January 08, 2008	Tuesday	Zilhaj 28, 1428

KARACHI, Jan 7: The share market on Monday failed to extend the weekend run-up as investors took profits at the higher levels discouraged apparently by the State Bank’s quarterly report pointing to risk and pressures on economy during the current fiscal, pushing the KSE 100-share index lower by 96.49 points at 14,163.11.

The major jolts, which the economy may receive, analysts said, are below projection (7.2 per cent) GDP growth rate, fiscal deficit and food inflation.

The other negative factors included energy crisis followed by loadshedding, which is taking its toll in the form of industrial productivity and the US threat to launch direct operations in the troubled tribal areas.

Although selling was widespread and covered the entire list, the KSE 100-share index did not fall below its higher barrier of 14,000 and ended well above it after having touched the lowest and the highest at 14,090.47 and 14,280, respectively. The free-float 30-share index on the other hand suffered sharp decline of 185.59 points at 16,703.86 points, reflecting the weakness of leading base shares.

Among the base shares, which contributed to the decline, MCB, OGDC, National Bank, Arif Habib Securities, and some others were leading.

Although external news were not that encouraging for the investing public, both the local investors and the financial institutions are eyeing the positive election results and until then may play on both sides of the market.

“The market could not thrive on positive news from the corporate sector, including higher earnings,” leading analyst Ahsan Mehanti said, adding “it must have peace on the law and order front and national interest among the contenders of power.”

The market could respond to its technical demands after each dip but what it needs is genuine peace aided by some corrective steps to avert snap reversal, he added.

“The presence of active support at the lower levels on some other counters reflects that investors are not worried over the developing scenario on the political front and appear to be in a mood to play according to market fundamentals,” another analyst Hasnain Asghar Ali was of the view.

Although minus signs forced a strong lead over the plus ones at 235 to 107, some of the leading shares managed to finish with an extended gain under the lead of Siemens Pakistan and JS & Co, up by Rs44 and 53.10. Other good gainers included Pak-Suzuki Motors, Attock Petroleum, Zulfiqar Industries, Mitchell’s Fruits, Arif Habib Ltd, Attock Refinery, and EFU General Insurance, up by Rs5.25 to 20.

Losers were led by Hinopak Motors and Pakistan Services, off by Rs27.40 and 18 followed by Javed Omer, MCB, Pakistan Resource Co, Thal Jute, Shell Pakistan, Pakistan Engineering, Atlas Honda, BOC Pakistan, Packages, Clover Pakistan, Fazal Textiles, and IGI Insurance, which fell by Rs6 to 18.

Trading volume suffered a sharp fall at 245 million shares from the previous 288 million shares in the absence of leading investors.

TRG Pakistan again led the list of actives, lower by 60 paisas at Rs13.85 on 22 million shares followed by NIB Bank, up Rs1.10 at Rs23.15 also on 22 million shares, Bosicor Pakistan, firm by 40 paisas at Rs21 on 20 million shares, Arif Habib Securities, off Rs1.80 at Rs170.55 on 14 million shares, D G Khan Cement, up 45 paisas at Rs94.45 on 11 million shares.

OGDC followed them, off 50 paisas at Rs120.95 on eight million shares, Javed Omer, sharply lower by Rs7.65 at Rs143.95 on eight million shares and National Bank, off Rs4 at Rs229.50 on seven million shares.

Other actives were led by Lucky Cement, higher by 80 paisas on nine million shares and Prudential Modaraba, up 35 paisas on seven million shares.

FORWARD COUNTER: D G Khan Cement led the list of actives on the cleared list, up 50 paisas at Rs95.15 on four million shares, Lucky Cement, steady by five paisas at Rs119.50 also on four million shares, and National bank, off Rs4.85 at Rs230.50 on four million shares.

MCB followed them, off by Rs7.70 at Rs392 on four million shares and Arif Habib Bank, lower Rs1.65 at Rs31.40 on three million shares.

DEFAULTER COs: Unity Modaraba came in for active selling and led the list of actives on this counter, lower 20 paisas at Rs1.75 on 1.986 million shares followed by Zeal Pak Cement, unchanged at Rs4.65 on 1.414 million shares and Norrie Textiles, lower by 10 paisas at Rs2.05 on 0.525 million shares.

Pangrio Sugar was quoted higher by Rs1.20 at Rs26.10 on 0.167 million shares, followed by Inter-Asia Leasing, easy by 15 paisas at Rs1.45 on 0.143 million shares and Japan Power, off by 50 paisas at Rs7 on 0.134 million shares.