The reaction of the PTCL share to the reports was erratic as early it rose to Rs71.15 but later selling pushed it down to close at Rs69.90 amid large turnover.
After breaching through two consecutive barriers of 7,400 and 7,500, the KSE 100-share index finally finished with a gain of 119.78 points at 7,488.73 as compared to 7,368.95, which incidentally was the day’s lowest.
“The management of the PTCL managed to woo one section of the workers union causing a rift among various factions but it is not the ideal solution of the stand-off”, says a leading stock analyst “this is one side of the impasse how would the prospective bidders will react to these negative developments will be known on the bidding day.” The other eight factions vow to continue their strike until the government accepts their demands.
PTCL share reacted favourably to the reports of a fresh deal but not in a way as it should have been as investors were still in two minds about the swiftly changing development on its sell-off on June 18.
Essentially, the rally was initiated by the oil shares, notably PSO, Pakistan Petroleum, OGDC and National Bank on active support at the current level on the perception that the sailing on the market may be smooth after the end of PTCL stand-off.
The next couple of sessions may be crucial for the future direction of the market as by that time the situation on the PTCL front will be clear and investors will set their portfolio priorities.
Plus signs, therefore, dominated the list under the lead of Valika Fabrics and Pakistan Petroleum, up by Rs10 and Rs10.30 respectively followed by EFU Life, PSO, Haroon Oils, Mari Gas, Berger Paints, Zulfiqar Industries and Shezan International, which posted gains ranging from Rs4 to Rs8.50.
Shell Pakistan and Siemens Engineering were leading among the losers, off Rs6 and Rs34. Others prominent losers included Artistic Denim, National Refinery, Millat Tractors, Pakistan Services and Glaxo-SKF, off Rs3.50 to Rs5.
Trading volume remained light in the absence of strong buying but rose modestly at 206m shares from the previous 196m shares as advancing shares held a strong lead over the losing ones at 173 to 102, with 42 shares holding on to the last levels.
PTCL was actively traded, up by 85 paisa at Rs69.90 on 86m
Stocks resume upward drive shares followed by National Bank, higher by Rs3.10 at Rs102.95 on 31m shares, PSO, sharply higher by Rs6.50 at Rs380.50 on 17m shares, Pakistan Petroleum, up by Rs10.30 at Rs217.15 on 15m shares, Kot Addu Power, firm by Rs1.80 at Rs38.80 on 6m shares and MCB, steady by Rs1.75 at Rs78.25 on 5m shares and OGDC, higher by Rs2.10 at Rs106.30 on 4m shares.
Other actives were led by D.G.Khan Cement, up by Rs1.25 on 5m shares, Pakistan Oilfields, higher by Rs3.55 on 4m shares, and Hub-Power firm by 35 paisa on 3m shares.
FORWARD COUNTER: OGDC led the list of actives, up by Rs2.15 at Rs105.15 on 24m shares followed by PTCL, firm by 65 paisa at Rs70.20 on 20m shares, PPL, higher by Rs10.35 at Rs217.85 on 19m shares, PSO, up by Rs7 at Rs383 on 8m shares and United Bank, lower by 75 paisa at Rs67.50 on 7m shares.
DEFAULTER COS: Share values of some of the companies also rose on this counter amid light trading. Turnover was light in the absence of speculative forces.