KARACHI, Nov 16: The share market on Friday resisted larger fall as a section of investors covered positions on selected counters at the attractively lower levels signalling that the worst may now be over.“All eyes are focused on lifting of the emergency as early as possible, said Ashraf Zakaria, adding “investors will flood the market with buystops at the current lower levels and pushed the index back to its pre-reaction level within no time”.
Unlike the previous session, the KSE 100-share index did not breach through the psychological barrier of 13,000 and finished well above session’s low at 13,082.01, off 28.80 points in a terribly low volume of 139m shares. The session’s highest was 13,200.68 points.
Active short-covering in the leading index heavy-weights by some of the institutional traders enabled the index to recoup most of the initial losses and ended the session with a modest fall.
“With the caretaker set up in place, the market should have shed a part of its current sluggishness,” analysts said, adding “the perception that the caretakers are expected to maintain continuity in the economic and financial polices prior to the national elections should have buoyed a section of investors”.
But Benazir Bhutto’s plan of national government of all the political parties instead of the caretakers was viewed by some of the analysts as a possible change in the political scenario.
But some others said the market was the victim of both buying and selling at the same time as no one including financial institutions were inclined to provide the much-needed support to an ailing market.
Leading gainers were led by HinoPak and Colgate Pakistan, up by Rs21.25 and Rs22, followed by Pakistan Tobacco, EFU General, Murree Brewery, Gillette Pakistan, AKD Securities and Pakistan Engineering, up by Rs5 and Rs15.
Prominent losers included JS & Co and Siemens Pakistan, off by Rs26.50 and Rs99. Others, which fell by Rs8 to Rs16.75, were led by Sapphire Textiles, JS Global, BOC Pakistan, Mari Gas, Pak-Suzuki Motors, Cherat Papersack, Pakistan Refinery, Attock Refinery and Adamjee Insurance.
Trading volume fell to 139m shares from the previous 192m shares as gainers cut short the lead held by the losers at 127 to 158, with 45 shares holding on to the last levels.
OGDC topped the list of actives, easy by five paisa at Rs114.85 on 8m shares, followed by Attock Refinery, off Rs12.60 at Rs240.10 on 8m shares, TRG Pakistan, lower five paisa at Rs12.40 on 7m shares and WorldCall Telecom, up five paisa at Rs17.40 on 6m shares.
Bank of Punjab, up by 95 paisa at Rs92.45 on 6m shares, Lucky Cement, higher by Rs2.20 at Rs113 on 6m shares and Engro Chemical, firm by 50 paisa at Rs255 on 6m shares.
Other actives were led by Crescent Commercial Bank, up by 25 paisa on 5m shares followed by Pak PTA, easy 10 paisa also on 5m shares and Javed Omer, up by Rs3.25 on 5m shares.
FORWARD COUNTER: MCB led the list of actives on the cleared list and was further marked down by Rs2 at Rs342 on 4m shares followed by Lucky Cement, higher by Rs1.25 at Rs113 on 4m shares and D.G. Khan Cement, steady by 25 paisa at Rs86.90 on 3m shares.
National Bank followed them, up by Rs1.10 at Rs231.05 on 3m shares and OGDC, lower 35 paisa at Rs115.35 also on 3m shares.
DEFAULTER COMPANIES: Active trading was witnessed on this counter as investors played on both sides of the fence. Zeal Pak Cement again came in for active support and rose by 10 paisa at Rs4.70 on 0.997m shares followed by Norrie Textiles, lower 10 paisa at Rs1.70 on 0.368m shares and Japan Power, easy by the same amount at Rs8.10 on 0.284m shares.
Crescent Standard Modaraba, followed them, up by 10 paisa at Rs1.55 on 0.239m shares, InterAsia Leasing, lower 30 paisa at Rs1.25 on 0.241m shares and Invest Capital Bank, lower 30 paisa at Rs6.40 on 217m shares.
DIVIDEND: Siemens Pakistan, final for the year ended Sept 30, 2007 at the rate of Rs60 per share, total payout being Rs90 per share or 900 per cent.
