But the share of PTCL failed to extend the last couple of sessions’ sustained run-up, as a section of investors took profits at the inflated levels in the absence of official announcement about the outcome of Dubai talks with Etisalat to complete the transaction.
The KSE 100-share index took a technical pause after having risen sharply higher during the post-Eid sessions and was fractionally marked down by one point at 8,793.93 as compared to 8,794.54 a day earlier, eroding all the initial gains. The day’s highest and the lowest were 8,836.71 and 8,717.35, respectively.
The one point fall reflects a grim battle of wits between the bulls and bears as no one among them is inclined to be outwitted in a buoyant market. It is also a phenomenon in number game.
Although best of corporate results are already out, and there is no immediate stimulant, higher payout and EPS will continue to inspire fresh buying in them in the coming sessions, allowing the market to maintain a firm posture, dealers said.
Bank, oil and some blue chip shares, being the current market trend-setters and have attained their new carrier-best levels, attracted mild profit-selling but ended with clipped gains. But on the other hand, cement shares maintained their upward drive under the lead of DG Khan, Fauji and Lucky Cement on speculative support aided by reports of higher consumption in the quake-hit areas.
All eyes remained focused on an outcome of parleys between the Privatization Commission delegation and the Etisalat management to complete the transaction, but there was no official statement on the issue from either side, brokers said.
The Pakistani delegation led by Hafeez Sheikh has reportedly returned and may announce some of the details of the consensus formula to end the impasse, they said.
However, feelers originating from Islamabad through well-informed sources indicate “the deal will go through after a good bit of give and take, they said, adding: “That is perhaps the investor’s interest in PTCL share was well-sustained for the last couple of sessions.”
“The current round of Dubai talks on the PTCL issue may remain inconclusive, it has bailed out a good number of investors who had made buying commitments at around Rs66 in anticipation of a massive turnaround after the deal is finalized,” analysts said.
Despite a good bit of selling, leading shares managed to finish with an extended gain under the lead of BOC Pakistan, Indus Motors, IGI Insurance, Thal, Pakistan Refinery, National Refinery, Attock Petroleum, Atlas Honda, Pak-Suzuki Motors and Colgate Pakistan, which posted gains ranging from Rs5 to Rs11.65.
Losers were led by Artistic Denim, Mustehkam Cement, PSO, Shell Pakistan, Dawood Hercules, Berger Paints, Pakistan Cables, and Unilever Pakistan, off Rs5 to Rs28.
Trading volume suffered a modest fall at 438.108m shares from the previous 481.200m shares but gainers maintained a fair lead over losers at 187 to 109, with 44 shares holding on to the last levels.
The most active list was topped by DG Khan Cement, up Rs3.95 at Rs102.90 on 64m shares, followed by PTCL, lower 25 paisa at Rs63.65 on 63m shares, National Bank, higher by Rs3.20 at Rs167.20 on 48m shares, Fauji Cement, up Rs1.05 at Rs23.00 on 40m shares, MCB, off Rs1.25 at Rs151.25 on 20m shares, Bank of Punjab, easy 75 paisa at Rs97 on 19m shares.
Other actives were led by Nishat Mills, up Rs1.50 at Rs98.50 on 18m shares, Bank Alfalah, higher by Rs1.95 on 11m shares, Pakistan Cement, firm by one rupee at Rs13.25 also on 11m shares, and Lucky Cement, steady by 55 paisa on 10m shares.
FORWARD COUNTER: PTCL came in for weekend selling and led the list of actives, easy 35 paisa at Rs63.80, well above the day’s lowest of Rs62.70 on 21m shares, DG Khan Cement, higher by Rs4.35 at Rs103.60 on 21m shares, and National Bank, up Rs3 at Rs168 on 16m shares.
Other actives included Nishat Mills, up Rs1.30 at Rs99.30 on 7m shares, MCB, lower 75 paisa at Rs152, followed by some oil shares, which fell under the lead PSO and some others on light volumes.
DEFAULTER COS: Schon Modaraba and Dandot Cement came in for active buying and rose by 45 paisa and one rupee at Rs1.15 and Rs10.65 on 0.254 and 0.496m shares, respectively. Quice Foods followed them, unchanged at Rs2 on 0.152m shares. Others were fractionally traded.