December 04, 2007	Tuesday	Ziqa'ad 23, 1428

KARACHI, Dec 3: Trading on the stock market on Monday resumed on a cheerless note as leading investors kept to the sidelines most of the time amid conflicting reports about the election boycott by the opposition parties.

In an uncertain political situation investors prefer to keep to the sidelines than making fresh commitments at the falling prices owing to financial risks involved.

After having steadily risen during the last two weeks, stocks came in for active profit-selling and fell across-the-board under the lead of oil shares as there was no matching buying from any quarter even at the falling prices.

The KSE 100-share index again fell below the barrier of 14,000 by 74.84 points at 13,923.68 after at one stage having hit the session’s high at 14,040.42 as compared to 13,998.52 at the last weekend. The KSE 30-share index also fell by 55.89 points at 16,699.83.

Active profit-taking in the leading cement, oil and banking shares led the market fall but there was no matching buying from prospective investors at the falling prices.

However, the steep decline in the turnover volume to 138m shares tells a different story about the things taking shape in the pre-election trading sessions.

“Participation in the upcoming elections by the political parties amid talk of boycott seems to have taken steam out of the market,” analyst Ahsan Mehanti said, adding “investors are awaiting final decision by the contenders of power on the issue before resuming normal trading activities”.

The absence of foreign investors even at the attractively lower levels during the last couple of sessions also worked against the underlying sentiment, he added.

Political uncertainties linked to national elections amid opposition’s threat of elections boycott drove leading investors out of the market as no one among them was inclined to make fresh commitments, analyst Hasnain Asghar Ali said.

He said the talk of capital adequacy levels linked to unsettled November contracts, which were just rung off, was another destabilising factor.

Minus signs dominated the list under the lead of Wyeth Pakistan and Unilever Pakistan, off by Rs21 and Rs50, followed by EFU General, IGI Insurance, Pak Resource Co, Attock Refinery, National Refinery, PSO, Shell Pakistan, BOC Pakistan, Clariant Pakistan, Bata Pakistan, Pakistan Oilfields, Adamjee Insurance and Sanofi-Aventis, which suffered fall ranging from Rs7 to Rs13.10.

Siemens Pakistan and Shell Gas managed to finish higher on active support, up by Rs14 and Rs12.35, respectively. Thal Jute, Atlas Honda, Noon Pakistan, Dawood Lawrence, MCB and EFU Life followed them, up by Rs4.45 to Rs9.

Trading volume fell to 138m shares from the previous 215m shares as losers forced a strong lead over the gainers at 235 to 109, with 49 shares holding on to the last levels.

JS Bank led the list of actives, up by 90 paisa at Rs19 on 21m shares followed by OGDC, lower by 50 paisa at Rs120.40 on 8m shares, D.G. Khan Cement, off Rs2.80 at Rs97 on 6m shares, Lucky Cement and easy by Rs4.05 at Rs119 also on 6m shares.

Askari Bank, up by 35 paisa on 6m shares, Sitara Peroxide, higher by Rs2.10 at Rs44.40 on 4m shares and Pakistan Oilfields, sharply lower by Rs10.15 at Rs341.35 also on 4m shares.

They were followed by NIB Bank, up by 25 paisa on 5m shares, Arif Habib Securities, lower by 20 paisa also on 5m shares and Bosicor Pakistan, easy 25 paisa on 4m shares.

FORWARD COUNTER: Lucky Cement led the list of actives on this counter, off Rs4.80 at Rs119.70 on 4m shares, followed by MCB, easy by R1.01 at Rs377.50 also on 4m shares and D.G. Khan Cement, off by Rs2.65 at Rs97.60 on 4m shares.

Pakistan Oilfields followed them, sharply lower by Rs9.60 at Rs344.45 on 3m shares and OGDC, easy by 75 paisa at Rs119.30 on 2m shares.

DEFAULTER COMPANIES: Active trading was witnessed on the cleared list but prices generally fell where changed on profit-selling.

Zeal-Pak Cement led the list of actives, lower by five paisa at Rs4.55 on 1.129m shares followed by Norrie Textiles, easy by 10 paisa at Rs2.25 on 0.583m shares and Japan Power, lower by five paisa at Rs8.50 on 0.574m shares.

Unity Modaraba also came in for active two-way trading and ended unchanged at Rs2.40 on 0.553m shares, while others were fractionally traded.

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Dec 3, 2007

TONE:easy,total listed 654,actives 393,inactives 261,plus 109,minus 235,unc 49

KSE 30-SHARE INDEX:previous 16,755.72,Monday’s 16,699.83,minus 55.89 points

KSE 100-SHARE INDEX:previous 13,998.52,Monday’s 13,923.68,minus74.86 points

MARKET CAPITAL:previous Rs.4,328.937bn,Monday’s 4,302.751bn,minus 26.186bn

TOP TEN:gainers Siemens Pakistan Rs.14.00,Shell Gas,12.35,EFU Life 9.00,MCN 8.70,Atlas Honda 8.70.

LOSERS: Wyeth Pakistan Rs.21.00,Adamjee Insurance 13.10.Bata Pakistan 12.00,Pakistan Oilfields 10.15,Sanofi-Aventis 10.00.

TOTAL VOLUME:137.879m shares

VOLUME LEADERS:JS Bank 20.510m,OGDC 8.170m,D.G.Khan Cement 6.247m,Lucky Cement 6.157m.Askari Bank 5.502m shares.