KARACHI, March 22: Stocks on Thursday lacked normal trading interest as leading investors and bargain-hunters adhered to the sidelines ahead of Friday’s closure on account of Pakistan Day and the absence of foreign funds.
Trading volume fell sharply as investors were not inclined to make fresh commitments even at the falling prices owing to developing situation on the judicial front and the absence of leading institutional traders.
In a light turnover of 106m shares, the KSE 100-share index ended with a fractional decline of 1.64 points at 11,294.98 after hitting session’s low and high at 11,255.15 and 11,345.16 respectively.
OGDC, National Bank, PTCL, Bank Alfalah did show fractional gains, which in turn limited the loss in the KSE index rather than adding to market capital.
But sharp spurt of Rs7.60 in the share of Adamjee Insurance failed to generate sympathetic buying in other insurance scrips despite higher dividend and bonus shares.
Minor price changes ranging from 10 to 50 paisa in leading active shares reflect that punters and brokers are trying to maintain a status quo in the share business until some positive developments emerge on the current judicial crisis, analysts said.
Opinions on the future market outlook are, however, divided. Some say the current sluggishness will prevail until the judicial crisis ends, occasional flutters here and there notwithstanding.
But some others say the market has already absorbed the fallout of the judicial crisis and the consolidation forces are expected to be at work from the next trading week.
“All the leading shares are now in the buying range for any genuine and speculative investor,” says a leading broker, adding “all are awaiting the advent of foreign buying and to follow their lead”.
Among the leading gainers, Siemens Pakistan and Nestle Pakistan were leading, up by Rs50 and Rs49, followed by J.S. Global, Treet Corporation, Bata Pakistan, Thal Industries, Rafhan Maize, which posted gains ranging from Rs5 to Rs11.35.Losers were led by Wyeth Pakistan and EFU Life Insurance, off each by Rs10. They were followed by Habib-Metropolitan Bank, Lakson Tobacco, Clariant Pakistan, Blessed Textiles, Attock Petroleum, Gillette Pakistan and Dawood Hercules, off by Rs3.60 to Rs9.65.
Trading volume shrank to a modest proportion at 106m shares as losers maintained a fair lead over the gainers at 175 to 142, with 42 shares holding on to the last levels.
WorldCall Telecom topped the list of actives, firm by five paisa at Rs11.20 on 10m shares followed by National Bank, higher by Rs2.30 at Rs237.50, PTCL, steady by 10 paisa at Rs46.25 on 7m shares, Lucky Cement, lower by 25 paisa at Rs78.25 on 6m shares, Bank Alfalah, up by 45 paisa at Rs46.75 on 5m shares, OGDC, firm by 10 paisa at Rs116.80 on 4m shares.
Other actives were led by Kot Addu Power, lower 30 paisa on 4m shares, D.G. Khan Cement, easy 30 paisa also on 4m shares and Fauji Cement, unchanged on 4m shares.
FORWARD COUNTER: National Bank led the list of actives, up by Rs1.75 at Rs237.90 on 6m shares followed by PTCL, unchanged at Rs46.35 on 4m shares and Bank Alfalah, up by 25 paisa at Rs46.70 also on 4m shares.
MCB followed them, higher by Rs20.60 at Rs281.50 on 3m shares and Lucky Cement, lower 25 paisa at Rs78.40 on 2m shares.
DEFAULTER COS: Crescent Standard Bank attracted modest support at the previous level of Rs3.45 on 0419m shares followed by Nimir Chemical, unchanged at Rs2.50 on 0.155m shares and Unity Modaraba, up five paisa at Rs0.55 on 0.116m shares.
All others were modestly traded mostly with fractional price changes on the higher side amid light turnover.