KARACHI, Dec 17: Stocks finished the weekend session on a firm note despite early badla-related selling but managed to finish well above the day's lows on strong support at the dips.
The KSE 100-share index posted a fresh rise of 14.23 points at 5,842.07 as compared to previous 5,827.84, reflecting the strength of the leading base shares.
Unlike the previous sessions, the buying interest spilled over to some low-priced shares from the overvalued ones, which added depth to the trading as was reflected by heavy volume.
"I don't think the current run-up is overdone. The market would set new records when it reopens on Monday," says a leading broker commenting on the early technical correction.
"The KSE 100-share index is sure to hit the target of 6,000 before the year is out as massive year-end buying is still to manifest itself in a big way," he said, adding: "All pointers are bullish despite concerns over the negative fallout of the MMA anti-uniform drive."
Although the market is in a terribly overbought position in the backdrop of sustained run-up during the last couple of weeks, but stimulating news both on political and corporate fronts encouraged investors to hold on to their long positions and they did not sell.
"The perception behind the long-term holding was that the year-end short-covering by both financial institutions and banks could significantly add to their capital gains," analysts said. "That is perhaps why heavy investment and volume on the carryover market was not considered an immediate bearish factor."
Much of the activity remained confined to cement, banks, textile and sugar sectors where the dividend announcements are due for the year ended Sept 30, 2004. Most of them ended with fresh sharp gains amid active trading.
Plus signs dominated the list, major gainers being Island Textiles and Bhanero Textiles, up Rs16.30 and Rs17.05, respectively, followed by Shell Pakistan, Javed Omer, Good luck Industries, AKD Securities, Umer Fabrics, Din Textiles, Pakistan Gum Chemicals and Wyeth Pakistan, up Rs4.10 to Rs10.
Losses on the other hand were fractional, barring Siemens Pakistan and Rahan Maize, which fell by Rs19 to Rs30 followed by Security Papers, Lakson Tobacco, Berger Paints and Pakistan Cables, off Rs4 to Rs6.50.
Trading volume fell to 354m shares from the previous 515m shares but gainers forced a strong lead over losers at 203 to 179, with 61 shares holding on to the last levels.
Fauji Fertilizer Bin Qasim again topped the list of actives, unchanged at Rs28.50 on 48m shares followed by OGDCL, higher by 25 paisa at Rs67 on 38m shares, Fauji Cement, unchanged at Rs15.75 on 26m shares, Lucky Cement, higher by 65 paisa at Rs39.25 on 19m shares and Pakistan Oilfields, higher by Rs2.40 at Rs215.35 on 18m shares.
Other actives were led by DG Khan Cement, higher by 55 paisa on 17m shares, MCB, easy five paisa on 14m shares, PTCL, lower five paisa on 13m shares, National Bank, firm 10 paisa on 12m shares and ICI Pakistan, higher by Rs1.55 also on 12m shares.
FORWARD COUNTER: Speculative issues on the cleared list maintained their upward drive on fresh speculative support and posted fresh sharp gains under the lead of Nishat Mills, up Rs4.05 at Rs69.50 on 18m shares.
The active list was, however, topped by PPL, up Rs2.10 at Rs127.80 on 40m shares followed by Fauji Fertilizer Bin Qasim, steady five paisa at Rs28.50 on 14m shares and OGDCL, up 35 paisa at Rs67.10 on 10m shares.
Among the other actives, Engro Chemical, Fauji Fertilizer and ICI Pakistan were leading and posted gains ranging from Rs1.30 to Rs2.30 amid active trading.
DEFAULTER COS: Crescent-Standard Bank and Asset Investment Bank led the list of actives, up 30 paisa at Rs11 and Rs5.85 on 0.203 and 0.418m shares, respectively. Dandot Cement followed them, lower 10 paisa at Rs10 on 0.169m shares.