May 16, 2008	Friday	Jamadi-ul-Awwal 10, 1429

KARACHI, May 15: The share market on Thursday turned mixed as investors played on both sides of the fence apparently awaiting fresh developments on the political and economic fronts after the new team took control of the finance ministry. The KSE index was off 113.57 points at 14,479.87.

Conflicting rumours about the state of economy, falling value of the rupee, lowering of rating of the local currency by S&P and high rate of inflation continued to inspire fresh buying and selling but no one was inclined to take long positions even on the oil sector, being the chief beneficiary of a record rise in world prices, said analyst Hasnain Asghar Ali.

The index finally ended off 113.57 points at 14,479.87 as compared to 14,593.44 a day earlier. Its junior partner free-float 30 share index fell by 237.53 points at 17,255.65 or 1.36 per cent.

The MCB Bank, which again received a massive battering after a steep increase in its share value during the last three sessions, took the index along with it in the minus column owing to its largest weightage in the index followed by some other leading base shares.

The MCB Bank’s retreat followed by reports of downgrading of its foreign currency rating by an international agency, floor brokers said.

The opening was, however, a bit higher on spillover demand but the mid-session witnessed the return of the bears, who indulged in profit-selling at the higher levels in the absence of follow-up support from any quarter.

The larger fall was averted owing to the presence of support at dips on selected counters but the steep decline in the turnover figure reflected that investors were in two minds about the future market outlook in the backdrop of shifting positions by the political leaders on some core issues.

“In the developing political situation investors are not inclined to come in a big way despite the fact that the current levels are attractive enough for investment and capital gains,” analyst Ahsan Mehanti said.

But most of them are in no mood to take even calculated risks until a clear picture emerges on the political front, which ensures the return of the foreign investors, he added.

“The prevailing volatility reflects that the market may move one step forward and two backward until sanity returns in the rank and file of the contenders of power,” some others said.

Some leading shares managed to put on fresh gains under the lead of Nestle Pakistan and AKD Capital, up by Rs55.00 and 48.61, followed by Central Insurance, Mehmood Textiles, Sapphire Fibres, Noon Pakistan, Exide Pakistan, Sazgar Engineering, Ghani Glass and Shell Pakistan, up by Rs5 to Rs8.50.

JS & Co and IGI Insurance topped the list of losers, off Rs19 and Rs10.65. Other prominent losers, included Packages, Engro Chemical, Siemens Pakistan, Atlas Honda, Shell Gas, Lakson Tobacco, EFU Life, MCB Bank, and JS Global, off by Rs7 to Rs10.61.

Turnover figure suffered a sharp fall at 168m shares from the previous 232m shares but gainers held a modest lead over the losers at 173 to 166, with 25 shares remaining unchanged.

The active list was led by D.G. Khan Cement, lower by 59 paisa at Rs96.65 on 9m shares followed by Lucky Cement, up 71 paisa at Rs128.11 on 9m shares, Bank Alfalah, off 24 paisa at Rs55.86 on 7m shares, Arif Habib Securities, sharply lower by Rs1.90 at Rs193.10 on 7m shares, NIB Bank, steady four paisa at Rs16.44 also on 7m shares, and Sitara Peroxide, higher by Rs1.97 at Rs65.30 on 5m shares.

Other actives were led by Norrie Textiles, easy by three paisa at Rs2.60 on 9m shares, TRG Pakistan, lower by 16 paisa at Rs8.24 on 8m shares, Azgard Nine, up 80 paisa at Rs75.30 on 7m shares and Pervez A. Securities, higher by Rs3.84 at Rs96.55 on 5m shares.

FORWARD COUNTER: Sitara Peroxide led the list of actives on this counter, up by Rs1.48 at Rs65.40 on 5m shares followed by MCB Bank, sharply lower by Rs8.90 at Rs378 on 4m shares and Lucky Cement, steady 32 paisa at Rs128.42 on 3m shares.

Azgard Nine followed them, firm by 20 paisa at Rs75.50 on 3m shares and D.G. Khan Cement, lower 40 paisa at Rs97.10 also on 3m shares.

DEFAULTER COS: Active trading was witnessed on this counter where some of the recent actives came in for strong buying under the lead of Japan Power, up 58 paisa at Rs7.47 on 2.893m shares followed by Zeal Pak Cement, higher by 27 paisa at Rs3.47 on 1.990m shares and Unity Modaraba, up 38 paisa at Rs1.44 on 1.640m shares.

Hydery Construction followed them, up by 40 paisa at Rs2.90 on 0.495m shares and Crescent Standard Modaraba, lower 70 paisa at Rs3.30 on 0.221m shares.