KARACHI, Aug 5: Stocks on Thursday showed mixed trend as a section of investors took profits at the higher levels followed by reports of fresh float from the carryover market and fears of further price erosions.
But the selling was well-absorbed at the dips as leading bulls are not inclined to entertain bearish ideas at this stage and are relying on the market's ability to rise further.
After opening 17 points higher and hitting the day's peak level of 5,326, the KSE 100-share index finally finished with a modest fall of 5.21 points at 5,303.84, confidently guarding the barrier of 5,300 points despite the weakness of leading base shares, including OGDCL.
"Heavy float from the carryover market seems to have halted the market's upward drive," one broker said, adding "there were more sellers than buyers at one stage but bulk of it was absorbed at the dips."
However, there was no dearth of buyers at the lower levels as the general perception is that the market could establish new records in term of capital appreciation despite fears of violence and law and order situation.
Fertilizer, energy, cement, banking and leading shares on some other counters came in for strong short-covering at the fag-end of the sessions as leading bulls were not inclined to miss an attractive bait of lower rates.
Balloting for the IPO of Pakistan Petroleum was held on Wednesday, and a huge amount of Rs21 billion tied to it will progressively be back in the market, lifting prices further higher.
Hub-Power whose board will meet next month to declare final dividend for the year ended June 30, is also in active demand amid market talk of Rs3.50 final dividend. Having fallen by about 20 per cent during the last couple of months owing to a technical default in its one of the generators, Hub-Power also ensure handsome capital gains and an expected yield of about 12 per cent at the current price level.
Plus signs held a modest lead over the minus ones, major gainers among them being Unilever Pakistan and Javed Omer, which rose by Rs30 and Rs43.50 followed by PICIC, PICIC Bank, Atlas Battery, Pak-Suzuki Motors, Dawood Hercules, PNSC, Glaxo-SKF and Jahangir Siddiqui & Co, up by Rs2 to Rs7.05.
Losers were led by Wyeth Pakistan, off Rs63.75 and Aventis, with a fresh loss of Rs10.60. Arif Habib Securities, New Jubilee Insurance, Thal, Noon Sugar, PSO, BOC Pakistan, Atlas Honda, Indus Motors, Shahtaj Sugar and Gatron Industries also suffered fall ranging from Rs2.40 to Rs6.75.
Trading volume further shrank to 201m shares from the previous 264m shares, but gainers held a slight edge over the losers at 156 to 152, with 41 shares holding on to the last levels.
Fauji Fertiliser Bin Qasim again came in for active trading and rose 30 paisa at Rs22.10 on 34m shares followed by MCB, up 55 paisa at Rs54.30 on 20m shares, Sui Northern Gas Co, up Rs1.85 at Rs63.30 on 16m shares, D.G. Khan Cement, lower 25 paisa at Rs57.10 also on 16m shares, OGDC, easy 25 paisa at Rs63.55 on 8m shares and National Bank, lower 40 paisa at Rs71.95 on 6m shares.
Other actives were led by Nimir Chemical, up Rs1.45 on 8m shares, Lucky Cement, lower 35 paisa on 7m shares, PTCL, easy 30 paisa on 7m shares and Sui Southern Gas, up 45 paisa on 6m shares.
FORWARD COUNTER: Pakistan Petroleum came in for active selling by those whose were not among the successful applicants, off Rs1.80 at Rs105.70 on 14m shares followed by OGDCL, easy 45 paisa at Rs63.55 on 4m shares, F.F. Bin Qasim, up 20 paisa at Rs22.20 also on 4m shares, Sui Northern Gas, higher by Rs1.65 at Rs63.35 also on 4m shares and PTCL, easy 50 paisa at Rs42.85 on 3m shares.
PSO came in for active selling and fell by Rs2 at Rs256.20 and so did some other amid slow trading.
DEFAULTER COS: Progressive Insurance came in for active selling and fell by 65 paisa at Rs3.85 on 0.263m shares followed by Crescent-Standard Bank, easy five paisa at Rs10.60 on 0.215m shares. Others were modestly traded on the lower side.
BOARD MEETINGS: Javed Omer and PICIC Commercial Bank on Aug 11; and ICI Pakistan on Aug 19.