KARACHI, Dec 11: Selective support figured prominently on the share market on Tuesday as a section of investors covered positions on oil and banking sectors amid reports of higher earnings and payouts.
But the broader market was a bit bearish owing to widespread profit-selling on some of the counters at highly inflated levels in the form of technical correction.
The overdue technical correction made its debut after two week’s sustained run-up but heavy GDR-related buying in MCB allowed the index to finish with a fresh rise of 61 points at 14,632.64. Its junior partner the 30-share index rose by 166.97 points at 17,687.45.Analysts said the market should have ran into deeper recession but strong buying in MCB Bank on the forward counter allowed it to maintain a steady posture.
“It appears to be the MCB day, which jumped up by Rs20.35 at Rs427.85 on 10m shares,” they said, adding “having a largest weightage in the index (11pc), it pushed it up by another 61 points along with some pivotal oil shares, notably Pakistan Oilfields and Attock Refinery.”
However, there was nothing to suggest that the current run-up was overdone in the backdrop of heating up of the political scenario as investors were in no mood to entertain worries associated with the election, some others observed.
The important thing that seems to have encouraged investors to stay in the market is their solid believe that the elections will be held on time and all major parities will participate in it, they said, adding “threat of boycott has faded”.
Although a section of investors indulged in profit-taking in most of the blue chips on all the counters, leading among them managed to finish with an extended gain under the lead of Askari Bank, Attock Refinery and D.G. Khan Cement.
Among the gainers Wyeth Pakistan and JS & Co were leading, higher by Rs50 and Rs40.15. Exide Pakistan, Attock Refinery, Clariant Pakistan, National Foods, Sitara Chemicals, Shell Gas, Sanofi-Aventis, Sitara Chemicals, Dawood Hercules, JS Global, Unilever Pakistan and MCB finished with gains ranging from Rs8 to Rs39.75.Siemens Pakistan and Nestle Pakistan were top losers, off by Rs20 each followed by Central Insurance, Gatron Industries, PNSC, Murree Brewery, Bata Pakistan and Fazal Textiles, off by Rs5 to Rs7.
Trading volume showed a modest rise at 277m shares as compared to 255m shares a day earlier as losers held a modest lead over the gainers at 189 to 163, with 45 shares holding on to the last levels.
Pakistan Cement topped the list of actives, up by Re1 at Rs11.85 on 20m shares followed by Askari Bank, higher by Rs4 at Rs98.50 on 18m shares, Pakistan Oilfields, up by Rs4.50 at Rs363.85 on 15m shares and Attock Refinery, up by Rs8.50 at Rs271.90 also on 15m shares.
D.G. Khan Cement, firm by Rs2.40 at Rs104.40 on 14m shares, Arif Habib Securities, steady by 70 paisa at Rs177 on 12m shares and National Bank, off 80 paisa at Rs249.50 on 9m shares.
Other actives were led by Bosicor Pakistan, lower 60 paisa on 9m shares, Fauji Fertiliser Bin Qasim, up by 20 paisa also on 9m shares and Azgard Nine, higher by 55 paisa on 8m shares.
FORWARD COUNTER: MCB topped the list of actives on this counter, sharply higher by Rs20.35 at Rs427.85 on 10m shares followed by D.G. Khan Cement, up by Rs2.40 at Rs104.90 on 5m shares and Pakistan Oilfields, higher by Rs4.70 at Rs365.40 also on 5m shares.
OGDC followed them, lower by 55 paisa at Rs125.40 on 4m shares and Askari Bank, higher by Rs4.10 at Rs98.25 on 4m shares.
DEFAULTER COMPANIES: Zeal Pak Cement again led the list of actives, up by five paisa at Rs4.70 on 1.388m shares followed by Norrie Textiles, higher by 15 paisa at Rs2 on 0.927m shares and Unity Modaraba, lower 20 paisa at Rs2.05 on 0.726m shares.
Haydery Construction was also actively traded, up by 20 paisa at Rs3 on 0.395m shares and Pangrio Sugar, higher by 30 paisa at Rs16.45 on 0.365m shares, while others were modestly traded.
DIVIDEND: JWD Sugar Mills, bonus shares at the rate 20 per cent, Noon Sugar, bonus 10 per cent, Mitchell’s Fruit Farms, final bonus shares 20 per cent, United Sugar and Crescent Sugar, omitted the dividend for the last year ended Sept 30, 2007.