January 22, 2008	Tuesday	Muharram 12, 1429

KARACHI, Jan 21: The KSE 100-share index on Monday briefly broke the barrier of 14,000 points at 14,063 on strong follow-up support but failed to sustain it on late-selling in some of the leading base shares.

After early touching the session’s high at 14,062.81, up 188.00 points from the previous close, it finally ended with a modest decline of 24.35 points at 13,850.19 amid wild either-way movements. However, its junior partner the free-float 30-share index managed to finish with a modest gain of 18.86 points.

Late profit-selling in some of the leading base shares, notably National Bank and PTCL pushed it down to close on a lower note but the undertone remained uppishly inclined.

Floor brokers said investors picked up the thread where they had left at the weekend session and made fresh strong short-covering on selected counters but as the session went by financial support did not get in normal stature.

Bargain-hunters were there for a chance to strike back and did not await the weekend rally fully sustained on technical grounds alone and indulged halted it half way, they said.

Some others said the relative calm and peace on the Ashura day across the country was also a supporting factor for the initial run-up.

“I don’t think the market could follow a definite trading pattern in the prevailing political situation involving many irritants,” analyst Hasnain Asghar Ali said, “but market’s technical demands point to some major breakthrough”.

Stock analyst Ahsan Mehanti said investor perceptions could change in line with objective conditions but low daily volumes signal that both the general investors and the financial institutions were still in two minds and were not inclined to come in a big way prior to national elections on Feb 18.

“The market may witness occasional flutters here and there both on positive and negative news but no one could predict about its future trend at this stage,” he added.

Among the top gainers, Arif Habib Ltd and AKD Capital were prominent up by Rs16.35 and Rs13.65 followed by Sitara Chemicals, IGI Insurance, Adamjee Insurance, Fazal Textiles, Shell Gas, Mari Gas, Dawood Hercules and Bata Pakistan, which tended higher by Rs4.05 to Rs13.

JS & Co and EFU Life Assurance led the losers, off by Rs49.35 and Rs22 respectively. Other prominent losers were led by National Refinery, Al-Ghazi Tractors, New Jubilee Insurance, Central Insurance, Pakistan Resource Insurance, Pakistan Engineering and Siemens Pakistan, off by Rs5 to Rs20.

Trading volume was maintained the overnight level of 236m shares but gainers held at modest lead over the losers at 163 to 157, with 37 shares holding on to the last levels.

The active list was topped by NIB Bank, steady by 30 paisa at Rs22.50 on 26m shares, followed by Arif Habib Securities, up by 25 paisa at Rs171.05 on 18m shares, Bosicor Pakistan, higher by 80 paisa at Rs20.80 on 14m shares, PTCL, lower by 20 paisa at Rs38.85 on 10m shares, Attock Refinery, higher by Rs3 at Rs276 on 9m shares, OGDC, steady by five paisa at Rs120.25 also on 9m shares and Lucky Cement, off by Rs1.25 at Rs113.80 on 7m shares.

Other actives were led by Azgard Nine, lower by 95 paisa at Rs48.05 on 8m shares, Nimir Chemicals, up by 15 paisa at Rs6.50 also on 8m shares and Pervez Ahmed Securities, up by Rs2.90 at Rs61.20 on 8m shares.Arif Habib Bank again led the list of actives on the cleared list, firm by 10 paisa at Rs31.95 on 6m shares followed by MCB, higher by Rs1.68 at Rs382.93 on 3m shares and Lucky Cement, off Rs1.40 at Rs113.80 also on 3m shares.

National Bank followed them, off by Rs1.70 at Rs226.55 on 3m shares and OGDC, steady by 15 paisa at Rs120.25 also on 3m shares.

DEFAULTER COS: Norrie Textiles came in for active support and led the list of actives, up five paisa at Rs2.30 on 1.844m shares followed by Zeal Pak Cement, lower 15 paisa at Rs4.25 on 0.907m shares and Unity Modaraba, unchanged at Rs1.60 on 0.352m shares.