November 30, 2007	Friday	Ziqa’ad 19, 1428

KARACHI, Nov 29: The KSE 100-share index on Thursday steadily inched up to its pre-reaction target of 14,000 level as investors continued to build-up long positions on oil, cement and banking sectors at the current lower levels followed by reports of higher earnings.

Its sustained run-up for the second week in a row, adding about 1,000 points to the total reflects that investors are inclined to push it to the so far elusive goal of 15,000 points.

But investors seek the removal of some other political irritants in the backdrop of recent positive developments, including change of command in the army and oath taking by the president for the second term.

Stocks, therefore, remained in bullish frame of mind on renewed buying prompted by positive developments on the road to democracy leading to civilian rule.

Much of the buying interest remained confined to the cement sector on reports of increase in retail selling price by over Rs8 per bag and oil shares amid hopes of an official increase in petroleum prices during the next couple of weeks in sympathy with the world price hike.

The smooth transition from the military to civilian rule after the oath taking of the president for the second term and change of the command in the armed forces, analysts said, could lead to full transfer of power to the civilian government after the election on Jan 8, 2008.

Although the volume figure has shown sharp rise during the last two sessions, reflecting the expanded buying interest, some leading investors are still in two minds about the future political developments and are playing safe.

The KSE 100-share index did maintain its creeping upward drive but instances of a massive rise associated with such events in normal political conditions was lacking.

In similar positive developments it had risen more than 400 points in a single session for many times but it ended with an extended gain of only 78.66 points at 13,963.59. The 30-share index was up by 32.44 points at 16,684.08.

“Some of the political irritants, notably opposition’s demand for the restoration of pre- Nov 3 conditions and threat of election boycott are still there, which brokers said did not allow all out covering purchases at the current lower levels and an oversold market.

Plus signs again dominated the list under the lead of Unilever Pak Foods, and Wyeth Pakistan, up by Rs63 and 90, followed by Thal Jute, Pakistan Cables, Central Insurance, Siemens Pakistan, Dawood Hercules, National Refinery, Sitara Chemicals, JS & Co, Lakson Tobcco, andColgate Pakistan, which posted gains ranging from Rs8.20 to 35.

Nestle Pakistan and EFU Life were leading among the losers, off by Rs10 and 11.

They were followed by New Jubilee Insurance, Abbott Lab, Sanfi-Aventis, Tri-Pack Films, Murree Brewery, Shell Gas, and Pakistan Resource Co, which were quoted lower by Rs5 to 9.70.

Trading volume was maintained on the higher side at 310m shares as compared with 326m shares a day earlier as gainers held a strong lead over the losers at 225 to 151, with 34 shares holding on to the last levels.

Lucky Cement topped the list of actives, up Rs2.50 at Rs122.25 on 20m shares, followed by D.G.Khan Cement, higher by Rs4.55 at Rs97.30 also on 20m shares, Arif Habib Securities, easy 10 paisa at Rs168.35 on 18m shares, Pakistan Oilfields, higher by Rs2.90 at Rs352.40 on 16m shares, OGDEC, lower 40 paisa at Rs120.85 on 15m shares, Attock Refinery, sharply higher by Rs6.70 at Rs262.90 on 11m shares and National Bank, off Rs2.20 at Rs243.10 on 9m shares.

Other actives were led by Bosicor Pakistan, up 50 paisa on 11m shares, Pakistan Petroleum, lower by 95 paisa also on 11m shares and NIB Bank, up 70 paisa on 9m shares.

FORWARD COUNTER: Lucky Cement also led the list of actives on the cleared list, up higher by Rs3.20 at Rs123.46 on 5m shares followed by D.G.Khan Cement, up Rs4.50 at Rs97.70 on 4m shares and Pakistan Oilfields, firm by Rs2.40 at Rs355.40 also on 4m shares.

Engro Chemical followed them, lower 70 paisa at Rs2 on 4m shares and National Bank, off Rs2.65 at Rs245.01 also 4m shares.

DEFAULTER COS: Fairly brisk trading was again witnessed on this counter as a section of investors who was not inclined to take risk indulged in small profit and loss basis.

Norrie Textiles came in for active support and led the list of actives, up 55 paisa at Rs2.40 on 5.691m shares followed by Zeal Pak Cement, unchanged at Rs4.55 on 3.135m shares and Japan Power, easy by five paisa at Rs8.65 on 1.346m shares.

They were followed by Unity Modaraba, lower by 15 paisa at Rs2.45 on 0.790m shares, Unicap Modaraba, up 35 paisa at Rs1.35 on 0.438m shares and Crescent Standard Modaraba, lower by 15 paisa at Rs2 on 0.246m shares. Some others were also actively traded.

Nov 29,2007 Market at a glance

TONR:bullish,total listed 654,actives 410,inctives 244,plus 225,minus 151,unc 34

KSE 30-SHARE INDEX;previous 16,651.64,Thursday’s 16,684.08,plus 32.44 points

KSE 100-SHARE INDEX:previous 13,884.93,Thursday’s 13.963.59,plus 78.66 points

MARKET CAPITAL;previous Rs.4,295.714bn,Thursday’s 4,318.742bn,plus 23.028bn

TOP TEN:gainers Wyeth Pakistan Rs.90.00,Unilever Pak Foods 63.00,Colgate Pakistan 35.00,JS & Co 28.55,National Refinery 18.10

LOSERS:EFU lIfe Rs.11.00,Nestle Pakistan 10.00,Pakistan Resource Co 9.70,Sanofi-Aventis 7.50,Abbott Lab 6.90.

TOTAL VOLUME:309.736m shares

VOLUME LEADERS;Lucky Cement 19.910m,D.G.K.Cement 19.501m,Arif Habib Securities 18.116m,Pakistan Oilfields 15.573m,OGDC 14.654m shares.