June 14, 2008	Saturday	Jamadi-us-Sani 09, 1429

KARACHI, June 13: The share market on Friday failed to extend the post-budget rally as despite renewed support on selected counters broader market stayed weak in the absence of strong demand from any quarter, including the financial institutions.

A steep decline in the turnover figure to slightly above the 100m share mark and fractional price changes indicate that investors are not inclined to take even a calculated risk at this stage after a clear picture emerges on the political front, notably on the judges issue, some analysts said.

The KSE 100-share index managed to finish well above the session’s low of 12,895.39 points at 12,941.56; off 84.08 points as leading shares in the oil, banking and cement sectors maintained their upward drive under the lead of MCB Bank, D.G. Khan Cement, and Pakistan Petroleum.

But there was no sign of support linked to relief in the new budget as investors were worried over fresh political developments in the backdrop of Nato forces attacks from across the border in the tribal areas. “What worried investors more was the reports from the US sources that such attacks killing innocent persons will continue in future, too, despite Pakistan’s strong protest,” analysts said.

The market remained in the tight grip of conflicting rumours coming in quick succession about the outcome of lawyers’ long march on Islamabad and the Presidency and did not help the investors to follow a set course dictated by the budget.

“The perception -- that the budget will lure investors back in the arena -- failed to guide the stock market trend as investors were not inclined to make fresh commitments in an uncertain political outlook,” said a leading broker.

Minus signs again dominated the list under the lead of Nestle Pakistan and Dawood Hercules, off Rs40 and Rs14, followed by National Bank, National Refinery, Sanofi-Aventis, Atlas Battery, ICI Pakistan, Unilever Pakistan, Pak-Suzuki Motors, and Indus Motors, which were marked down by Rs4.50 to Rs14.

HinoPak Motors and Ferozsons Lab were leading among the gainers, up by Rs20 and Rs9. They were followed by Fazal Textiles, MCB Bank, Abbott Lab, Searle Pakistan, Service Industries, and Clover Pakistan, which posted gains ranging from Rs4 to Rs7.

Trading volume fell to 104m shares, far below a single session tally in a liquid share, as losers again held a fair lead over the gainers at 156 to 120, with 31 shares holding on to the last levels.

Fauji Fertiliser Bin Qasim topped the list of actives, firm by 26 paisa at Rs37.95 on 8m shares followed by Adamjee Insurance, up Rs1.25 at Rs271.25 on 6m shares,