KARACHI, Dec 26: The KSE 100-share index on Wednesday consolidated well above its career-best level around 14,815 points, boosted again by the strength of the banking sector and some low-priced shares, having potential of higher capital gains.
However, the close was well below the session’s high of 14,876.00 points at 14,814.85, owing to late selling by some of the leading punters and bargain-hunters, the net rise over the session being 22.93 points.
Bank shares again led the market advance, followed by oil sector and some blue chips on the other counters, notably those whose financial years are ending on Dec 31, and have positive feedbacks about their earnings.
“There are, however, two opinions about the presence of foreign buying on selected counters, but it is there on modest scale and is not considered a positive market factor at this stage,” analyst Ahsan Mehanti believes, adding “the weakness of the oil sector reflects it is on its way out if any.”
“There appears to be a great tussle between the leading bulls and bears whether or not to test the index level of 15,000 before the year is out,” said an analyst Hasnain Asghar Ali, adding consolidation forces are not inclined to go for a kill that is now not that far.”
But the consensus among leading stock analysts is that the “Rubicon should be crossed to open the new year account in a buoyant mood, sans election worries.”
Reports of incidents of violence among the contenders of power are there, but they said investors may not be deterred by them and would remain in the market, indulging in alternative bouts of buying and selling.
Rafhan Maize again led the list of leading gainers, up by another Rs100 at Rs2,300, followed by JS & Co, higher by Rs51.85 at Rs1,089.85. They were followed by Service Industries, Mitchell’s Fruits, Murree Brewery, BOC Pakistan, Dawood Hercules, Pakistan Engineering, IGI Insurance, JS Global, Arif Habib Ltd, EFU General and lift 19.75 and 29.50 respectively.
Fazal Textiles and Mari Gas were quoted lower by Rs20 and 10.55 at Rs380 and 285, respectively, followed by National Refinery, Shell Pakistan, Mari Gas, Clover Pakistan, AKF Securities, and KSB Pumps, off Rs5.50 to 10.55.
Trading volume rose to 308 million shares from the previous 262 million shares as gainers trailed behind losers at 176 to 180, with 29 shares holding on to the last levels.
TRG topped the list of actives, up one rupee at Rs14 on 38 million shares, followed by Allied Bank, higher by Rs6.55 at Rs141.25 on 21 million shares, JS Bank, firm by 80 paisas at Rs23.95 on 19 million shares, NIB Bank, lower 20 paisas at Rs23.40 on 18 million shares, Bosicor Pakistan, easy 15 paisas at Rs23.10 on 15 million shares, Arif Habib Securities, firm by 30 paisas at Rs183.30 on 10 million shares, and BankIslami Pakistan, up 30 paisas at Rs18.15 on eight million shares.
Other actives were led by Pervez Ahmed Securities, up 2.40 on 10 million shares, WorldCall Telecom, lower 10 paisas on seven million shares and Telecard, steady by 25 paisas also on seven million shares.
FORWARDC COUNTER: Arif Habib Bank again led the list of actives on this counter, lower 30 paisas at Rs37 on eight million shares, followed by National Bank, off Rs2.15 at Rs243.10 on three million shares and its January contract, easy by Rs2.14 at Rs245.30 also on three million shares.
Bank AlFalah followed them, easy by two paisas at Rs45.15 on three million shares and
Fauji Fertiliser, Bin Qasim, fractionally down by only one paisas at Rs44.76 also on three million shares.
DEFAULTER COs: Fairly brisk trading was witnessed on this counter where about dozen shares came in for strong buying and ended higher under the lead of Zeal Pak Cement, up by 15 paisas at Rs4.75 on 4.742 million shares followed by Norrie Textiles, higher by 35 paisas at Rs2.15 on 4.325 million shares but Unity Modaraba attracted selling at the higher levels and fell by 80 paisas at Rs1.90 on 4.666 million shares.
Other actives were led by Japan Power, higher by 10 paisas at Rs7.60 on 1.623 million shares and Invest Capital Bank, up 30 paisas at Rs7.25 on 0.442 million shares. National Asset Leasing and Crescent Standard Bank also closed modestly higher amid active trading.