KARACHI, March 11: Stocks on Thursday were back on the rails boosted by active short-covering in cement shares at the lower levels but the trading volume failed to expand to a respectable total owing to the absence of leading institutional traders and punters.
The arrival of the Indian cricket team seems to have sent a wave of optimism among the speculators and punters who are now very much in the game to mint money after betting on the winning team.
The KSE 100-share index managed to finish well above the barrier of 4,900, up by 20.23 points at 4,907.05 as compared to 4,883.63 a day earlier as all leading base shares ended fully recovered.
Low carryover rates (badla rates) should have evoked good interest in most of the pivotals at the current lower levels but the money appears to be finding some other outlets outside the stock market.
There are several positive factors including statement by the finance minister over the prevailing crisis in the automobile industry after a meeting with the assemblers, reports of interest shown by a German company to buy the controlling shares of the KESC and ongoing talks with the visiting Indian team to reopen the Khokhrapar bus service.
But the falling volumes since Monday reflect that the forthcoming cricket series between and Pakistan and India is expected to drain out massive amounts from the bourse by the punters and speculators for betting on the winning team, floor brokers said.
"The market may remain a victim of falling demand during the Indo-Pakistan cricket matches as punters and some of the big players will remain busy in matches, leaving the market at the mercy of jobbers and retailers", they said.
Owing to its better performance in the recent Australian tour, Indian team is considered favourite but much will depend on the performance on the field by both the teams. Higher dividend news could cause flutters here and there amid light volumes but there is no possibility of any big change in the prevailing price structure.
Plus signs forced a strong lead over the minus ones under the lead of Parke-Davis and Fateh Textiles, which posted gains ranging from Rs20 to Rs27 owing to shortage of floating stock.
Other prominent gainers were led by General Tyre, Pak Elektron, Packages, BOC Pakistan, Pakistan Resource Insurance and National Foods, up by Rs3 to Rs6.60. There were some other good gainers also, notably Al-Ghazi Tractors, Lakson Tobacco, Orix Leasing and Shell Pakistan.
Dawood Hercules remained under pressure for the third session in a row on selling prompted by below market final dividend of 20 per cent and fell by another Rs10.30 followed by Treet Corporation and Grays of Cambridge, off Rs9 and Rs10 respectively.
Clover Pakistan, Yousuf Textiles, Gatron Industries, Artistic Denim, Mari Gas, Millat Tractors and Pakistan Cables were leading among the other losers, off Rs2 to Rs5.
Trading volume fell to 150m shares from the previous 192m shares but gainers managed to hold a strong lead over the losers at 229 to 133, with 59 shares holding on to the last levels.
OGDC again topped the list of actives, off 35 paisa at Rs53.20 on 21m shares, followed by D.G.Khan Cement, higher by 40 paisa at Rs47.85 on 13m shares, Saadi Cement, up by 55 paisa at Rs8.65 on 12m shares, Maple Leaf Cement, higher by 30 paisa at Rs35.60 on 8m shares, and Lucky Cement, higher by 55 paisa at Rs26.95 on 7m shares.
Other actives were led by PIAC, up by 25 paisa on 7m shares followed by National Bank, easy 10 paisa on 6m shares, KESC, up by 35 paisa also on 6m shares, PTCL, up by 25 paisa on 5m shares and Dewan Motors, higher by 45 paisa also on 5m shares.
FORWARD COUNTER: PSO came in for active support and led the list of actives, up 95 paisa at Rs288.10 on 5m shares, PTCL, higher by 20 paisa at Rs39.60 on 2m shares, FF Bin Qasim, up by 20 paisa at Rs19.75 on 1m shares and Hub-Power, up by 20 paisa at Rs37.20 also on 1m shares.
DEFAULTER COS: Islamic Bank remained in strong demand for the third session in a row and rose by 25 paisa at Rs8.30 on 0.722m shares followed by Quice Foods, higher also by 25 paisa at Rs3.05 on 0.541m shares.
Other actives were led by Standard Investment Bank, unchanged at Rs7.90 on 0.535m shares and Crescent Spinning, up by 60 paisa at Rs5.10 on 0.420m shares.
BOARD MEETINGS: National Security Insurance, on March 15, Al-Ghazi Tractors, and Parke Davis on 16th, Pakistan Reinsurance on 17th, Business and Industrial Insurance on 20th and Suzuki Motorcycles on March 22.