KARACHI, Feb 17: The share market on Thursday failed to extend Monday’s firm trend as investors took profits at the inflated levels in the absence of strong demand both from the locals and the foreign buyers.The KSE 100-shares, however, managed to stay above the barrier of 12,000 points at 12,061.77, off 16.51 points on the strength of some leading shares in the fertilizer and some other blue chip counters, notably Engro Corporation, and some banks shares.
Analysts attributed the weakness to active selling by some of the leading foreign investors in the oil sector linked to worries about the Pak-US future diplomatic ties on the issue of release of Raymond Davis.
“What worries investors is the rigid positions taken by the both on the issue could well prove a double-edge weapon if the rule of law is ignored”, they said, and added: “The market may not be at the razor edge but has its own concerns about the political undercurrent that, too,with the superpower”.
That is perhaps why Monday’s strong rally proved an inspired one and faltered half way as a section of investors bailed them out at the higher levels.
However, all was not that bad with the broader market as the revival of demand at the lower levels on selected counters enabled it resist fresh fall, dealers said.
Prominent gainers were led by Unilever Pakistan and Nestle Pakistan, up by Rs212.20 and 20.37, respectively, followed by Dawood Hercules, ZIL, Salfi Textiles, ICI Pakistan, Shezan International, and Bata Pakistan, which posted gains ranging from Rs3.22 to Rs8.04.
Major losers, included Rafhan Maize and Unilever Foods, off Rs135.14 and 31.44. They were followed by National Refinery, Indus Motors, Pakistan Petroleum, Pakistan Refinery and Pak Datcom, off by Rs3.28 to Rs5.29.
Traded volume again fell to a meager total of 60.592m shares from the previous 97m shares as losers held a strong lead over the gainers at 179 to 93, with 106 shares holding on to the last levels.
The active list was led by Bank of Khyber, easy by seven paisa at Rs4.03 on 5m shares followed by Engro Corporation, sharply higher by Rs3.70 at Rs218.77 also on 5m shares, Lotte Pakistan, lower by 19 paisa at 16.10 on 4m shares, Nishat Mills, off Rs2.83 at Rs61.33 also on 4m shares, Nishat Chunian, lower by Rs1.12 at Rs26.27 on 3m shares. Fauji Fertiliser Bin Qasim, easy by 32 paisa at Rs41.11 also on 3m shares, and J.S. & Co, lower by 28 paisa at Rs10.69 on 2m shares.
They were followed by Bank Al-Habib, up Rs1.73 at Rs37.05 on 2m shares, D G Khan Cement, off Rs1.35 at Rs25.67 on 2m shares and Azgard Nine, off 20 paisa at Rs10.55 also on 2m shares.
FUTURE COUNTER: Engro Corporation came in for active support and led the list of actives on this counter, higher by Rs6 at Rs219.06 on a large volume of 1.252m shares followed by Nishat Mills, sharply lower by Rs2.88 at Rs61.64 on 1.080m shares and D G K Cement, off Rs1.35 at Rs25.78 on 0.389m shares.
Azgard Nine followed it, off 24 paisa at Rs10.60 on 0.351m shares, and Pakistan Petroleum, sharply lower by Rs4.20 at Rs202.17 on 0.231mshares.
DEFAULTER COS: Ravi Textiles again led the list of actives, easy by five paisa at Rs1.17 on 0.197m shares followed by Hajra Textiles, up nine paisa at Rs0.59 on 28,709 shares, Invest Bank, lower five paisa at Rs0.56 on 22,621 shares and Japan Power, easy one paisa at Rs1.57 on 17,001 shares. Others were modestly traded amid two-way activity.