April 15, 2008	Tuesday	Rabi-us-Sani 8, 1429

KARACHI, April 14: The share market resumed trading on an easy note on Monday as investors played on both sides of the fence amid highly erratic price movements followed by reports that the Muttahida Qaumi Movement has decided to sit in the opposition after the power-sharing deal could not be reached with the Pakistan People’s Party.

The market’s highly volatile performance was also well-reflected in the KSE 100-share index, which hit the session’s peak level at 15,482.84 and the lowest at 15,369.86 but managed to finish fully recovered at 15,437.84, up 6.95 points.

The notable feature of the session was that Dawood Equities made its debut at the face value of Rs10 and firmly moved higher to close at the day’s peak level of Rs39.50, up Rs29.50 on 6.308m shares. Equally notable was higher interim dividend at the rate of 35 per cent or Rs350 per share by Rafhan Maize, whose share value soared by Rs135.05 to Rs2,836.15.

The trading pattern was typical of Pakistan stock trading conditions as while some of the leading shares witnessed upper locks others fell sharply, indicating strong presence of selective buying.

Leading oil, cement shares attracted profit-selling but on the other hand United Bank after being ex-dividend and ex-bonus Hub-Power and Arif Habib Securities remained in strong demand and ended higher.The opening was on the lower side followed by reports that power-sharing deal between the PPP and the MQM could not be reached and the latter has decided to sit in the opposition, but there was no panic selling from any quarter.

However, investors wished a coalition government between the two major political parties as they think it was essential for the peace in city and the future direction of the share market.

But some others hoped the MQM is expected to join the power elite as talks are said to be in progress to sort out the issues in disagreement in due course.

News from the economic front was not that encouraging as the new power elite claims that the former economic managers had played with the figures to project an impression of a sound economy but what is passed over to us is in a bad shape, analysts said.

The future strain on the economy, analysts fear, could take its toll on the share market also but it is not clear whether or not the market will follow its higher corporate news or the political events in the coming months before the national budget in early June, they added.

Dawood Equities and Rafhan Maize were among the top gainers, up by Rs29.50 and 135.05, followed by Adamjee Insurance, Dawood Hercules, Clariant Pakistan, Ferozsons Lab, Service Industries, Atlas Honda, Pakistan Resource Co, Shell Pakistan, and Colgate Pakistan, which tended higher by Rs5 to Rs29.20.

AKD Capital and HinoPak Motors led the list of losers. Other notable losers included IGI Insurance, Pakistan Engineering, National Refinery, National Foods, and Siemens Pakistan, which suffered fall ranging from Rs7 to 18.

Trading volume showed a modest fall at 226m shares from the previous 245m shares as losers held a lead over the gainers at 169to 132, with 31 shares holding on to the last levels.

Bank of Punjab topped the list of actives, off Rs3.05 at Rs60.55 on 21m shares followed by Fauji Fertiliser Bin Qasim, easy by five paisa at Rs40.90 on 17m shares, PAC Pakistan, up Rs1.20 at Rs37.45 on 16m shares, Hub Power, steady by Rs1.35 at Rs34.25 on 13m shares, Arif Habib Securities, higher by Rs1.75 at Rs184.10 on 12m shares, Pakistan Oilfields, off Rs3.40 at Rs389.50 on 9m shares, and United Bank, up Rs4.40 at Rs169.90 on 7m shares.

Other actives were led by Lucky Cement, up 95 paisa at Rs145.20 on 8m shares, followed by Norrie Textiles, higher one rupee at Rs5.20 also on 8m shares and D.G. Khan Cement, off Rs1.40 at Rs116.50 on 7m shares.

FORWARD COUNTER: Bank of Punjab also led the list of actives on this counter, off Rs3.15 at Rs61.10 on 8m shares followed by Pakistan Oilfields, lower by Rs3.50 at Rs390.40 on 4m shares, and PACE Pakistan, higher by Rs1.70 at Rs37.60 on 4m shares.

Other actives were led by Lucky Cement, up by Rs1.20 at Rs145.70 on 4m shares and Fauji Fertiliser Bin Qasim, lower by 10 paisa at Rs41.10 on 3m shares.

DEFAULTER COS: Japan Power came in for active support and led the list of actives, up 40 paisa at Rs7.30 on 1.446m shares followed by Zeal Pak Cement, steady by five paisa at Rs3.95 on 0.419m shares.

They were followed by National Asset Leasing, up 15 paisa at Rs1 on 0.217m shares, Unity Modaraba, unchanged at Rs1.30 on 0.187m shares and Nazir Cotton, up 10 paisa at Rs1.70 on 0.136m shares.