January 04, 2008	Friday	Zilhaj 24, 1428

KARACHI, Jan 3: The Karachi Stock Exchange (KSE) 100-share index on Thursday roared back to its pre-reaction level as investors covered positions at the attractively lower levels, pushing it sharply higher by 643.04 points or 4.82 per cent at 13,996. 42 and added Rs215 billion to the market capital.

President’s address to the nation seems to have given needed boost to the badly shaken confidence of investors, analyst Hasnain Asghar Ali said, adding “near-panic covering purchases at the lower rates reflect that they are back in the arena under the lead of institutional traders aided partly by a record rise in world oil prices to $100.”

Postponement of national elections by seven weeks to Feb 18, to be held under the army, foreign assistance in Benazir Bhutto’s murder probe and relative calm on the law and order front lured investors back in the market, he added.

The KSE 100-share index, which had fallen by 1,400 points or 10 per cent eroding Rs400 billion from the market capital in post-Bhutto murder last three sessions about halved its loss just in one session and is expected to wipe out the other half within the current week, they added.

Leading base shares, notably MCB, National Bank, OGDC, Pakistan Petroleum, Pakistan Oilfields on reports of a record rise to $100 per barrel and some others significantly contributed to the credible recovery in the share market as well as the index, they said.

“The snap recovery reflects that the basic market fundamentals are terribly bullish and no amount of negative external factor could keep it subdued for a longer period in the given situations,” said a leading analyst Ahsan Mehanti.

The perception that the current tension caused between the contenders of power in the backdrop of Benazir Bhutto’s assassination will be defused in due course, leading to further improvement in the law and order situation lured tired bulls back in the arena, Ashraf Zakaria, another analyst said, adding “the market rose in the same fashion as did it fell.”

The list was strewn by leading gainers led by Unilever Pakistan and Rafhan Pakistan, up by Rs115, followed by Colgate Pakistan, Siemens Pakistan, Attock Petroleum, EFU Life, JS & Co, PSO, Shell Pakistan JS & Co and Unilever Foods, which posted gains ranging from Rs19.35 to 64.

Losses were mostly fractional, barring Pak General Insurance, Maqbool Textiles, Hira Textiles and Reliance Cotton, which were quoted lower by 60 paisas to Rs2.

Trading volume did not keep pace with the rising prices as leading sellers stayed away anticipating fresh increase in share values, falling to 229 million shares from the previous 245 million shares. Gainers outpaced losers by 361 to 22, with 14 shares holding on to the last levels.

TRG Pakistan led the list of actives, up one rupee at Rs14.40 on 20 million shares followed by OGDC, sharply higher by Rs5.65 at Rs119.05 on 11 million shares, Bosicor Pakistan, higher by one rupee at Rs20.30 on nine million shares, Javed Omer & Co, higher by Rs7.35 at Rs154.85 also on nine million shares, Bank of Punjab, up by Rs6.70 at Rs98.75 on eight million shares, National Bank, higher by Rs10.70 at Rs224.80 on seven million shares and JS Bank, firm by one rupee at Rs 20.80 also on seven million shares.

Other actives were led by Pak PTA, steady by 65 paisas on nine million shares, Dewan Salman, up 65 paisas on eight million shares and Pakistan Cement, higher one rupee on six million shares.

FORWARD COUNTER: OGDC led the list of actives on this counter, up Rs5.70 at Rs120.15 on five million shares followed by Arif Habib Bank, higher by Rs 1.55 at Rs32.85 also on five million shares and National Bank, sharply higher by Rs 11.05 at Rs226.55 on three million shares.

Askari Bank followed them, higher by Rs4.95 at Rs104.45 on three million shares and Pakistan Petroleum, higher by Rs11.75 at Rs247.25 also on three million shares.

DEFAULTER COS: Active trading was witnessed on this counter as investors covered positions at the lower levels amid a briskly traded session.

The market advance was led by Unity Modaraba, up by 25 paisas at Rs1.95 on 4.739 million shares followed by Norrie Textiles, higher by 45 paisas at Rs 2.30 on 3.773 million shares and Zeal Pak Cement, firm by 40 paisas at Rs4.80 on 3.414 million shares. Invest Capital Bank was traded higher by one rupee at Rs6.75 on 0.310 million shares.