KARACHI, Feb 10: The stock market on Friday resisted fresh decline as leading banking and cement shares came in for active short-covering and evoked sympathetic support on some other blue chips also, analysts said.But the recovery appears to be inconclusive as late weekend selling allowed the broader market to close with clipped gains amid hopes that the market would maintain its recovery drive during the next week.
After early rising by 100 points at 12,313.59 points the benchmark index ended the week lower at 12,231.60, off 18.36 points owing to late selling in some of the leading base shares.
The fact that the index confidently maintained the barrier well above 12,200 points reflects that market has still the potential to seek further higher levels in the coming sessions, analysts said.
“New from the judicial front, notably in regard to contempt proceedings against the prime minister in the apex court may not be that encouraging, analyst predictions of higher payouts by some of the leading companies kept investors in an upbeat mood,” floor brokers said.
That is perhaps why investors ignored heavy losses suffered by the oil giant PSO and followed the general financial undercurrent aided by an attractive bait of capital gains, they said.
“All the potential market trend-setters are now in the firing line under the lead of oil sector and are expected to take the market along with them in the upward regime,” some others said.
The satisfying factor was that the volume figure was maintained above the 100m-mark, raising hopes that strong covering purchases would emerge on selected counters at the current lower levels, floor brokers said.
Among the top gainers, Unilever Pakistan and Colgate Pakistan were leading, up Rs12.94 and Rs5.00, while losers were led by Indus Dyeing and Mitchell’s Fruits, off Rs19.71 and Rs3.64 respectively.
Traded volume further fell to 107.104m shares from the previous 139m shares owing to fall in bargain-hunting on the undervalued sectors.
The active list was led by Fauji Cement, easy eight paisa at Rs4.55 on 15m shares followed by JS & Co, off 33 paisa at Rs7.47 on 13m shares, Fatima Fertiliser, up 52 paisa at Rs22.65 on 8m shares, Azgard Nine, lower 58 paisa at Rs4.97 also on 8m shares, National Bank, higher by 61 paisa at Rs46.54 on 6m shares, Pak Elektron, higher by 94 paisa at Rs4.94 on 4m shares and PTCL, higher by 46 paisa at Rs12.02 on 4m shares.
They were followed by Pace Pakistan, easy by two paisa at Rs1.63 on 3m shares, Engro Corporation lower by 29 paisa at Rs121.70 also on 3m shares and Hub-Power, up 39 paisa at Rs36.30 on 3m shares.
FUTURE CONTRACTS: National Bank came in for active short-covering at the lower levels and was quoted higher by 62 paisa at Rs46.74 on 1.482m shares followed by Engro Corporation, lower by 24 paisa at Rs122.37 on 1.118m shares and D.G. Khan Cement, down 51 paisa at Rs24.43 on 0.687m shares.
They were followed by National Bank, up 38 paisa at Rs47.67 on 0.430m shares and Arif Habib Corporation, lower by 29 paisa at Rs28.76 also on 0.430m shares.
DEFAULTER COMPANIES: Dost Steels again led the list of actives, steady by two paisa at Rs1.75 on 98,729 shares followed by Dadabhoy Cement, lower 38 paisa at Rs1.42 on 15,000 shares and Quice Foods, easy by 30 paisa at Rs3.50 on 11,100 shares.
They were followed by AMZ Venture (A), firm by two paisa at Rs0.42 on 10,807 shares and Azam Textiles, off 24 paisa at Rs1.16 on 10,550 shares. Others were fractionally traded.