KARACHI, Aug 2: Share market on Wednesday again turned in a mixed performance as investors played on both sides of the fence apparently awaiting fresh developments on the brewing political crisis after the resignation of MQM ministers.
As a result, all the market leaders and index heavy-weights reacted modestly lower from the recent highs but PTCL, Pakistan Oilfields and some others rose and pushed the index further higher.
But heavy buying in PTCL featured the Wednesday’s trading but other current favourites in the oil and banking sectors came in for active profit-selling at the higher levels and finished reacted.
The KSE 100-share index finished with an extended gain of 51.23 points at 10,558.32 as compared to 10,507.09 a day earlier. The session’s high and low were touched at 10,659.38 and 10,483.06 respectively. Sharp rise in the share value of PTCL was one of the reasons behind the fresh rise in the index.
The late-selling in most of the pivotals was attributed to fears of brewing political crisis after the resignation of the MQM ministers and their refusal to attend meeting with the president.
For the last couple of sessions, PTCL has been in active demand and has risen sharply higher. But the rumours that the new management (Etisalat) is buying its floating stock from the local market before its listing on the Dubai bourse triggered buystops in its share from the local punters and investors to realise capital gains.
It ended the session with an extended gain of Rs1.65 at Rs44.65 and was listed as one of the leading volume leaders. It has progressively fallen from its pre-taker level of Rs60 plus to below Rs40 after the Etisalat took over its management
“It has the potential to rise to its pre-reaction level on the strength of its corporate earnings,” analysts said adding “its listing along with United Bank and Bank Alfalah on the Dubai bourse could give it the needed push in the sessions to come”.
The broader market on the other hand stayed weak as leading oil shares, including OGDC, Pakistan Petroleum and bank and cement shares came in for profit-selling at the higher levels and fell modestly lower.
Leading gainers were led by Nestle Pakistan and Shell Pakistan, up by Rs44.95 and Rs27, followed by Premier Sugar, Dawood Hercules, EFU General, United Bank, Thal Industries, Pakistan Refinery and Pak-Suzuki Motors, which posted gains ranging from Rs4 to Rs17.
Prominent losers were led by Central Insurance and Arif Habib Securities, off Rs8 and Rs13 Javed Omer, Quetta Textiles, Attock Petroleum, PSO, on selling ahead of its board meeting on Thursday, Honda Atlas and Treet Corporation, off by Rs3 to Rs6.05.
Trading volume rose further to 270m shares from the previous 235m shares but losers again held a fair lead over the gainers at 157 to 106, with 46 shares holding on to the last levels.
PTCL topped the list of actives, up by Rs1.65 at Rs44.65, the highest being Rs45.15, on 42m shares followed by OGDC, lower 45 paisa at Rs142.25 on 27m shares, D.G.Khan Cement, off Rs2.75 at Rs97.70 on 19m shares, Pakistan Petroleum, lower Rs1.50 at Rs255 on 17m shares, National Bank, easy 20 paisa at Rs231.30 on 17m shares, Pakistan Oilfields, up by Rs2.70 at Rs365.75 on 15m shares and MCB, lower 25 paisa at Rs226 on 12m shares.
Other actives were led by Dewan Salman, up by 80 paisa on 12m shares, PICIC, higher by 55 paisa also on 12m shares and Telecard, steady by 10 paisa on 7m shares.
FORWARD COUNTER: PTCL was also actively traded on the cleared list and rose by Rs1.40 at Rs44.65 on 7m shares followed by Pakistan Oilfields, up by Rs3.40 at Rs370 on 6m shares and OGDC, easy 10 paisa at Rs143.50 on 5m shares.
Pakistan Petroleum on the other hand fell by 65 paisa at Rs257.80 on 5m shares and National Bank, lower by 95 paisa at Rs232.90 on 4m shares.
DEFAULTER COS: Crescent Standard Bank, again came in for modest support at the lower levels but was quoted unchanged at Rs5.20 on 0.281m shares followed by Carvan Fabrics, lower 35 paisa at Rs0.80 on 0.142m shares.
DIVIDEND: Millat Tractors, interim at the rate of 100 per cent or Rs5 per share.?