November 29, 2007	Thursday	Ziqa’ad 18, 1428

KARACHI, Nov 28: The share market on Wednesday showed fresh widespread gains on renewed buying triggered by reports that President Musharraf has handed over the command of the army to General Ashfaq Pervez Kayani after doffing uniform. The KSE 100-share index was up by another 90 points at 13,885.

Analysts said as the change of command of the armed forces was one of the major demands of the opposition investors covered positions on selected counters on the perception of smooth sailing on the political front and hopes of lifting of the emergency.

The president is expected to take oath as a civilian president on Thursday, Nov 29, which analyst Hasnain Asghar Ali said could restore sanity to the political turmoil and leading to lifting of the emergency.

Sharp increase in the turnover figure to well over 325m shares after weeks of low figures reflects that investors are back in the market amid hopes that the current warring postures among the contenders of power may be on their way out, he added.

The KSE 100-share index maintained its creeping rally for the 8th session in a row and rose by another 89.47 points at 13,884.93 as compared to 13,795.46 a day earlier. Some of the leading base shares showed good gains under the lead of oil shares.

The KSE 30-share index also rose by 135.86 points at 16,651.64.

“Oil shares, notably PSO led the market advance amid reports of an increase in petroleum prices in line with the international rates during the next couple of sessions,” analyst Ahsan Mehanti said.

Holding about 75 per cent of the market share of petroleum products investors took forward positions in it on hopes of larger capital gains within no time as it will be the chief beneficiary of any increase in prices, he added.

Its share value rose by Rs12.50 at Rs434 on volume of 11m shares. Other leading oil shares including Pakistan Petroleum and Attock Refinery also came in for active support and so did Shell and others.

While bank shares remained under pressure under the lead of National Bank, cement shares recovered on active short-covering aided by higher exports earnings.

Leading gainers were led by Attock Petroleum and Unilever Pak Foods, up by Rs28.30 and 32 followed by Sitara Chemicals, Packages, Shell Gas, Attock Refinery, Dawood Hercules and JS & Co, which posted gains ranging from Rs10.40 to 27.20. There were many other good gainers too, which rose by Rs5 to 10.

Barring Gatron Industries and Unilever Pakistan, which fell by Rs6 and 38 losses on the other hand were mostly fractional ranging from Rs2 to 5 in IGI Insurance, Shabir Tiles, Clariant Pakistan, Nestle Pakistan, Al-Ghazi Tractors on post second interim dividend of 100 per cent, and Ferozsons Lab.

Trading volume soared to 326m shares from the previous 210m shares as gainers held a strong lead over the losers at 247 to 106, with 41 shares holding on to the last levels.

Azgard Nine (a textile unit) led the list of actives, higher by Rs1.70 at Rs35.85 on 80m shares followed by Lucky Cement, up Rs3.55 at Rs119.75 on 14m shares, Attock Refinery, sharply higher by Rs12.20 at Rs.256.20 on 12m shares, National Bank, lower by Rs2 at Rs245.30 also on 12m shares, OGDC, easy by 35 paisa at Rs121.25 on 10m shares and Pakistan Petroleum, higher by Rs2.95 at Rs2.95 at Rs.250.20 on 9m shares.

Other actives were led by Bosicor Pakistan, up by 55 paisa on 13m shares followed by Javed Omer, higher by Rs3.10 on 11m shares and Arif Habib Securities, firm by 45 paisa on 9m shares.

FORWARD COUNTER: Lucky Cement came in for active support and rose by Rs3.46 at Rs120.26 on 4m shares, followed by Fauji Fertiliser Bin Qasim, up by Rs1.11 at Rs46.22 on 3m shares and Pakistan Petroleum, up Rs.2.15 at Rs.250.15 also on 3m shares.

PSO followed them, sharply higher by Rs11.89 at Rs432.89 on 3m shares and National Bank, lower by one rupee at Rs246.50 also on 3m shares.

DEFAULTER COS: Fairly active trading was witnessed on this counter as a section of investors indulged in speculative trading in some of the recent actives under the lead of Unity Modaraba, up 35 paisa at Rs2.60 on 4.622m shares followed by Zeal Pak Cement, unchanged at Rs4.55 on 3.683m shares.

Other actives were led by Redco Textiles, up 40 paisa at Rs3 on 0.722m shares, Norrie Textiles, steady by 10 paisa at Rs1.85 on 2.079m shares, and Japan Power, unchanged at Rs8.70 on 0.561m shares.

DIVIDEND: Al-Ghazi Tractors, second interim 100 per cent, Thal Industries, final 7.5 per cent, Shell Gas, right shares at the rate of 600 per cent.