KARACHI, May 4: Stocks on Thursday failed to extend the overnight run-up as investors took a technical breather before resuming their covering purchases at the lower levels but the trading lacked normal aggressiveness associated with a bull market.
Despite active selling in the high profile oil shares, notably OGDC, Pakistan Petroleum and Pakistan Oilfields basic index indicators, cement and banking sectors performed well and limited the market decline.
The opening was, however, on the higher side, what the dealers called the spill-over of overnight run-up but the mid-week saw a lot of selling at the higher levels, notably on oil, bank and cement sectors.
After early rising to 11,779.58, the KSE 100-share index suffered a modest fall of 37.89 points at 11,690.25 as compared to 11,728.14 a day earlier as leading base shares including OGDC, MCB, Pakistan Petroleum and Pakistan Oilfields suffered a fall.
It should have fallen sharply higher but the relative strength of PTCL and National Bank, which remained in active demand finishing higher and did not allow cement shares early rise on active support aided by reports that India has banned cement export to Pakistan but later this sector also followed the lead of the general market, although losses were mostly fractional.
“The buying euphoria associated with new financial product possibly by the next month is still there as it would give access to unlimited funds but the reaction was caused by some technical factors,” analysts said.
Some others said it may also prove a double-edged weapon as massive use of the facility could lead to the market crash as it did in March last year.
Although minus signs dominated the list some of the leading shares managed to finish with sharp gains, notable among them being Atlas Honda and Rafhan Maize Products, up by Rs10.75 and 40.Other good gainers were led by Indus Dyeing, Thal, KSB Pumps, Pakistan Hotels, Murree Brewery, Atlas Honda, and Millat Tractors.
Dawood Hercules and Wyeth Pakistan were among the top losers, off Rs22.10 and 79 followed by Gatron Industries, Jahangir Siddiqui & Co, Shell Pakistan, Attock Cement, and Siemens Pakistan, off Rs4.15 to 9.95.
Trading volume fell to 269m shares from the previous 356m shares as losers held a strong lead over the gainers at 213 to 117, with 53 shares holding on to the last levels.
OGDC again led the list of actives, off 70 paisa at Rs164.25 on 48m shares followed by D.G.Khan Cement, up 70 paisa at Rs122 on 36m shares, PTCL, higher by Rs1.20 at Rs57.35 on 34m shares, National Bank, higher by Rs2.15 at Rs271.15 on 21m shares, Pakistan Petroleum, off Rs3.20 at Rs281.00 on 13m shares, Pakistan Oilfields, lower Rs2.95 at Rs653 on 8m shares and MCB, off 50 paisa at Rs247.60 on 7m shares.
Other actives included Lucky Cement, steady five paisa on 20m shares, Fauji Cement, lower 20 paisa on 9m shares, and Fauji Fertiliser Bin Qasim, unchanged also on 9m shares.
DEFAULTER COS: Crescent Investment Bank was again topped the list of actives, lower five paisa a Rs5.90 on 0.215m shares followed by Indus Polyester, up one rupee at Rs6.05 on 0.137m shares. Others were modestly traded amid slow ready offtake.