April 25, 2008	Friday	Rabi-us-Sani 18, 1429

KARACHI, April 24: The share market on Thursday showed fresh widespread decline on hasty selling by most of the investors thriving on the leveraged money after an alarm bell rang for the rollover positions on the forward counter.

The dilemma of leveraged investors was well-reflected in the KSE 100-share index, which after having breached through two consecutive barriers, managed to finish well above the session’s low of 15,282 at 15,304.90 on late selective support at the lower levels in some blue chips, analysts said.

The KSE 30-share index on the other hand suffered a bigger decline of 269.26 points or 1.44 per cent at 18,392.16 as leading shares passed through lower locks on active selling.It broke the barrier of 15,400 and the 15,300, respectively, during the session in quick succession as sellers dominated the market on conflicting reports about the taxes in the new budget due in the first week of June, they said.

Some of the leading shares witnessed lower locks under the lead of Adamjee Insurance and some others owing to the panic generated by some of the rumours followed by hasty selling.

The index, over the week, had shed about 400 points or 2.5 per cent, analyst Faisal A. Rajabali said “but I don’t think it will breach the barrier of 15,000 as earning reports coming in each day are in line with the market expectations.

The market seems to have only shed its extra weight being in a highly overbought position owing to sustained run-up to the index level of 15,700 and the correction was long overdue and that thrived on some bad news, he added.

“What seems to have taken steam out of the market treading on a sound footing was a rumour that exemption on both the Capital Value Tax and the capital gains will be withdrawn in the new budget, said a leading analyst, adding, “punters who have been looking for bad news to bail themselves out from long positions indulged in hasty selling”.

But a leading stock analyst Hasnain Asghar Ali says long leverage positions appear to be the chief worry of investors as borrowed money seldom pays if not judiciously invested.“Friday (tomorrow) is the last session of the week as well as rollover of positions from the April contracts to the ruling May, which could attract fresh selling,” he added.

Minus signs again dominated the list under the lead of Unilever Pakistan and Colgate Pakistan, off by Rs25 and 33.20, followed by MCB, JS & Co, Adamjee Insurance, Central Insurance, IGI Insurance, PSO, Shell Gas, Dawood Hercules, Engro Chemical, Packages, Clariant Pakistan, Mitchell’s Farms, and National Foods, which suffered fall ranging from Rs8 to Rs20.

AKD Capital and Siemens Pakistan managed to finish with gains of Rs44.25 and Rs73, respectively. Other good gainers, included Pakistan Reinsurance Co, EFU General, United Sugar, Attock Refinery, International Industries, Indus Motors, Millat Tractors, and Ferozsons Lab, which rose by Rs7.75 to Rs13.70.

Traded volume fell to 238m shares from the previous 277m shares as losers maintained their lead over the gainers at 219 to 123, with 29 shares holding on to the last levels.Bank Alfalah was actively traded, up Rs1.10 at Rs54.40 on 10m shares, followed by Nishat Mills, off Rs5 at Rs122 on 9m shares, Pakistan Petroleum, higher Rs2.30 at Rs272.70 also on 9m shares, Attock Refinery, sharply higher by Rs12.45 at Rs275.45 on 8m shares, Hub Power, off Rs1.35 at Rs33.70 also on 8m shares, D.G. Khan Cement, steady by 20 paisa at Rs110 on 7m shares and Pakistan Oilfields, off Rs5.20 at Rs409.40 also on 7m shares.

WorldCall Telecom was traded unchanged at Rs16.75 on 12m shares followed by Pervez Securities, off Rs3.25 at Rs89.20 on 8m shares and JS Bank, easy by five paisa at Rs21.95 on 7m shares.

FORWARD COUNTER: Both the settlements of Bank of Punjab again led the list of actives on this counter, off by 49 and 40 paisa at Rs61.52 and Rs60.90, followed by Lucky Cement, up 84 paisa at Rs143.34 on 3m shares.

Bank Alfalah was marked up by Rs1.10 at Rs54.25 on 3m shares and Nishat Mills, was off Rs4.25 at Rs124 also on 3m shares.

DEFAULTER COS: Norrie Textiles came in for active support and rose by 25 paisa at Rs2.80 on a large volume of 4.424m shares followed by National Asset Leasing, easy by 10 paisa at Rs1.50 on 0.577m shares, Zeal Pak Cement, lower 10 paisa at Rs3.75 on 0.606m shares and Japan Power, easy by five paisa at Rs6.55 on 0.468m shares.

Unity Modaraba followed them, steady by five paisa at Rs1.25 on 0.230m shares, Gauhar Engineering, higher by 70 paisa at Rs3.20 on 0.108m shares and Nazir Cotton, lower 10 paisa at Rs1.55 on 0.105m shares.

DIVIDEND: Meezan Islamic Income Fund, interim cash 6.50 per cent, J.S. Investment cash, interim 10 per cent.