KARACHI, Jan 5: Stocks on Friday failed to extend the overnight run-up and fell modestly lower as a section of brokers indulged in weekend profit-selling at the higher levels but it was absorbed at the dips.
Although some of the leading oil shares remained under pressure, bank scrips again performed credibly well under the lead of MCB and National Bank, which came in for replacing buying spilled over from the oil sector.
The KSE 100-share suffered modest fall of 37.16 points at 10,147.36 as compared to 10,184.52 a day earlier, while KSE 30-share index fell by 1.34 points at 12,733.89, reflecting the strength of some leading base shares as compared to 12,735.23 on Thursday.
But larger fall was averted thanks to the presence of strong support at the dips and analysts predict both the leading brokerage houses and the foreign funds are still in the process of fixing investment priorities before launching new year operations.
“All corporate pointers lead to a robust market in the new year trading technical corrections here and there notwithstanding,” they said, adding “only fools could miss the current lower levels of most of the blue chips ensuring massive capital gains”.A section of leading investors, however, awaiting the resumption of new year covering operations by the foreign funds, although some enthusiastic among them have started taking stake in the low-priced oil shares.
The general perception is that foreign funds are expected to make their new year debut on the oil sector, notably Pakistan Petroleum, Pakistan Oilfields and OGDC.
Dividend-related speculative buying and bargain-hunting is also expected to make its showing on banking, cement and oil sector possibly by the next week, which in turn could boost trading further, brokers said.
MCB and Lakson Tobacco ended the weekend session with an extended gain of Rs4.80 and Rs10, followed by Pak Elektron, National Bank, Premier and Mirpurkhas Sugar, Attock Cement and Pakistan Engineering, which posted gains ranging from Rs3 to Rs4.80.
Dawood Hercules and Nestle Pakistan fell by Rs14.75 and Rs54 on late selling. Other prominent losers included IGI Insurance, Shell Pakistan, Pakistan Oilfields, Sanofi-Aventis and National Refinery, which fell by Rs4.75 to Rs7.
Trading volume was light at 88m shares as compared to 99m shares a day earlier as losers again held a fair lead over the gainers at 136 to 96, with 42 shares holding on to the last levels.
National Bank again led the list of actives, up by Rs4.50 at Rs236.50 on 13m shares followed by OGDC, lower by Rs1.30 at Rs113.20 on 10m shares, MCB, higher by Rs4.80 at Rs260.30 on 9m shares, PTCL, steady by 10 paisa at Rs46.50 on 6m shares, Bank of Punjab up by 50 paisa at Rs104.05 on 5m shares, D. G. Khan Cement, firm by 75 paisa at Rs63 on 4m shares and Bank Alfalah, up by 50 paisa at Rs43.60 on 3m shares.
Other actives were led by Maple Leaf Cement, up by 40 paisa on 3m shares, Lucky Cement, firm by 90 paisa also on 3m shares and Fauji Fertiliser Bin Qasim, unchanged on 2m shares.
FORWARD COUNTER: National Bank maintained its upward drive and rose further higher by Rs4.40 at Rs237.50 on 8m shares followed by MCB, up by Rs4.60 at Rs260.50 on 7m shares and OGDC, lower by Rs1.70 at Rs113.60 on 4m shares.
Lucky Cement followed them, steady by 30 paisa at Rs58.70 on 3m shares and D.G. Khan Cement, up by 60 paisa at Rs63.10 on 2m shares.
DEFAULTER COS: Active trading was witnessed on this counter as newly shifted companies, including Japan Power and some others came in for active selling and ended lower under the lead of Zahoor Textiles, up by 15 paisa at Rs1.30 on 0.664m shares followed by Nimir Chemicals, easy by 10 paisa at Rs3.05 on 0.575m shares and Japan Power, lower 20 paisa at Rs3.75 on 0.332m shares.
DIVIDEND: Al-Noor Sugar, cash 10 per cent, Nagina Cotton, 13 per cent on preference shares.