KARACHI, March 15: Stocks on Thursday recovered from the overnight lows on stray short-covering at the lower levels on the low-priced shares and finished partially recovered but the underlying sentiment remained shaky owing to standoff on the legal issues.
The KSE 100-share index resisted fresh decline and managed to recover from the overnight lows on the strength of OGDC, D.G. Khan Cement, Engro Chemical and some other leading shares and was quoted higher by 34.24 points at 11,310.90 as compared to previous 11,276.66 a day earlier.
But the recovery appeared to be too feeble to lead it to its pre-reaction level.
The falling volume showed that the prevailing standoff on the legal front amid lawyers’ protests leading to political uncertainty continued to take its toll, although larger fall was averted, analysts said.
“In similar conditions as the prevailing one, investors mostly seek safe havens and the shifting of major buying thrust to the low-priced issues on the cement and fertiliser counters reflects this perception,” they added.
Some others said the recent US restrictions on aid to Pakistan linking it with cooperation in war on terrorism would also work against the market in the coming weeks.
However, rallies associated with the early year performance of the market may not repeat themselves at least for the near-term as political background news were not that encouraging, they added.
Some of the leading shares managed to finish higher under the lead of Dawood Hercules and Indus Motors, up by Rs7 and Rs11.40. Other prominent gainers were led by Thal Industries, Central Insurance, Javed Cement, PSO, Engro Chemical and Central Insurance, which posted gains ranging from Rs4.30 to Rs6.20.
Siemens Pakistan and Wyeth Pakistan fell by Rs40 and Rs91.20 followed by Arif Habib Securities, EFU General, Quetta Textiles, Pakistan Refinery, HinoPak, Ferozsons Lab, Treet Corporation, Mirpurkhas Sugar, IGI Insurance and Bata Pakistan, off by Rs4 to Rs12.
Trading volume fell to 163m shares from the previous 173m shares a day earlier as losers held a modest edge over the gainers at 158 to 152, with 45 shares holding on to the last levels.WorldCall Telecom topped the list of actives, up by Re1 at Rs11.35 on 13m shares followed by OGDC, higher by Rs1.60 at Rs118 on 11m shares and Fauji Fertiliser Bin Qasim, steady 10 paisa at Rs32.15 on 11m shares.
D.G. Khan Cement, higher by 70 paisa at Rs89.55 also on 11m shares, Lucky Cement, firm by 20 paisa at Rs78.80 on 10m shares and PTCL, lower by 90 paisa at Rs49.80 on 6m shares.
Other actives were led by Pakistan Cement, up by 75 paisa on 8m shares, J.S. Bank, easy Re1 also on 8m shares, Bank of Punjab, lower 55 paisa on 6m shares and Engro Chemical, sharply higher by Rs6 on 5m shares.
FORWARD COUNTER: D.G. Khan Cement came in for active support at the lower levels and was marked up by 85 paisa at Rs90.15 on 7m shares, followed by Bank Alfalah, easy five paisa at Rs45.60 on 6m shares and Bank of Punjab, lower 25 paisa at Rs90.50 on 5m shares.
Other actives were led by OGDC, up by Rs1.60 at Rs118.45 on 4m shares and Pakistan Petroleum, easy five paisa at Rs251.40 also on 4m shares.
DEFAULTER COS: Unity Modaraba led the list of actives on this counter, easy by five paisa at 50 paisa on 0.382m shares followed by Norrie Textiles, unchanged at Rs3.40 on 0.288m shares and Zeal Pak Cement, up 10 paisa at Rs5.65 on 0.243m shares.
Crescent Standard Bank and Saitex Spinning were marked down by five paisa each at Rs3.85 and Rs0.45 respectively on 0.104m and 0.157m shares respectively.
DIVIDEND: KSB Pumps, cash at the rate of Rs4 or 40 per cent for the year ended Dec 31, 2006.