KARACHI, Sept 4: Stocks on Thursday showed fractional price changes as investors again played on both sides of the fence despite reports that the KSE board will meet on Sept 9 to review the impact of the current price freeze and floor on the KSE index on the share values.
But despite the prevailing sluggishness, the KSE 100-share index created history as it showed a fractional rise of only 0.11 points at 9,239.26 after leading players opted for a status quo at least for a while.
But viewed in the backdrop of its single–session all-time high tally of 690.50 points at 12,122.67 on June 24, 2008, the fractional rise reflects the current state of share business, some analysts said.
Profit-selling was, however, witnessed on some of the leading counters followed by reports of ground assault by Nato forces inside Pakistan, killing 20 persons, negative economy rating by the Moody’s and a sharp drop in the forex reserves barely enough a month’s import bill, Analyst Hasnain Asghar Ali said.
A loud negative whispering about the current political setup leading to a possible army intervention also worried investors as shaky among them tried to get out of the market even at a loss.
The KSE 100-share index made a history after showing a fractional rise of 0.11 points at 9,239.26 as investors were not inclined to take risk ahead of the presidential election on Sept 6.The KSE 30-share and KMI-30 share index (KSE-Meezan Bank Index) on the other hand fell by 29.66 and 21.22 points at 10,148.72 and 11,180.69 respectively.
Analyst Ashraf Zakaria said investors would stay out as they had no appetite to sustain further losses until some positive developments took place on the political front, although the mess is too big to be cleared during the next couple of months even though there is peace among the contenders of powers.
National Foods and Atlas Battery were leading among the gainers, up by Rs14.14 and Rs5.75 followed by Allied Bank, Unilever Pakistan, Abbott Lab, Tri-Pack Films and Atlas Battery, up by Rs1.03 to Rs5.75.
While Shell Pakistan and National Refinery topped the losers, off by Rs15.55 and Rs6.90, reflecting the weakness of the oil sector in sympathy with fall in international oil prices. Other losers included Searle Pakistan, IGI Insurance, Thal Industries and MCB Bank, off by Rs2.24 to Rs3.96.
Trading volume rose to 25m shares from the previous 13m shares as leading shares, notably MCB Bank, Engro Chemical and some others came in for active selling, while plus and minus signs were equal at 54-54, with 106 shares holding on to the last levels.
Arif Habib Bank led the list of actives, up 29 paisa at Rs12.34 on 9m shares followed by PTCL, unchanged at Rs31.50 on 1.145m shares, Engro Chemical, lower by 56 paisa at Rs182.44 on 1.100m shares, OGDC, static at Rs97.93 on 0.652m shares, MCB Bank, off Rs3.96 on foreign selling at Rs238.75 on 0.611m shares and United Bank, static at Rs68.25 on 0.455m shares and Fauji Fertiliser, unchanged at Rs103 on 0.430m shares.
Other actives were led by WorldCall Telecom, unchanged at Rs7.80 on 3.563m shares, followed by NIB Bank also unchanged at Rs8.45 on 1.257m shares and Mybank, up by 25 paisa at Rs12.25 on 0.923m shares.
FORWARD COUNTER: NIB Bank led the list of actives on the cleared list, steady by four paisa at Rs8.54 on 0.93m shares, followed by Engro Chemicals, higher by 45 paisa at Rs181.60 on 0.77m shares, Arif Habib Bank, firm by 11 paisa at Rs12.41 on 0.75m shares.
Hub-Power followed them, lower by 66 paisa at Rs21.24 on 0.43m shares and JS Bank, steady by 15 paisa at Rs10.15 on 0.31m shares.
DEFAULTER COMPANIES: Owing to the prevailing sluggishness in the ready section, the activity on this counter also remained dull in the absence OF investors. Zeal Pak Cement was an exception which was held unchanged at Rs1.16 on 0.197m shares. Others were traded modestly.