KARACHI, Sept 21: Stocks on Thursday maintained their upward drive for second session in a row on active follow-up support aided by one-month’s extension in the in-house badla and conditional permission to resume short-selling in forward November settlements.
Analysts said the facility will continue to inspire fresh buying on the bank, cement and oil shares in the coming weeks despite sluggishness associated with the month of Ramazan, beginning from next week.
The KSE 100-share index settled well above the crucial level of 10,000 at 10,155.10, adding another 122.53 points to the overnight tally or 1.22 per cent. The KSE 30-share index also rose by 188.15 points at 12,668.15 as leading base shares maintained their upward drive.Bank and leading oil shares which had attained attractively lower levels during the recent sell-off put the market back on the road of a sustained recovery in the coming weeks.
“Though temporarily the extension has averted the imminent market collapse,” stock analyst Ahsan Mehanti said “but the future direction of the market will largely depend whether or not investors have learned to operate within the new trading framework”.
However, analyst Ashraf Zakria said the activity was expected to slow down during Ramazan but the trend would remain uppishly inclined amid light volumes.
MCB among the leading bank shares again came in for strong support and added another Rs6.10 to the overnight gain at Rs246. Reports of roadshows in some of the countries for its $150 million GDR and a strong rumour of foreign buying had lifted its share value by Rs15 during the last two sessions.
National Bank, Bank of Punjab and some other leading banks followed them on active support at the lower levels amid active trading.
Although, the falling world oil prices could cut back oil companies annual profits, investors continued to build-up long positions in them for instant capital gains. Pakistan Petroleum and Pakistan Oilfields were leading among them.
Plus signs again dominated the list under the lead of National Refinery and Wyeth Pakistan, up by Rs13.65 and Rs98, followed by National Bank, Union Bank, MCB, Thal Jute, Pakistan Oilfields, Al-Ghazi Tractors, Pakistan Petroleum, Clover Pakistan, Murree Brewery, National Foods, Treet Corporation and Dawood Hercules, up by Rs4.05 to Rs12.Arif Habib Securities and Siemens Pakistan were leading among the losers, off Rs10 and Rs20. Other prominent losers included Clariant Pakistan, Artistic Denim, Shell Pakistan, Bolan Castings, Packages, Gatron Industries, Javedan Cement and AKD Securities, off Rs3.70 to Rs9.50.
Trading volume rose further to 176m shares, while gainers
topped losers by 184 to 108, with 35 shares holding on to the last levels.MCB again topped the list of most actives, higher by Rs6.10 at Rs246 on 27m shares, followed by National Bank, up by Rs4.10 at Rs237.50 on 26m shares and D.G. Khan Cement, firm by Rs1.30 at Rs96.85 on 14m shares.
Pakistan Petroleum, higher by Rs5.80 at Rs231.50 on 13m shares, PICIC, steady by 15 paisa at Rs69.30 on 12m shares, Bank Alfalah, up by Rs1.95 at Rs41.20 on 10m shares and Bank of Punjab, higher by Rs1.70 at Rs84.40 on 5m shares.Other actives were led by Fauji Cement, up by 30 paisa on 4m shares, Pakistan Oilfields, higher by Rs6 also on 4m shares and Crescent Commercial Bank, up by Re1 on 4m shares.
FORWARD COUNTER: MCB again came in for strong support on the cleared list and was quoted higher by Rs5.90 at Rs246.40 on 6m shares followed by National Bank, up by Rs3.80 at Rs237.75 also on 6m shares and PICIC, firm by 30 paisa at Rs69.70 on 4m shares.
OGDC was also actively traded, up by Rs1.30 at Rs124.65 on 3m shares and Bank Alfalah, higher by Rs1.95 at Rs41.40 also on 3m shares. Others were also actively traded on the higher side.
DEFAULTER COS: Active trading was again witness on this counter where Unity Modaraba and Norrie Textiles came in for fresh strong support and were quoted higher by five paisa and Re1 at 60 paisa at Rs2.35 on 1.466m and 1.859m shares respectively.
Crescent Standard Bank and Interaisa Leasing followed them, up by 30 paisa at lower five paisa at Rs2.80 and 60 paisa on 0.441m and 0.263m shares respectively.
DIVIDEND: Millat Tractors, cash 100 per cent, interim of the same amount already paid, plus bonus shares at the rate of 20 per cent, Ellcot Spinning, cash 15 per cent, Habib Modaraba, 20 per cent, Bolan Castings, 50 per cent, Constellation Modaraba, five per cent and Dadex Eternit, 17.50 per cent.