April 16, 2008	Wednesday	Rabi-us-Sani 9, 1429

KARACHI, April 15: The KSE 100-share index on Tuesday

achieved a major breakthrough beyond the level of 15,500 boosted by heavy buying in the leading oil and bank shares and analysts predict it has apparently crossed the last barrier to hit its next target of 16,000 points.

Although it ended well below the session’s high of 15,559.49, but with a fresh rise of 100.61 points at 15,538.45 as compared to 15,437.84 a day earlier. The free float 30-share index also posted a gain of 154.87 points at 18,971.75.

There could be technical corrections here and there but the general perception is that the market has decided to go in unison with the positive basic fundamentals, notably with the March corporate working results.

The fact that the market has ignored some of the negative developments on the local political front and the bad shape of economy speaks a lot about the future share business outlook and those, who read between the lines, are busy in moping operations on selected counters, analyst Ahsan Mehanti believes.

The reports that the world crude prices have crossed the $112 barrier triggered buy-stops in leading oil shares, notably Pakistan Oilfields, OGDC and Pakistan Petroleum on the perception of an identical increase in their profitability.

An upper lock in the Pakistan oilfields after its share value soared by Rs13 at Rs402.50 on a large volume of 21m shares at this highly inflated rate evoked sympathetic price flare-ups in the other leading oil shares. And an identical performance by the MCB Bank, which also jumped up by Rs7.35, was another supporting factor behind the current run-up.

“It was a judicious blend of both local and foreign buying and for good reasons too,” said a leading analyst Faisal A. Rajababli, adding: “But the important feature was that leading shares on other counters also traded higher.”

He predicts the index could hit its next chart point of 16,000 level on the strength of payouts for the year ended March 31, by some of the leading companies, which are expected to be in line with the general perception.

Among the top gainers, Bata Pakistan and Pakistan Reinsurance Co were leading, up by Rs30 and Rs30.45, followed by MCB Bank, National Refinery, Pakistan Engineering, Atlas Honda, HinoPak, BOC Pakistan, Colgate Pakistan, Murree Brewery, Shell Pakistan, and National Food, which posted gains ranging from Rs5 to Rs21.50.

Attock Petroleum and Fazal Textiles led the list of losers, off by Rs12.45 and Rs28.75. Others showed modest fall under the lead of EFU Life, IGI Insurance, Dadex Eternit, Exide Pakistan, Dawood Hercules, Pakistan Services and Unilever Pakistan, off by Rs4 to Rs10.

Trading volume was maintained around the overnight level of 222m shares but gainers held a strong lead over the losers at 179 to 127, with 41 shares holding on to the last levels.

Apart from Pakistan Oilfields, the most active list was led by Pace Pakistan, up by Rs1.85 at Rs.39.30 on 18m shares, Fauji Fertiliser bin Qasim, steady by 65 paisa at Rs41.55 on 13m shares, Bank of Punjab, higher by Rs1.20 at Rs61.75 on 12m shares, Nishat Mills, firm by Rs1.80 at Rs126.80 on 10m shares, Engro Chemical, higher by Rs2.95 at Rs359.95 on 8m shares and MCB Bank, sharply higher by Rs7.35 at Rs426.50 on 7m shares.

Other actives were led by Sitara Peroxide, up Rs1.80 at Rs72.80 on 7m shares, Pervez Ahmed Securities, higher by Rs3.80 at Rs80.35 also on 7m shares and Lucky Cement, up by Rs1.05 at Rs146.25 on 7m shares.

FORWARD COUNTER: Pace topped the list of actives on the cleared list, higher by Rs1.85 at Rs39.45 on 7m shares followed by Pakistan Oilfields, up Rs11.90 at Rs402.30 also on 7m shares, and Bank of Punjab, firm by 90 paisa at Rs62 on 5m shares.

Sitara Peroxide followed them, up Rs2.15 at Rs73.25 on 4m shares and OGDC, higher by Rs1.40 at Rs138.60 also on 4m shares.

DEAFAULTER COS: Norrie Textile came in for active selling at the higher level and was marked down by 55 paisa at Rs4.65 on 5.489m shares followed by Japan Power, up 40 paisa at Rs7.30 on 1.446m shares, and Zeal Pak Cement, steady by five paisa at Rs3.95 on 0.416m shares.

Other actives were led by National Asset Leasing, up 15 paisa at Rs1 on 02.17m shares, Unity Modaraba, unchanged at Rs1.30 on 0.187m shares, and Nazir Cotton, steady by 10 paisa at Rs1.70 on 0.136m shares.