KARACHI, Sept 10: The KSE 100-share index on Monday staged a smart recovery on strong institutional buying aided by an official operation of deporting former prime minister Nawaz Sharif to Saudi Arabia for the second time, but the run-up appears to be engineered having no relevance to the ground realities, analysts said.However, political uncertainty is there sending Sharif again in exile ends the one phase of the issue but what next no one could precisely predict at this stage, they said.The KSE 100-share index finally finished with a gain of 139.24 points at 12,545.95 as compared to 12,406.71.

The opening was highly volatile as investors played on both sides of the fence fearing law order situation after the landing of Sharif in Islamabad early in the morning. “The index showed violent either-way movements awaiting some positive news on Nawaz front,” said a leading analyst Faisal A. Abbas. “But mid-session institutional traders moved in and the index turned buoyant”.

The run-up which seems to be inspired may extend itself for another couple of sessions, but many analysts think that it is a manipulated one to show that “Sharif affair” has no relevance to the ground realities.

But some independent analysts believe the game is not over there could be a strong reaction by the opposition parties on the issue and that may send eroding share values.“Sharif’s deportation could lead to another legal battle in the apex court in the coming days as there is a loud whispering in the political circles that the deportation is contempt of court,” they said.

Leading gainers were led by EFU Life Insurance, National Foods and Lakson Tobacco, up by Rs13.35 to Rs18.50 followed by Javed Omer, Noon Pakistan, Atlas Battery, Lucky Cement, MCB, Atlas Honda and Mari Gas, which posted gains ranging from Rs6 to Rs8.15.

Losers were led by Attock Petroleum. EFU General, Shell Pakistan, Dawood Hercules, Packages Millat Tractors and Unilever Pakistan, off by Rs3 to Rs39.95.

Trading volume was light totalling 173m shares as compared to 170m shares at the last weekend, while gainers topped losers by 178 to 90, with 33 shares holding on to the last levels.

Lucky Cement again topped the list of actives, sharply higher by Rs6 at Rs126.40 on 16m shares followed by D.G. Khan Cement, up by Rs5.10 at Rs107.60 on 13m shares and Bank Alfalah, higher by Rs1.25 at Rs47.75 on 11m shares.

OGDC, higher by 75 paisa at Rs109.50 on 8m shares, National Bank, higher by Rs3.40 at Rs237.40 also on 8m shares and Adamjee Insurance, higher by Rs4.55 at Rs312.55 on 6m shares.

Other actives were led by Maple Leaf Cement, up by 65 paisa on 7m shares, Pakistan Oilfields, higher by Rs4.65 on 7m shares, Arif Habib Securities, up by Rs3.30 on 6m shares and TRG Pakistan, steady by 30 paisa on 6m shares.

FORWARD COUNTER: Lucky Cement was also actively traded on the cleared list and was quoted higher by Rs6 at Rs126.50 on 12m shares, MCB, up by Rs8.50 at Rs328 on 8m shares and National Bank, higher by Rs2.95 at Rs238.20 on 7m shares.

D.G. Khan Cement followed them, higher by Rs5.15 at Rs108.15 on 6m shares and Bank Alflah, up by Rs1.55 at Rs47.95 on 4m shares.

DEFAULTER COMPANIES: Japan Power led the list of actives, up by 70 paisa at Rs10.60 on 1.854m shares followed by Zeal-Pak Cement, steady by 20 paisa at Rs5.25 on 0.647m shares, Pangrio Sugar, up by Re1 at Rs5 on 0.555m shares.

Norrie Textiles followed them, easy by 20 paisa at Rs1.60 on 1.420m shares, Zahoor Textiles, steady by 15 paisa at Rs2.80 on 0.108m shares and Nimir Chemical, lower five paisa at Rs3.50 on 0.143m shares.

DIVIDEND: Millat Tractors, final cash 120 per cent (100 per cent interim already paid), Saudi Pak Leasing, cash 10 per cent and bonus shares five per cent, Dawood Investment Bank, bonus shares 15 per cent, Gatron Industries, cash 15 per cent, Gadoon Textiles, cash 25 per cent, B.B.R Modaraba, cash 8.50 per cent, Habib Modaraba, cash 20 per cent, right shares 100 per cent at a premium of Rs2.50 per shares subject to official approval.

Sept 10, 2007

Market at glance

TONE:firm,total listed 656,actives 301,inactives 355,plus 178,minus 90,unc 33

KSE 30-SHARE INDEX:previous 15,100.29,Monday’s 15,351.80,plus 251.51 points

KSE 100-SHARE INDEX:previous 12,406.71,Monday’s 12,545.95,plus 139.71 points

MARKET CAPITAL;previous Rs.3,602.170bn,Monday’s 3,649.720bn,plus 47.550bn

TOP TEN;gainers Lakson Tobacco Rs.18.50,EFU Life 13.60,National Foods 13.35,Javed Omer 8.45,MCB 8.15

LOSERS:Millat Tractors Rs.12.00,Unilever Pakistan 39.95,Packages 4.00,Dawood Hercules 3.90,Shell Pakistan 3.40.

TOTAL VOLUME:173.308m shares

VOLUME LEADERS:Lucky Cement 15.765m,D.G.K.Cement 13.422m,Bank AlFalah 10.463m, OGDC 8.233m,National Bank 8.088m shares.