KARACHI, Sept 8: Trading volume on Friday fell below the 100m shares mark at 98.67m shares as leading investors remained conspicuous by their absence apparently awaiting the outcome of the rumoured meeting between the KSE and the SECP on some pressing issues to boost trading.
However, it was not the lowest single-session volume as it was touched at 15.141m shares on Sept 3, 2001 after the implementation of T+3 System on the KSE.
The second lowest figure was also hit during the same year in October at 16.565m shares after the US attacked Afghanistan amid fears of market crash.
But stocks finished the weekend session on an improved note as leading investors including financial institutions extended modest support at the lower levels on the blue chips counters, signalling that the bull-run is around.
The KSE 30-share and 100-share index resisted fresh fall and were quoted higher by 71.13 and 38.11 points at 12,428.06 and 9,965.21 respectively, reflecting the strength of leading base shares.
Banks, notably National Bank and MCB, in response to reports that the latter to hold roadshows in various countries to sell its $150 million GDRs, oil shares including OGDC, Pakistan Petroleum and Pakistan Oilfields were chief moving force behind the rally.
Analysts said the weekend rally generally paved the way for a big turnaround after the trading resumes next week and indications are that investors would make active covering purchases at the lower levels.
However, a section of leading investors was said to be in two minds before resuming their market operations owing to uncertain political outlook in the backdrop of changing scenario both on the local and external fronts.
Although weekend considerations took their toll as day traders and small savers get out of the market either selling at loss or cashing in on the available margin of profits, the chief factor behind the brewing sluggishness was bad news from the political front.
“The market appears to be the victim of slack demand rather than any other single depressant,” analysts said, adding “all the leading base shares which have fallen below their benchmark levels ensure attractive capital gains but no matching buying”.
“The market has now touched the oversold limits and most of the blue chips are in the buying range and the next week could witness many pleasant surprises,” some others said.
Prominent gainers were led by Grays of Cambridge and Colgate Pakistan, up by Rs12.40 and Rs15.80 followed by National Bank, Premier Sugar, National Refinery, HinoPak, Pakistan Cables and Packages, which posted gains ranging from Rs4 to Rs6.
Barring sharp setback in Sanofi-Aventis, Unilever Pakistan, Nestle, Pakistan and Siemens Pakistan, which fell by Rs7 to Rs25, other losses were fractional. Mari Gas, Clariant Pakistan, Attock Petroleum and Clover Pakistan were among the other leading losers, off Rs3 to Rs5.45.
Trading volume fell to 98.67m shares as losers maintained a slight edge over the gainers at 128 to 123, with 27 shares holding on to the last levels.
National Bank led the list of actives, up by Rs4.65 at Rs228.65 on 12m shares followed by D.G. Khan Cement, firm by 75 paisa at Rs94.90 on 9m shares, OGDC, steady by 40 paisa at Rs126.20 also on 9m shares, Pakistan Petroleum, up by Rs4.50 at Rs234 on 8m shares, MCB, higher by Rs3.25 at Rs226.40 on 7m shares, PICIC, steady five paisa at Rs66.30 on 6m shares and PTCL, firm by 10 paisa at Rs40.70 on 3m shares.
Other actives were led by Pakistan Oilfields, up by Rs2.30 on 4m shares, Lucky Cement, easy five paisa on 3m shares and Gharibwal Cement, up by Re1 on 2m shares.
FORWARD COUNTER: Pakistan Petroleum came in for active support and led the list of actives, higher by Rs3.10 at Rs234.50 on 3m shares followed by OGDC, firm by 60 paisa at Rs123.60 also on 3m shares, D.G. Khan Cement, up by 50 paisa at Rs95.30 on 2m shares.
National Bank followed them, up by Rs3.25 at Rs229.95 on 2m shares and MCB, higher by Rs2 at Rs227.50 also on 2m shares.
DEFAULTER COS: Norrie Textiles and Unity Modaraba came in for active selling at the higher levels and fell by 20 and 45 paisa at Rs0.95 and Rs0.65 on 0.398m and 1.907m shares respectively. Others showed fractional either-way changes amid slow deals.
DIVIDEND: National Foods, cash 20 per cent, PICIC, interim 10 per cent, plus bonus shares of an identical amount and Kohinoor Energy, nil.