KARACHI, May 9: Stocks on Wednesday consolidated previous gains as follow-up support figured prominently on selected counters but foreign buying was a bit shy apparently awaiting fresh positive developments on the judicial front. The KSE 100-share index added another 61.37 points to the overnight total at 12,393.28.
Price changes, barring blue chips, which rose sharply higher, were mostly fractional and reflected that big operators are playing safe and are not inclined to go beyond the safe havens at least for the near-term.
Some of the technical constraints caused by the latest SECP guidelines, including checks on CFS free float selling did have their negative impact on the market trend but no one among the investors was inclined to miss an attractive bait of capital gains.The KSE 100-share index managed to put on a fresh gain of 61.37 points at 12,393.28 as compared to previous 12,331.91 a day earlier but well below the session’s peak of 12,436 points as leading base shares remained in strong demand. The KSE 30-share index also rose by 30.85 points at 15,440.45.
The notable feature of the trading was that a good bit of buying interest was shifted to low-priced shares, having potential of appreciation what the analysts called advent of genuine investment buying. Telecard and Fauji Cement were leading among them.“The talk of index level of 14,000 points is still valid,” said a leading analyst. The relative calm on the judicial front after the suspension of hearing in the presidential reference against the chief justice and formation of the full court to hear the petitions seems to have defused a bit the prevailing tensions.”
Leading oil, banks and some of the cement shares were in the forefront of advancing ones as most of them still ensure fair capital gains at the current levels.
“New York Stock Exchange scam did affect the market sentiment,” analyst Hasnain Asghar Ali said adding: ”Until the names of local bankers allegedly involved in insider trading are known activity in the banking sector may be affected”.
Some of the encouraging higher corporate announcements from some leading companies are still on the cards and indications are that they could keep the current buying euphoria at the highest pitch in the coming sessions also, some others said.
Among the top gainers, National Refinery and Siemens Pakistan, which were quoted higher by Rs15.40 and 54 were notable, followed by Habib-Metropolitan Bank, Arif Habib Ltd, EFU General, Nishat Mills, Thal Jute, Pakistan Tobacco, Pakistan Refinery, Mari Gas, International Industries, Pakistan Engineering, Atlas Honda, HinoPak, Indus Motors, Dawood Hercules, BOC Pakistan, National Foods, Bata Pakistan, Attock Petroleum, and Pak-Suzuki Motors, which rose by Rs5 to 11.
Losers were led by Shell Gas and Unilever Pakistan, off Rs11.40 and 60. Suraj Cotton, Gatron Industries, PSO, Pakistan Gum, Service Industries, Colgate Pakistan and Al-Ghazi Tractors, which suffered fall ranging from Rs2.90 to 6.60.
Trading volume further rose to 322m shares from the overnight’s 267m shares as gainers held a strong lead over the losers at 215 to 107, with 45 shares holding on to the last levels.
The most active list was topped by D.G.Khan Cement, higher by Rs2.25 at Rs102.25 on 31m shares followed by Nishat Mills, up Rs5 at Rs125 on 18m shares, Fauji Fertiliser Bin Qasim, lower 15 paisa at Rs35.25 on 17m shares, OGDC, easy 55 paisa at Rs120 on 16m shares, National Bank, up 50 paisa at Rs245.20 on 16m shares, Lucky Cement, easy by 45 paisa at Rs102.50 on 15m shares, and Bank AlFalah, lower 30 paisa at Rs57.15 on 14m shares.
The other actives were led by Bank of Punjab, up one rupee on 14m shares, Telecard, higher by one rupee also on 14m shares and Fauji Cement, off one rupee on 9m shares.
FORWARD COUNTER: Nishat Mills remained in strong demand ahead of its board meeting and rose by Rs5.25 at Rs124.50 on 9m shares followed by D.G.Khan Cement, up Rs2 at Rs102.50 on 7m shares and Lucky Cement, easy by 25 paisa at Rs103 on 6m shares.
National Bank followed them, up 60 paisa at Rs246.10 on 5m shares and Bank AlFalah, lower 55 paisa at Rs57.25 also on 5m shares.
DEFAULTER COS: Quice Foods led the list of actives on this counter, up 60 paisa at Rs5.10 on 0.435m shares followed by Norrie Textiles, off 20 paisa at Rs2.60 on 0.433m shares and Nimir Chemical, firm by five paisa at Rs3.45 on 0.331m shares. S.S.Oil was traded higher by one rupee at Rs11 on 0.155m shares.