KARACHI, Jan 11: After initial rise followed by active short-covering on selected counters, stocks on Thursday again finished lower but unlike the previous session there were buyers at the dips in the banking sector and other blue chips.
Leading investors seem to be still in the process of new year portfolio building and playing safe, while bargain-hunters are playing on both sides of the fence indulging in alternate bout of buying and selling.
The KSE 100-share index after having risen to the session’s high of 10,394.52, reacted to close lower at 10,359.06, off 15.30 points. The KSE 30-share index fell 24.39 points at 13,015.56 points.
Trading resumed under the shadow of opening of subscription to the retail offer of 21.5 million shares of Oil and Gas Development Corporation (OGDC) at Rs110 per share for three days until Saturday and analysts said a good bit of liquid cash diverted to it.
They billed it a ‘good buy’ having a tremendous potential of capital gains. Some others said its share value could swell by 13 per cent after the close of the subscription around Rs124 per share.
However, it was satisfying to note that the broader market behaved well despite the fact a good bit selling for replacement buying in the OGDC’s new offer, they added.
Analysts said foreign investors taking big stakes in the leading oil shares at the current lower levels on the perception that the falling world oil prices ensure higher capital gains in them.
Banking shares followed them followed by reports of higher corporate earnings and increased payouts, which are expected to be announced shortly.
Both bargain-hunters and speculative traders were taking stake in them at the prevailing levels eyeing higher capital gains during the next couple of sessions.
Leading gainers were led by Gillette Pakistan and Indus Motors, higher by Rs6.55 and Rs9.65 respectively. They were followed by Javed Omer, Indus Dyeing, Mehmood Textiles, Central Insurance and Jahangir Siddiqui & Co, which posted gains ranging from Rs3 to Rs5.70.
Losers were led by Fateh Textiles and Wyeth Pakistan, off Rs23 and Rs50. Other prominent losers included Mirpurkhas Sugar, Pak-Suzuki, Callmate Telips, Attock Petroleum, Pakistan Oilfields and Lakson Tobacco, off Rs3.05 to Rs8.
Trading volume fell further to 119m shares from the previous 157m shares as losers held a fair lead over the gainers at 161 to 124, with 62 shares holding on to the last levels.
PTCL topped the list of actives, higher by 55 paisa at Rs48.05 on 16m shares followed by OGDC, easy by 65 paisa at Rs117.10 on 15m shares, National Bank, higher by Rs1.40 at Rs253 on 10m shares, Pakistan Petroleum, easy by Re1 at Rs236 on 7m shares, Bank of Punjab, lower 40 paisa at Rs106.30 on 6m shares, MCB, up by 20 paisa at Rs262.20 on 4m shares and D.G. Khan Cement, off Rs1.10 at Rs66.40 also on 4m shares.
They were followed by Engro Chemical, higher by Rs2.60 on 4m shares, Askari Bank, up by Rs1.60 on 3m shares and Lucky Cement, off 75 paisa also on 3m shares.
FORWARD COUNTER: National Bank was actively traded and quoted higher by Rs1.30 at Rs254.25 on 6m shares, followed by PTCL, firm by 60 paisa at Rs48.20 on 4m shares and Pakistan Petroleum, lower 65 paisa at Rs237.35 on 3m shares.
They were followed by OGDC, off 90 paisa at Rs117.40 on 3m shares and MCB, up by 55 paisa at Rs262.95 also on 3m shares.
DEFAULTER COS: Over half dozen companies came for active two-way trading under the lead of Harum Textiles, which was quoted higher by Re1 at Rs2.35 on 2.249m shares followed by Zahoor Textiles, up by 20 paisa at Rs1.55 on 0.302m shares and Crescent Standard Bank, firm by five paisa at Rs4.95 on 0.154m shares.
Noori Textiles, Japan Power, Quice Foods and Unity Modaraba were also actively traded amid modest volumes.
DIVIDEND: United Sugar, Al-Asif Sugar, Bawany Sugar, Dewan Sugar, omitted payouts for the last year ended September 2006.
BOARD MEETINGS: Bosicor Pakistan, KASB Bank on Jan 17, Fauji Fertiliser Bin Qasim on 24th, Siemens Pakistan on 26th and Tri-Pack Films on Feb 3.