KARACHI, Nov 7: The share market on Wednesday extended the overnight recovery drive on active follow-up support in the leading oil shares but a sharp decline in the turnover figure indicated that the institutional support was too shy to go beyond certain limits at the current lows.
The KSE 100-share index closed above the resistant level at 13,500.58 as compared to 13,426.11 a day earlier, up by 74.47 points but the activity remained terribly insipid owing to political uncertainty.
OGDC, Pakistan Oilfields, Pakistan Petroleum, Arif Habib Securities, Attock Refinery remained the centre of activity boosted by rising world oil prices and Engro Chemical were the leading force behind the extended gain in the index.
The weakness of leading bank shares including National Bank on reports of downward revision of Pakistan’s foreign currency rating to negative from the plus one did work against the underlying sentiment, although the strength of the oil sector did not allow any major change in the future outlook, analysts said.
The performance of the market may remain sluggish during the next couple of sessions as financial investors alone could not keep the wheels moving until general investors join them and that may take some more time, they added.
“Investors are reluctant to take even calculated financial risks at this stage, notably in the backdrop of US threat on aid cut and increasing world pressure against the recently imposed emergency,” analysts said.
In similar conditions as the prevailing one, investors think twice to put money in stocks but it goes to the credit of positive basic market fundamentals, which are sustaining the market’s current steady posture, they added.
Unilever Pakistan and Rafhan Maize were leading among the gainers, up by Rs70 and Rs92, followed by Arif Habib Ltd, EFU Life, Attock Refinery, Pakistan Resource Co, Mari Gas, Pakistan Oilfields, BOC Pakistan, ICI Pakistan and Nestle Pakistan, which were quoted higher by Rs8 to Rs20.
Prominent losers were led by HinoPak and Colgate Pakistan, off Rs16.30 and Rs18.45 respectively. Others to follow them were Adamjee Insurance, Siemens Pakistan, Noon Pakistan, Service Industries, Mitchell’s Fruits and Fazal Textile, off by Rs6.20 to Rs10.
Trading volume fell to 236m shares from the previous 285m shares but gainers held a comfortable lead over the losers at 195 to 149, with 34 shares holding on to the last levels.
OGDC again led the list of actives, steady by 35 paisa at Rs116.25 on 28m shares followed by Arif Habib Securities, up by Rs6.65 at Rs165.25 on 20m shares, Pakistan Oilfields, higher by Rs15.90 at Rs333.90 on 15m shares, Pakistan Petroleum, up by Rs1.30 at Rs252.55 on 14m shares, Engro Chemical, firm by Rs2.60 at Rs271.10 on 9m shares, Attock Refinery, higher by Rs10.40 at Rs267.70 on 8m shares and National Bank, off Rs6.85 at Rs228.85 also on 8m shares and Adamjee Insurance, lower by Rs7.50 at Rs364 on 7m shares.
Other actives included TRG Pakistan, steady by five paisa on 7m shares and MCB, lower by 70 paisa also on 7m shares.
FORWARD COUNTER: In the backdrop of sharp overnight fall, MCB came in for active short-covering at the lower level and ended recovered by Rs4.10 at Rs356.90 on 7m shares followed by OGDC, steady by 50 paisa at Rs117.25 also on 7m shares and Pakistan Oilfields, higher by Rs16 at Rs336.75 on 6m shares.
Pakistan Petroleum up by Rs1.40 at Rs254.50 on 5m shares and National Bank, off Rs5.70 at Rs230.40 also on 5m shares.
DEFAULTER COMPANIES: Zeal Pak Cement again led the list of actives, off 25 paisa at Rs4.70 on 5.225m shares followed by Japan Power, higher by 20 paisa at Rs8.45 on 0.899m shares and Norrie Textiles, easy by five paisa at Rs1.85 on 1.800m shares.
Unity Modaraba was quoted unchanged at Rs0.75 on 0.318m shares but Interasia Leasing was quoted higher by 20 paisa at Rs1.05 on 0.135m shares.