m shares and Pakistan Oilfields, lower by 60 paisa at Rs333.30 on 14m shares.

Javed Omer, up by Rs6 at Rs153.50 on 12m shares, Attock Refinery, steady by 30 paisa at Rs268 also on 12m shares, Pakistan Petroleum, off Rs2.50 at Rs250.05 on 8m shares and National Bank, up by Rs1.15 at Rs230 on 6m shares.

Other actives were led by Zeal-Pak Cement, easy 15 paisa on 6m shares and NIB Bank, off 80 paisa also on 6m shares.

FORWARD COUNTER: OGDC led the list of actives on this counter, lower by 75 paisa at Rs116.50 on 7m shares, followed by Pakistan Oilfields, off Rs2.65 at Rs334.10 on 6m shares and National Bank, easy by 30 paisa at Rs230.10 also on 6m shares.

MCB followed them, sharply lower by Rs10.90 at Rs346 on 6m shares and Pakistan Petroleum, off Rs3 at Rs251.50 on 5m shares.

DEFAULTER COMPANIES: Japan Power led the list of actives on this counter, off 15 paisa at Rs8.30 on 1.340m shares followed by Unity Modaraba, unchanged at 80 paisa on 0.396m shares and Asset Investment Bank, up by 45 paisa at Rs6.85 on 0.284m shares. Norrie Textiles was traded unchanged at Rs1.85 on 0.109m shares.