KARACHI, Sept 17: Trading on the share market on Monday resumed on a cheerless note amid fractional price changes as leading investors kept to the sidelines apparently awaiting the revival of institutional support. The KSE 100-share index, however, managed to recover 12.17 points at 12,791.85.
“Though a bit late, I think the proverbial sluggishness associated with Ramazan has made its silent debut,” said analyst Faisal Abbas, adding the “absence of big players suggests there may not be pleasant surprises in the upcoming sessions”.
Most of the current favourites and volume leaders were neglected, while bulk of the support remained confined to second-liners, he added.
But some others said leading investors were awaiting apex court verdict over the president’s dual office petition before resuming normal activity.
The KSE 100-share index posted a modest gain of 12.17 points at 12,791.85, which incidentally was the session’s peak level as compared to 12,779.69 at the last weekend as leading base shares recovered the weekend losses on active short-covering.
The free-float 30-share KSE index rose by 23.26 points at 15,461.01 points as compared to previous 15,437.75 points.
“It appears to be a judicious blend of mopping operations of both the local institutional and selective foreign buying, which was essentially aiming at quick capital gains rather than holding onto long positions,” analyst Ashraf Zakaria said.
But some others said the market would continue to give an erratic performance despite the fact that basic fundamentals were terribly bullish based on higher dividend and future growth potential.
“The market is not guided entirely by the strength of a bullish corporate regime it has to work also in the framework of political background,” analyst Ahsan Mehanti said, adding “there are still more than one irritants, notably the presidential re-election and opposition threat to resign en-block”.
However, analyst Hasnain Asghar Ali did not rule out the possibility of sharp flutters here and there each session amid alternate bouts of buying and selling.Among the top gainers, Colgate Pakistan and Siemens Pakistan were leading, up by Rs19.95 and Rs49, Arif Habib Ltd and Arif Habib Securities, Javed Omer, JS Global, Pakistan Resource Co, Attock Refinery, National Refinery, Attock Petroleum, KSB Pumps, Noon Pakistan, Atlas Battery and Sanofi-Aventis, which posted gains ranging from Rs5.15 to Rs10.30.
Thal Jute and Sapphire Fibres fell by Rs8.30 and Rs9.95, while Central Insurance, Shell Pakistan, Millat Tractors, IGI Insurance, Atlas Honda, Netsol and Clover Pakistan and Ferozsons Lab suffered fall ranging from Rs3.45 to Rs7.95.
Trading volume fell to 136m shares from the previous 193m shares as losers held a modest lead over the gainers at 147 to 130, with 36 shares holding on to the last levels.
Japan Power topped the list of actives, lower by 10 paisa at Rs10.30 on 20m shares followed by Arif Habib Securities, higher by Rs6.55 at Rs138.35 on 15m shares and TRG Pakistan, up by 80 paisa at Rs14.50 on 11m shares.
Attock Refinery, sharply higher by Rs9.55 at Rs200.55 on 7m shares, Saudi Pak Bank, firm 20 paisa at Rs27.40 also on 7m shares, PTCL, lower 20 paisa at Rs49.80 on 4m shares and Bank of Punjab, off 70 paisa at Rs95.55 also on 4m shares.
Other actives were led by Fauji Fertiliser Bin Qasim, up by 40 paisa on 7m shares, followed by WorldCall Telecom, easy 10 paisa on 6m shares and Lucky Cement, up by Rs1.60 on 5m shares.
FORWARD COUNTER: Lucky Cement led the list of actives on this counter, higher by Rs1.40 at Rs124.25 on 5m shares, followed by D.G. Khan Cement, steady by 30 paisa at Rs106.35 on 2m shares and Bank of Punjab, off 70 paisa at Rs94.55 also on 2m shares.
MCB followed them lower by 15 paisa at Rs321.80 on 2m shares and Fauji Fertiliser Bin Qasim, up by 60 paisa at Rs42.70 also on 2m shares.
DEFAULTER COMPANIES: Pangrio Sugar led the list of actives, which came in for profit-selling and was marked down by 85 paisa at Rs5.85 on 1.231m shares, followed by Norrie Textiles, lower by 30 paisa at Rs2.25 on 0.306m shares and Nimir Chemicals, unchanged at Rs3.75 on 0.159m shares. Zahoor Cotton came in for fresh support and rose by 30 paisa at Rs2.40 on 0.123m shares.
DIVIDEND: Javed Omer Vohra & Co, cash final 12.5 per cent, bonus shares 40 per cent and 10 per cent interim already paid, Pakistan Telecom Co, cash final 20 per cent, Prudential Modaraba, cash three per cent, JS Bank, right shares 50 per cent, Constellation Modaraba and Sitara Energy, both nil.