KARACHI, July 11: Share market on Wednesday shrugged off the overnight hesitancy and resisted fresh fall as a section of investors covered positions at the lower levels in some of the pivotals aided by reports of higher corporate earnings.
The KSE 100-share index managed to recover the overnight loss and was quoted higher by 49.97 points at 13,967.40 as compared to 13,917.43 a day earlier. The free-float 30-share index on the other hand showed a fractional rise of 2.25 points at 16,959.02.
Bulk of the support originated from the financial institutions and some foreign investors but most of the genuine investors stayed on the sidelines awaiting the return of normalcy to the capital. Moreover, they were not inclined to take undue risks which could be easily avoided.
The activity was, however, relatively slow as leading investors mostly played safe fearing negative fallout of the Lal Masjid killings and law and order situation in the backdrop of three-day mourning announced by the MMA.
But bulk of the support remained confined to the low-priced issues which ensure higher capital gains with minimum risk, analysts said.
Pak PTA, Fauji Cement, Crescent Bank, WorldCall Telecom, JS Bank and Bosicor Pakistan were leading among them which accounted for about 80 per cent of the total volume.
“In the developing situation both on the political and law and order front investors try not to ride the bandwagon as the situation is fraught with high financial risks,” analysts said.
It was speculated that trading would be normal during the next couple of sessions, they added.
Among the top gainers, JS & Co and Pakistan services were prominent, up by Rs24.90 and Rs24.10. Other good gainers included Central Insurance, Arif Habib Ltd, Javed Omer, Pakistan Resource Co, Mirpurkhas Sugar, Mari Gas, Siemens Pakistan, AKD Securities, Dawood Hercules and Colgate Pakistan, which posted gains ranging from Rs8 to Rs20.05.
Losers were led by Sanofi-Aventis and Sapphire Fibres, off Rs10.10 and Rs10 respectively followed by MCB, Gatron Industries, Al-Ghazi Tractors, Indus Motors, Nestle Pakistan and Pakistan Refinery, off by Rs4.40 to Rs7.
Turnover figure fell to 370m shares from the previous 428m shares a day earlier as gainers held a modest lead over the losers at 195 to 163, with 31 shares holding on to the last levels.
Arif Habib Securities topped the list of actives, higher by Rs7.15 at Rs150.15 on 31m shares followed by Fauji Fertiliser Bin Qasim, up by Rs1.95 at Rs42.75 on 24m shares followed by market talk of a foreign interest in it, Pak PTA, steady by 25 paisa at Rs6.80 on 18m shares.
Sui Southern Gas, up by Rs1.05 at Rs30.40 on 18m shares, Cres Commercial Bank, higher by Rs1.15 at Rs24.40 on 16m shares and Javed Omer & Co, higher by Rs13.45 at Rs282.45 on 14m shares.
Other actives were led by WorldCall Telecom, up by 60 paisa on 13m shares, Bosicor Pakistan, steady by 20 paisa on 12m shares and JS Bank, up by Re1 on 11m shares.
FORWARD COUNTER: Fauji Fertiliser Bin Qasim led the list of actives on the cleared list, up by Rs1.60 at Rs42.60 on 9m shares followed by Lucky Cement, firm by 90 paisa at Rs131.90 on 8m shares and Sui Southern Gas, higher by Rs1.45 at Rs30.60 on 4m shares.
Bank Alfalah was quoted unchanged at Rs58 on 3m shares and Sitara Peroxide, higher by Rs2 at Rs42.75 also on 3m shares.
DEFAULTER COS: Japan Power came in for fresh speculative support and rose by five paisa at Rs9.45 on 6.981m shares followed by Nimir Chemicals, steady by 15 paisa at Rs5.10 on 1.948m shares and Zeal Pak Cement, lower 45 paisa at Rs6.30 on 1.482m shares.
Crescent Standard Modaraba was also actively traded and up by 25 paisa at Rs2 on 0.404m shares, Unity Modaraba, easy by five paisa at Rs0.70 on 0.338m shares and Quice Foods, easy 15 paisa at Rs5.20 on 0.200m shares. Asset Bank and Norrie Textiles were also actively traded.