KARACHI, Dec 27: Stocks on Wednesday turned in mixed performance amid alternate bouts of buying and selling on selected counters as follow-up support turned shy.
The opening was on the higher side, what the dealers called, the spillover of overnight demand but mid-session witness the reversal of the early run-up on selling at the higher levels.
“It appears to be a judicious blend of both local and foreign selling on selected counters but analysts believe the bulls are inclined to close the year around the index level of 10,500.00 points”.
The KSE 100-share index recovered another 6.12 points at 10,031.46 points as compared to 10,025.34 a day earlier, reflecting the strength of the leading base shares, notably MCB, PTCL, OGDC, PICIC and some others. The session’s high was touched at 10,155.45 and low at 9,987.30 points.
The KSE 30-share index rose by 42.89 points at 12,534.04 points.
Unlike the previous session, institutional support was also evident on the low-priced counters which have the potential to rise during the new year trading sessions, they said.
Opinions are, however, divided over the closing trend of the market before the year is out. Leading bears are trying to keep it around the current levels, while bulls are out for a robust finish on which a strong new year rally could be belt.
The next two sessions are very crucial for the future direction of the market and they could witness a major fight between the bulls and the bears to get an upper hand followed by price flare-up and fall on the overvalued counters, brokers said.
Among the leading gainers, Fateh Textiles and Pak-Suzuki Motors were leading, up by Rs16.95 and Rs15. Other notable gainers were led by Union Bank, Shaheen Insurance, Attock Petroleum, Millat Tractors, Engro Chemical and Bata Pakistan, which posted gains ranging from Rs4.20 to Rs6.10.
Prominent losers included Colgate Pakistan and Wyeth Pakistan, off Rs4.40 and Rs5 followed by Sapphire Textiles, PSO, Shahtaj Sugar, Premier Sugar, Indus Motors, Colgate Pakistan, Sanofi-Aventis and Sitara Chemical, off by Rs3 to Rs5.
Trading volume showed a modest rise at 108m shares amid active bouts of buying and selling but losers held a comfortable lead over the gainers at 160 to 133, with 49 shares holding on to the last levels.
National Bank led the list of actives, lower by 65 paisa at Rs226 on 16m shares, OGDC, easy by 50 paisa at Rs115 on 9m shares, Pakistan Petroleum, off Rs1.15 at Rs232.80 on 7m shares, MCB, up by Rs1.85 at Rs246.50 also on 7m shares, PICIC, firm by 85 paisa at Rs62.15 on 5m shares, Bank of Punjab, steady by 55 paisa at Rs100.30 on 5m shares and PTCL, unchanged at Rs44.25 on 4m shares.
Other actives were led by D.G. Khan Cement, up by Rs1.90 on 5m shares, Pakistan Oilfields, off Rs2.10 on 4m shares and Bank Alfalah, up by 55 paisa on 3m shares.
FORWARD COUNTER: National Bank also came in for active selling on the cleared list and was marked down by Rs1.85 at Rs228.15 on 14m shares followed by MCB, up by Rs1.20 at Rs247.40 on 11m shares and Pakistan Petroleum, lower Rs1.60 at Rs234.90 on 4m shares.
OGDC followed them, lower by 85 paisa at Rs115.90 on 3m shares and Pakistan Oilfields, off Rs3 at Rs352 on 3m shares.
DEFAULTER COS: Trading on this counter was relatively slow where prices fractionally fell on selling under the lead of Noori Textiles, off 20 paisa at Rs3.70 on 0.220m shares.
It was followed by Libaas Textiles and Crescent Standard Bank, lower by 55 and 10 paisa at Rs0.55 and Rs4.55 on 0.156 and 0.135m shares respectively.
DIVIDEND: Premier Sugar Mills at the rate of 10 per cent for the year ended Sept 30, 2006.