KARACHI, July 5: Stocks finished the weekend session on a steady note but the trading activity was devoid of any special feature despite modest advent of institutional support on selected counters.
Much of the activity remained confined to Hub-Power, PTCL and KESC as a section of leading investors covered positions at the lower levels under the lead of institutional traders.
The KSE 100-share index recovered to close with a gain of 8.66 points at 1,800.48 as compared to 1,791.82 a day earlier, reflecting the strength of leading base shares.
The index finish slightly above the psychological barrier could work both sides of the fence but the general thinking is that it could resume its journey toward the next target of 1,900 during the next couple of weeks.
Towards the fag-end of the session, investors led by the institutional traders opted for heavy covering purchases in PSO, Hub-Power and PTCL at the lower levels but bears appear to be in no obliging mood.
All the three shares having more than 40 per cent weightage in the index pushed it up, sending signals that the bear-run is now overdone and the next week would see a judicious blend of both genuine and speculative buying.
The bull grip on the price line was so strong that several abortive bids by the bears to tilt the balance in their favour throughout the week failed as was reflected through mostly fractional price changes and modest two-way movements of the index.
However, falling volume worried investors as sellers, entertaining higher price ideas when the new year buying gets normal, are not inclined to fully participate in the two-way trading pattern.
“After having adjusted their last year’s account, financial institutions are now in the arena and there could be major changes in the prevailing trading pattern by the next week,” predicts a leading analyst.
Plus dominated the list under the lead of PSO, Nishat Chunnian Spinning, 9th ICP Mutual Fund, Hilal Flour Mills and Javed Omer, posting gains ranging from Rs.1.40 to 3.75. They were followed by Tri-Pack Films, PSO, Kohat and Cherat Cement, up one rupee to Rs.1.40, while other gains were fractional.
Losers were led by Glaxo-Wellcome Pakistan, Millat Tractors, Faisal Spinning, Lever Brothers, Sazgar Engineering and Grays of Cambridge, suffering fall ranging from one rupee to Rs.15.50.
Trading volume fell further to 50m shares from the previous 68m shares as leading sellers kept to the sidelines, while gainers forced a fair lead over the losers at 127 to 92, with 61 shares holding on to the last levels.
Hub-Power was actively traded, up 35 paisa at Rs.24.05 on 17m shares followed by KESC, firm by 10 paisa at Rs.5.30 on 6m shares, PTCL, higher 15 paisa at Rs.17.55 on 5m shares, FFC-Jordan Fertilizer, steady by 15 paisa at Rs.6.75 on 4m shares and PSO, higher by Rs.1.40 at Rs.141.25 on 3m shares.
Others actives were led by Fauji Fertilizer, higher 55 paisa on 2.347m shares, National Bank, whose board will meet on July 11 to consider annual accounts, lower five paisa on 1.778m shares, Engro Chemical, up 65 paisa on 1.440m shares, Southern Electric, higher 45 paisa on 1.337m shares and Attock Cement, off 60 paisa on 1.208m shares.
FUTURE CONTRACTS: PSO led the advance on forward counter as it came in for strong support at the overnight lower levels and recovered to finish higher by Rs.1.10 at Rs.142 on 1.361m shares.
Unlike the previous sessions, the activity in the other actives was also relatively slow owing to weekend considerations. Hub-Power was traded higher by 30 paisa at Rs.24.15 on 2.254m shares followed by PTCL, higher 15 paisa at Rs.17.65 on 1.955m shares. PTA Pak was the only exception, which finished with a fraction decline of 10 paisa at Rs.5.35.
DEFAULTER COMPANIES: Allied Motors, which has been under pressure for the last about one week and had fallen sharply from its best levels, recovered to close higher by Rs.1.05 at Rs.8 on 3,000 shares. Crescent Spinning fell by 25 paisa at Rs.7.25 on 5,000 shares, while Shahpur Textiles eased by five paisa at Rs.1.60 on 3,500 shares.