April 29, 2008	Tuesday	Rabi-us-Sani 22, 1429

KARACHI, April 28: Stocks finished on Monday with an extended gain on active follow-up support aided partly by higher dividend and partly by active foreign buying in the leading oil shares, reflecting that investors had ignored the reports of fresh probe into the market crash of March 2005. The KSE index ended with a clipped gain of 44.48 points at 15,479.22.

An idea of strong early buying euphoria may well be had from the fact that the KSE index crossed the barrier of 15,500 and was close to breach through the next barrier of 15,600 at 15,595.13 before bears fought back. Trading was resumed on a higher note, what the dealers called the extension of the weekend snap rally and was intensified by higher corporate announcements.

The interesting feature was that unlike the price movements in normal trading, there were odd changes in some of the leading shares, notably Indus Motors, which witnessed a rise of Rs16.59, PPL Rs 6.07, and 5.98 in BOC Pakistan instead of round figures of 14.50 in an apparent effort to forestall fresh decline or transactions.

The KSE 100-share index closed with an extended gain of 44.48 points at 15,479.22 as compared to 15,434.74 at the last weekend. Earlier in the session it crossed the session’s peak level at 15,595.13 points and sustained it towards the close until late selling pushed it down to close lower.

The 30-share free float index on the other hand rose by 56.30 points at 18,703.05 as compared to 18,646.75 points.

The fact that the index had judiciously sustained over the last couple of weeks, its newly established base above 15,000 points reflects that it could rise further to its new target supported by positive news from the political and corporate fronts.

“The budget is still five weeks away possibly in the first week of June, most of the feelers originating from the relevant quarters about taxing the share business, the investor morale was high,” said a leading stock analyst Faisal A. Rajabali.

The firm opening despite some negative news notably reopening of the market crash of Mach 2005 probe report by the finance committee, which wiped out Rs700 billion from the savings of small investors and delay in the announcement of restoration of superior judiciary to the Nov. 3 position, investors seem to be inclined to go by the market fundamentals at least for the time being rather than any other immediate depressant, analysts said.

Higher interim dividend by OGDC and Fauji Fertiliser at 22.5 per cent and 35 per cent, respectively, and some others did encourage fresh buying, keeping the market in a good shape despite late selling on some of the counters.

Working results and EPS of some of the leading banks, including Askari, Allied and United Bank were on the lower side but failed to have a negative impact on the overall market trend perhaps owing to higher return to its shareholders by the Bank Alfalah.

Positive earning reports from some other leading companies are due and indications are that the market could sustain the current levels despite some negative news from the political front.

Siemens Pakistan and Unilever Pakistan were leading among the gainers higher by Rs22 and 40 followed by, National Refinery, Attock Refinery, Mari Gas, Pakistan Oilfields, Indus Motors, Clover Pakistan, ICI Pakistan, Pakistan Services and Dawood Hercules, which posted gains ranging from Rs7.30 to 18.80.

Prominent losers were led by National Foods and Rafhan Maize, off Rs20 and 100, respectively. Gillette Pakistan, Colgate Pakistan, Ferozsons Lab, Pak Suzuki Motors and Lakson Tobacco followed them, off Rs7.90 to 19.10.

Traded volume showed a modest increase at 267m shares from the previous 260m shares as gainers held a slight edge over the losers at 170 to 159, with 33 shares holding on to the last levels.

Bank of Punjab, whose chairman was removed late last week, topped the list of actives, up 35 paisa at Rs62.05 on 18m shares, followed by Pakistan Oilfields, sharply higher by Rs14.50 at Rs427.50 also on 18m shares, Bank Alfalah, higher by Rs1.20 at Rs.57.70 on 17m shares, JS Bank, easy by 10 paisa at Rs22.90 on 14m shares, Pakistan Petroleum, higher by Rs6.07 at Rs278.52 on 12m shares, OGDC, lower by 20 paisa at Rs138.50 on 12m shares, Arif Habib Securities, firm by Rs2.60 at Rs185.40 on 9m shares and Nishat Mills, higher by Rs5.20 at Rs133.30 on 8m shares.

Other actives were led by UTP Large Capital, up 40 paisa at Rs10 on 11m shares and NIB Bank, higher by 45 paisa at Rs17.20 on 10m shares.

FORWARD COUNTER: Pakistan Oilfields led the list of actives on the cleared list followed by strong foreign support amid reports of a record rise in world crude oil prices, higher by Rs16.25 at Rs431.50 on 7m shares, Bank of Punjab, easy by five paisa at Rs62.45 on 6m shares and JS Bank, lower 10 paisa at Rs23 on 4m shares.

Nishat Mills followed them, sharply higher by Rs4.10 at Rs134.30 on 3m shares and Sitara Peroxide, higher 70 paisa at Rs75.85 also on 3m shares.

DEFAULTER COS: Norrie Textiles led the list of actives, off 24 paisa at Rs2.41 on 1.515m shares followed by Zeal Pak Cement, easy 0.01 paisa at Rs3.74 on 0.287m shares, Redco Textiles, lower 21 paisa at Rs2.31 on 0.200m shares and Gauhar Engineering, up 29 paisa at Rs4.29 on 0.113m shares.

Unity Modaraba followed them, easy by 0.01 paisa at Rs1.14 on 0.100m shares and Hydery Construction, plus 0.11 paisa at Rs2.61 on 0.112m shares.

DIVIDEND: Fauji Fertiliser, cash interim 35 per cent, OGDC, third interim cash at 22.5 per cent, and Sigma Leasing, second interim 5 per cent.