KARACHI, Jan 11: Stocks on Friday finished on an easy note as investors played on both sides of the market awaiting some fresh stimulants to boost trading amid reports of mounting tension on the borders falling short of war-like situation. The KSE index fell by another nine points at 1,374.94.
However, all was not bad with the broader market as some of the leading shares managed to put on good gains on active support at the dips followed by predictions of higher earnings.
But underlying sentiment was a bit nervous and remained volatile as fears of war with India and the absence of prominent institutional traders worked against it.
The KSE 100-share index finished around the next support level of 1,375 points at 1,374.94, well below the week’s highs as leading base shares fell in unison.
All the leading shares moved both ways throughout the session amid conflicting rumours pouring in about the contents of president’s speech.
The war fears were, however, there as new negative developments have crept in the already tense atmosphere, having an adverse impact on the trading.
“No one is inclined to take long positions even on the blue chips counter until the details of an expected peace overtures of the president is known,” some stock analysts said.
But some others claim investors are interpreting the border situation according to their own perception and are playing safe until the prevailing tension is defused.
Although minus signs again dominated the list, some of the undervalued shares came in for active support at the lower levels under the lead of KESC, which recovered 15 paisa in a falling market at Rs.4.15 followed by reports of above targeted recoveries and privatization in due course.
Minus signs again dominated the list under the lead of leading MNCs, notably Clariant Pakistan, ICI Pakistan and Shell Pakistan, falling by Rs.1.20 to 1.80 followed by Alico, which fell by Rs.1.40.
Other prominent losers were led by Adamjee Insurance, Din Textiles, Faisal Spinning, PSO and Fateh Industries, which suffered fall ranging from Rs.1.20 to 2.40.
Gainers were led by Suhail Jute, Lever Brothers, Murree Brewery, Fayzan Modaraba, which rose by one rupee to Rs.2 but largest rise was noted in BOC Pakistan and Dawood Hercules, which were marked up by Rs.2.80 and 4 respectively.
Trading volume was maintained at the previous level of 65m shares as losers held a fair lead over the gainers at 78 to 45, out of 154 actives.
The most active list was again topped by Hub-Power, easy 30 paisa at Rs.18.20 on 24m shares, followed by PTCL, lower 15 paisa at Rs.15.05 on 13m shares, PSO, off Rs.1.10 at Rs.99.50 on 6m shares, KESC up 15 paisa at Rs.4.15 on 5m shares and Engro Chemical, easy 45 paisa at Rs.55.60 on 4m shares.
Other actives were led by ICI Pakistan, off Rs.1.35 on 2.787m shares, Sui Northern, lower 35 paisa on 2.061m shares, Fauji Fertilizer, lower 55 paisa on 1.146m shares, Adamjee Insurance, off Rs.1.20 on 0.931m shares and MCB, unchanged on 0.823m shares.
FUTURE CONTRACTS: PSO and ICI Pakistan came in for renewed selling in sympathy with their ready counterparts and fell by Rs.1.15 and 1.30 at Rs.100 and 37 on 0.565m and 0.170m shares respectively.
Hub-Power again led the list of actives, lower 28 paisa at Rs.18.37 on 2.845mm shares followed by PTCL, easy by six paisa at Rs.15.14 on 1.494m shares. Others were modestly traded.
DEFAULTER COMPANIES: National Modaraba came in for renewed support at the overnight rate of 45 paisa on 33,000 shares followed by Ravi Rayon, also unchanged at Rs.0.80 on 3,000 shares and Allied Motors, up five paisa at Rs.3 on 1,000 shares.
NATIONAL BANK: Its share ended with a fractional decline of five paisa at Rs.12.35 in line with market’s general trend. It touched the highest and lowest at Rs.12.40 and 12.30 on 0.182m shares.
DIVIDEND: Habib Arkady, interim at the rate of 20 per cent for the year ended Dec 31, 2001. Haji Muhammad Ismail right shares at the rate of 10 per cent.