KARACHI, April 2: Stock prices on Friday moved further higher across a broad front as investors were not inclined to miss an attractive bait of capital gains in a rising market.
The KSE index posted a fresh gain of 21 points at 5,162.00.
The rally was broad-based and reflected that weekend profit-selling is now no problem and could be absorbed even at the higher levels as the potential of capital gains in a bull market is much higher.
Analysts said the weekend rally always paves the way for a sustained run-up after the trading resumes next week as leading investors have some "insider information" about the upcoming corporate announcements.
The KSE 100-share index maintained its upward drive during the session and hit the best bid for the day at 5,162.00 but late-selling in the afternoon session allowed it close slightly below the highest level at 5,161.60, up 20.52 points.
Weekend profit-taking on selected counters was, however, witnessed but it only clipped the extreme gains netted during the last couple of sessions but in most of the cases capital gains were retained.
"I don't think the current run-up is overdone", says a leading broker "a correction is, however, overdue in the backdrop of higher carryover volume and rates".
The Privatization Commission has cleared the IPO of both PIAC and Pakistan Petroleum Limited possibly during the current and next month, which is expected to sustain the market run-up as both are one of the mega state-owned units being offered for sale.
According to analysts their prices could be around Rs26 and Rs50 against their face values of Rs10 each.
Although a section of leading operators rolled positions from some overvalued counters to the low-priced ones, general portfolio adjustments were lacking as most of the bargain-hunters were not inclined to unload their long positions hoping further price appreciation.
Undervalued Chakwal Cement provided the day's feature, which has been neglected during the current unprecedented run-up of the entire sector. It is expected to join the rank of pivotals on the pattern of others, most of which on an average are ruling four-time above their face values on the strength of higher export to Afghanistan and local price increases.
Chakwal Cement, rose by 80 paisa to well over Rs8 on a large volume of about 43m shares closely followed by D.G.Khan and Lucky Cement and some other current favourites in the energy and fertilizer sector.
Prominent gainers were led by Kohat and Cherat Cement, EFU Life, PICIC, Shell Pakistan, Bata Pakistan, Glaxo-SKF, Atlas Battery, Fazal Textiles, Pakistan Oilfields and HinoPak Motors, which posted gains ranging from Rs4 to Rs7.
But largest gain of Rs22.25 was noted in MACPAC films, which made a debut at the face value of Rs10 and steadily moved higher to close at Rs32.25 after hitting the day's best bid of Rs40 on 0.612m shares.
IGI Insurance, Nestle MilkPak, Arif Habib Securities and Javed Omer were among the leading losers, falling by Rs12.25, Rs17, Rs29.50 and Rs31.60 respectively followed by Merit Packaging, Jahangir Siddiqui & Co and Lakson Tobacco, off Rs3.50 to Rs5.10. There were some other notable losers also.
Trading volume rose to 665m shares from the previous 600m shares as gainers maintained a strong lead over the losers at 228 to 137, with 54 shares holding on to the last levels.
The most active list was topped by Fauji Cement, up by 75 paisa at Rs15.15 on 80m shares followed by D.G.Khan Cement, higher by Rs1.60 at Rs54.10 on 74m shares, OGDC, up by 15 paisa at Rs61.45 on 57m shares, Maple Leaf Cement, higher by Rs2.45 at Rs41.10 on 51m shares and Lucky Cement, up by Rs1.35 at Rs34.75 on 44m shares.
Other actives were led by Chakwal Cement, higher by 80 paisa on 43m shares, Sui Northern Gas, lower 35 paisa on 33m shares, PTCL, up by 15 paisa on 30m shares, FF Bin Qasim, firm by 30 paisa on 29m shares and Sui Southern Gas, easy 95 paisa on 26m shares.
FORWARD COUNTER: Sui Northern Gas came in for active selling, off 45 paisa at Rs63.70 on 5m shares followed by FF Bin Qasim, up 35 paisa at Rs22.45 on 3m shares and Dewan Salman, lower 65 paisa at Rs26.80 also on 3m shares.
PSO followed them, off 40 paisa at Rs286.45 on 2m shares and PTCL, up by 15 paisa at Rs40.80 on 1m shares. Ibrahim Fibre and Engro Chemical were leading among the losers, off Rs1.80 and Rs1.40 at Rs.37.70 and Rs102 respectively on selling at the inflated levels.
DEFAULTER COS: Active trading was again witnessed on this counter where most of the shares came in for strong support under the lead of Suzuki Motorcycles, up by Rs1.70 at Rs26.60 on 0.376m shares followed by Dandot Cement, steady by 10 paisa at Rs7.50 on 0.346m shares and Fidelity Bank, higher by 25 paisa at Rs9.90 on 0.336m shares.
BOARD MEETINGS: Crescent Star Insurance on April 7, Javed Omer Vohra & Co, Dadex Eternity, Fidelity Bank, Trust Investment Bank, on April 8, Faysal Bank, on April 15 and Siemens Pakistan on April 29.