KARACHI, July 7: Stocks on Wednesday finished on a mixed note as initial run-up could not be sustained owing to late profit-selling in some of the leading shares. The KSE 100-share index recovered another 18.67 points at 5,409.32.
The continued fall in the turnover figure reflects that both the bargain-hunters and the speculative forces are still in two minds about the future direction of the market and are playing safe.
A loud whispering about the margin financing in place of the prevailing badla business may not be one of the negative reasons behind the low volume as Capital Value Tax (CVT) did, but a section of investors could not precisely adjust themselves to changing norms so far leading to consequent uncertainty.
The KSE 100-share index confidently breached through the barrier of 5,400 but finished with a clipped gain of 18.67 points at 5,409.32 points after hitting the day's peak level of 5,425.
The index is progressively inching up to exploit new highs on the strength of PTCL and OGDCL and some other pivotals, which together hold a weightage of 40 per cent in it and may surpass its previous all-time peak of 5,620 established a late last year.
Heavy buying in ICI Pakistan, which soared by Rs4.30 at Rs92.85 on reports of higher earning was said to be another supporting factor behind the market's run-up. Its earnings are on the rise.
The absence of leading institutional traders continues to take its toll in the form of low volume and until they are back in the market, the market's fresh upward momentum may remain inconclusive, analysts said.
Most of them are still busy in the process of finalizing new year portfolio in the backdrop of emerging political realities and may stay away for another couple of sessions, they said.
Despite their long absence the performance of the broader was not that bad as was reflected by an astounding debut made by the provisionally listed Pakistan Petroleum and is still being quoted at around Rs114.
However, leading base shares remained in active demand, both from the retailers and bargain-hunters, and kept the market in a good shape. The cement sector, which has assumed the role of a trend- setter for the last about three months on reports of higher exports and production, failed to move further higher as a section of financial traders liquidated long positions in some of them.
But energy shares, notably Shell Pakistan, National and Pakistan Refinery on the other hand came in for active support in anticipation of increase in fortnightly selling prices because of higher world rates and generally ended higher.
Prominent gainers were led by Wyeth Pakistan, which has been under pressure for the last two sessions and recovered Rs87.75 followed by Javed Omer and Siemens Pakistan, up Rs45.35 and Rs20, respectively.
Other good gainers included Pakistan Resource Co, National Refinery, Pak Electron, Shell Pakistan, Jahangir Siddiqui Bank and Tritex Cotton, which posted gains ranging from Rs5 to Rs7.
Losses on the other hand were modest, barring Arif Habib Securities, EFU Life, IGI Insurance, Unilever and Aventis, which suffered decline ranging from Rs3.05 to Rs13.95.
Trading volume fell to 200m shares from the previous 267m shares as losers maintained a fair lead over the gainers at 170 to 139, with 51 shares holding on to the last levels.
Nishat Mills was actively traded on reports of higher dividend, up Rs1.05 at Rs54.05 on 19m shares followed by OGDCL, unchanged at Rs66.95 on 17m shares, ICI Pakistan, higher by Rs7.20 at Rs92.85 on 15m shares, Maple Leaf Cement, firm by 45 paisa at Rs40.85 on 13m shares and PTCL, up 25 paisa at Rs43.15 also on 13m shares.
Other actives were led by D.G. Khan Cement, lower 25 paisa on 12m shares, Lucky Cement, easy 35 paisa on 11m shares, National Bank, unchanged on 10m shares, Saadi Cement, up 40 paisa on 9m shares and Bank of Punjab, off 30 paisa on 8m shares.
FORWARD COUNTER: Pakistan Petroleum came in for renewed selling at the higher level and fell by 55 paisa at Rs114 on 7m shares followed by OGDCL, unchanged at Rs67.25 on 3m shares, Sui Northern Gas, off 75 paisa followed by reports of suspension of supplies owing to damage to the pipeline, on 2m shares.
D.G. Khan Cement and PTCL were marked down by 25 paisa and up 25 paisa, respectively, at Rs58.45 and Rs43.35 on 2m shares each.
DEFAULTER COS: Trading on this counter failed to pick up in the absence of fresh support. Barring Standard Bank, which was quoted higher by 50 paisa at Rs9.85 on 0.530m shares, all other actives were modestly traded.
DIVIDEND: Dawood Money Market Fund, bonus shares at the rate of seven per cent for the year ended June 30, 2004; Pioneer Cement, right share at the rate of 50 per cent.