KARACHI, Feb 21: The KSE 100-share index on Wednesday staged a modest recovery of 57.44 points at 11,520.62 as leading base shares came in for active support at the lower levels under the lead of MCB and National Bank and finished higher amid relatively slow activity.
Analysts said investors seemed to be in two minds ahead of some important board meetings during the current week, notably of National Bank and played safe without indulging in speculative buying.
Dividend announcements from some of the leading companies, notably Bank Al-Habib, 15pc cash and 40pc bonus, OGDC, second interim at 17.5 per cent, Al-Ghazi Tractors, final 250 per cent and some others were on the higher side of the market expectations but failed to boost trading due to some technical factors.
The price pattern was mixed as blue chips came in for active short-covering at the lower levels and finished recovered but the broader market stayed weak in the absence of strong demand.
The KSE 100-share index, however, recovered a good part of the overnight losses at 11,520.62 as compared to 11,463.18 a day earlier, up by 57.44 points as leading base shares, notably MCB, National Bank and Pakistan Petroleum recovered from the previous lows.
Among the leading base shares, MCB rose sharply higher by Rs14.35 at Rs301.85 after having remained static below Rs290 for the last couple of sessions. The price flare-up was boosted by reports of higher GDR on the London Stock Exchange.
National Bank followed it on reports that the Saudi government has allowed its management to open branches in the kingdom without liquidating its stake in Bank al-Jazira.
Turnover figure, however, failed to keep pace with the buying offers as investors held on to their positions followed by predictions of further increase in equity values.
Bulk of the buying remained confined to mostly safe havens in the banking, oil and cement sectors both at the undervalued and the overvalued counters, reflecting that investors were not inclined to take undue risks and play safe, analysts said.
But some others say the relative calm ahead of some good dividend news reflects that leading investors are inclined to take new positions after having found some cue of about the payout figure.
Among the leading gainers, Pak-Suzuki Motors and Unilever Pakistan were prominent, up by Rs22.85 and Rs89 respectively, followed by Rafhan Bestfoods, MCB, IGI Insurance, Indus Motors and Rafhan Maize, which were quoted higher by Rs7 to Rs20.
Prominent losers were led by Treet Corporation and Colgate Pakistan, off Rs11 and Rs21.70. National Refinery, Jahangir Siddiqui & Co, Shell Pakistan, Engro Chemical, Attock Petroleum and Al-Ghazi Tractors followed them, off Rs3.35 to Rs6.35.
Trading volume suffered a sharp fall at 180m shares from the previous 304m shares as losers maintained a strong lead over the gainers at 181 to 129, with 41 shares holding on to the last levels.
OGDC led the list of actives, lower 60 paisa at Rs123.15 on 21m shares followed by Pakistan Petroleum, up by Rs4.40 at Rs265.40 on 18m shares, Bank of Punjab, off Rs3.20 at Rs123.10 on 12m shares and MCB, sharply higher by Rs.14.35 at Rs301.85 also on 12m shares.
National Bank, higher by Rs4.85 at Rs285.30 on 12m shares, Bank Alfalah, easy by Rs1.55 at Rs53.40 on 10m shares and PTCL, steady by five paisa at Rs57.25 on 8m shares.
Other actives included D.G. Khan Cement, up by 70 paisa on 8m shares, Fauji Fertiliser Bin Qasim, lower 45 paisa on 7m shares and Fauji Cement, up by 15 paisa on 6m shares.
FORWARD COUNTER: Both the February and March settlements of MCB led the list of actives on the cleared list, up by Rs13.50 and Rs12.60 at Rs301.50 and Rs301.00 respectively followed by National Bank, higher by Rs4.65 at Rs285.40 on 6m shares.
DEFAULTER COUNTER: S. S. Oil led the list of actives and posted a fresh gain of Re1 at Rs8.50 on 0.336m shares followed by Crescent Standard Bank, up by 10 paisa at Rs4.25 on 0.153m shares and Nimir Chemicals, steady by five paisa at Rs3 on 0.136m shares. Zeal Pak Cement was marked down by 10 paisa at Rs5.70 on 0.135m shares.
DIVIDEND: Thal Ltd, interim cash 40 per cent, UTP Growth Fund, interim 12.75 per cent and BSJS Balanced Fund, interim 10 per cent.