April 23, 2008	Wednesday	Rabi-us-Sani 16, 1429

KARACHI, April 22: The stock market remained in a consolidation phase for the second session in a row on Tuesday as investors continued to shed an extra weight at the inflated levels but all the sale offers were readily absorbed at the dips. The KSE 100-share index was off by 111.27 points at 15,543.52.

The equities passed through another lean session as investors readjusted their portfolios in the light of a record rise above $117 per barrel in the world oil prices and their likely negative impact on the economy and the industrial sector.

The KSE 100-share index posted a fresh fall of 111.27 points at 15,543.52, after having hit the session’s high of 15,674.22 and low at 15,482.26 as compared to previous 15,654.79 points.

The interesting feature was that bulk of the two-way activity remained confined to most of the second-liners as leading and high-profile shares, notably oil shares were neglected despite a record rise in world oil prices.

“The sharp increase in world oil prices could well prove a double-edge weapon for the Pakistan’s trade and industry,” analysts said, adding: “It could also jolt the world bourses if not contained below $100 but stock traders for the time being are not deterred and follow their own assessment about it.”

They said there was, however, nothing basically wrong, which is still uppishly inclined and termed the selling an extended technical correction in a highly overbought market.

Over the last about six weeks, the market had risen by more than 3.5 per cent or 1,000 points and needed a correction but it was delayed as leading bulls were in no mood to leave the ground owing to expected higher corporate announcements by some of the leading companies.

“The market is expected to stage a grand rebound even tomorrow as bulk of the selling seems to have dried up,” said a leading analyst adding on the strength of higher earnings.”

The board meetings of leading oil companies, including PSO, Kot Addu Power and Pakistan Oilfields were in session on Tuesday and initial reports said their earnings are on the higher side.

Owing to across the board selling, minus signs dominated the list under the lead of Siemens Pakistan and Nestle Pakistan, off by Rs77 and Rs50, Attock Petroleum, IGI Insurance, JS & Co, Shell Gas, Colgate Pakistan, and National Food, which fell by Rs10.55 to Rs23.80.

Rafhan Maize Products and AKD Capital managed to finish with gains of Rs63.85 and Rs40.15, respectively. Other notable gainers, included Grays of Cambridge, Ferozsons Lab, Pakistan Engineering, Mari Gas, Lakson Tobacco, Central Insurance, EFU General, and Bata Pakistan, which posted gains ranging from Rs10 to Rs31.50.

Trading volume showed a modest increase at 258m shares from the previous 225m shares but losers held strong lead over the gainers at 203 to 134, with 32 shares holding on to the last levels.

JS Bank topped the list of actives, higher by Rs1.05 at Rs23 on 23m shares followed by Hub-Power, steady by 40 paisa at Rs34.40 on 16m shares, Azgard Nine, off Rs4.80 at Rs91.60 on 14m shares, D.G. Khan Cement, sharply lower by Rs3.65 at Rs112.40 also on 14m shares, and Sitara Peroxide, firm by 20 paisa at Rs78.55 also on 14m shares.

Pervez Securities followed them, sharply higher by Rs4.60 at Rs97.30 on 10m shares, BankIslami Pakistan, steady by 15 paisa at Rs19.70 on 9m shares, and Pakistan Oilfields, off 40 paisa at Rs406.45 on 8m shares, Pace Pakistan, off by Rs1.85 at Rs37.35 on 9m shares, and Nishat Mills, lower by Rs1.15 at Rs131.65 on 8m shares.

FORWARD COUNTER: JS Bank also led the list of actives on the cleared list, up Rs1.10 at Rs23.20 on 7m shares its May settlement rose by Rs1.11 at Rs23.31 on 4m shares, followed by Bank of Punjab, easy by 49 paisa at Rs60.61 on 5m shares, and Sitara Peroxide, lower 15 paisa at Rs78.55 also on 5m shares.

DEFAULTER COS: Norrie Textiles came in for active profit-selling and led the list of actives, lower by 20 paisa at Rs2.30 on 3.933m shares followed by National Asset Leasing, up 40 paisa at Rs1.45 on 0.591m shares and Japan Power, unchanged at Rs6.65 on 0.333m shares.

Other actives, included Invest Capital Bank, steady by 10 paisa at Rs6 on 0.323m shares, Zeal Pak Cement, easy five paisa at Rs6.65 on 0.251m shares and Nazir Cotton, lower five paisa at Rs1.75 on 0.117m shares.