April 04, 2008	Friday	Rabi-ul-Awwal 26, 1429

KARACHI, April 3: Stocks on Thursday maintained their winning streak for the third session in a row on strong support, heralding the advent of foreign buying on selected counters but the close was well below the session’s highs on late selling amid brisk activity. The KSE index posted a fresh modest gain of 12.41 points at 15,345.32.

After initial higher opening, the market later turned in a highly volatile performance as investors played on both sides of the fence selling at the rise and buying at the dips but the underlying sentiment did not show that the current run-up is overdone. The KSE index earlier crossed another barrier at 15,401.81 on the strength of cement and bank shares and blue chips such as Engro Chemicals but late selling pushed it down to finish modestly higher.

Reports from the political front, notably Army Chief Gen Ashfaq Parvez Kayani’s briefing to the prime minister and the top leaders on terror war and ‘Bhutto Zindabad’ slogans at the ‘90’, indicating that the Muttahida Qaumi Movement may be on the political bandwagon soon, but the market has its own typical mood to react.

“I presume the market is preparing itself to welcome the re-emergence of foreign buying in a big way as the ground has been cleared for its debut,” said a leading analyst Hasnain Asghar Ali. “The new government is in place and means business without indulging in negative political moves against the opposition.”

With the index stable well above the 15,000 level, positive news from the corporate earnings, end of political uncertainty and still attractive margins on some of the counters could miss only fools, he said.

Stock analyst Ashraf Zakaria holds the same view and hoped that the market could spring many pleasant surprises in the coming weeks adding significantly to savings of investors.

After early adding to the overnight gains, the KSE 100-share index maintained its firm posture and moved both ways amid alternate bouts of buying and selling, notably on the high-profile issues where the margin of profits was much higher.

It closed the session with a modest rise of 12.41 points at 15,345.32 as compared to 15,332.91 a day earlier, reflecting the relative weakness of some leading base shares.Leading gainers were led by Siemens Pakistan and Pakistan Resource Co, up by Rs79.30 and 16.15, Pakistan Cables, Service Industries, Fateh Textiles, National Foods, AKD Capital, Dawood Hercules, Engro Chemicals and Arif Habib Ltd, which posted gains ranging from Rs8.20 to Rs15.30.

Leading losers included Pakistan Services and EFU General Insurance, off by Rs23 and Rs10.90, respectively. JS Global, Sapphire Textiles, Mirpurkhas Sugar, Atlas Honda, PSO, Attock Petroleum, and EFU Life followed them, off by Rs5 to Rs10.05.

Traded volume showed sharp increase followed by active institutional and foreign buying and rose to 353m shares from the previous 249m shares as gainers held slight edge over the losers at 171 to 168, with 40 shares holding on to the last levels.

Lucky Cement topped the list of actives, sharply higher by Rs6.90 at Rs145.10 on 29m shares followed by D.G. Khan Cement, up Rs2.70 at Rs116.15 on 26m shares, Bank Islami Pakistan, firm by 40 paisa at Rs20.85 on 24m shares, JS Bank, up 60 paisa at Rs75 on 22m shares and Engro Chemicals, sharply higher by Rs14.75 at Rs340 on 21m shares.

Nishat Mills followed them, up Rs4.20 at Rs117.50 on 14m shares, Bank of Punjab, steady by 90 paisa at Rs68.15 on 12m shares, and Arif Habib Securities, higher by 40 paisa at Rs183.10 also on 11m shares, Sitara Peroxide, lower by 50 paisa at Rs71 on 11m shares and Pervez Ahmed Securities, higher by Rs2.85 at Rs78.50 also on 11m shares.

FORWARD COUNTER: JS Bank led the list of actives on this counter, up 70 paisa at Rs23 on 8m shares, Engro Chemicals, sharply higher by Rs13.50 at Rs341.50 also on 8m shares and Lucky Cement, higher by Rs6.90 at Rs145.80 on 7m shares.

Bank of Punjab followed them, up 90 paisa at Rs68.65 on 6m shares and Sitara Peroxide, lower 55 paisa at Rs71.90 also on 6m shares.

DEFAULTER COS: Active trading was again witnessed on this counter under the lead of Norrie Textiles, easy by five paisa at Rs1.70 on 0.642m shares followed by S.S. Oils, which was quoted further higher by 55 paisa at Rs17.55 on 0.449m shares and Zeal Pak Cement, lower by five paisa at Rs3.85 on 0.391m shares.

Invest Capital Bank followed them, easy by 15 paisa at Rs5.50 on 0.383, shares, Japan Power, unchanged at Rs6.90 on 0.166m shares and Pangrio Sugar, lower 25 paisa at Rs14 on 0.115m shares. BOARD MEETINGS: JS & Co, April 8, Habib Metropolitan Bank, April 9, Pakistan Refinery, April 11, Clariant Pakistan, April 14, Faysal Balanced Growth Fund, Faysal Income & Growth Fund, Faysal Savings and Growth Fund, April 16, Tri-Pack Films, and Fauji Fertiliser Bin Qasim, April 23, and Packages, April 24.