KARACHI, Feb 18 The share market on Wednesday maintained a firm trend as dividend-led rally further intensified itself across the board under the lead of banking and fertiliser shares on active follow-up support and a good bit of bargain-hunting. The KSE 100-share index recovered another 40.51 points at 5,880.14.

A final cash dividend at the rate of 40 per cent, plus an interim of 25 per cent already paid (previous 60 per cent cash) announced by the board of directors of the ICI Pakistan was well-received in the market as was reflected by a fresh sharp rise of Rs3.44 at Rs72.32 on 2.655m shares.

The notable feature of the session was Engro Chemical came in for strong support on the forward counter for the second session in a row and was accounted for 0.112m shares at the overnight level of Rs112.00 sans the leverage coverage.

The revival of demand on the cleared list after a long sluggish trading, where prices fell sharply lower without any transactions, reflects that the worst may be over as far as the share business is concerned.
The market's positive outlook was also evident from the strong performance of the benchmark KSE 100-share index, which at one stage rose by about 78 points but ended with a fresh rise of 40.51 points at 5,880.14, reflecting the strength of leading banking shares under the lead of National Bank, MCB Bank, Habib Bank and Allied Bank and some other blue chips in the fertiliser sector.

Its Junior partner, the KSE 30-share index also finished with an extended gain of 58.66 points at 6,084.95 and so did others, including the KSE all share index.
Floor brokers said technical corrections here and there notwithstanding; the market seems to have taken a decisive turn for the better as investors were back in the market aided partly by higher corporate payouts.

All eyes, however, remained focused on the consolidation of peace in Swat and Malakand after the agreement, which, they said, could further add strength to the share market in the coming sessions.
Investors seem to have ignored conflicting statements on the peace deal amid doubts whether it holds or not as the underlying sentiment was influenced on the higher side followed by positive news from the corporate front, they added.

Leading gainers were led by Rafhan Maize, which rose by Rs65 followed by Habib Bank, MCB, National Bank, EFU General Insurance, Engro Chemical, Glaxo-SKF, Ferozsons Lab, Javedan Cement, and Indus Motors, which were quoted higher by Rs3.12 to 5.68.
Losers were led by Shezan International and Tri-Pack Films, which fell by Rs14.53 and 5.68. Others prominent losers included JS Global, Island Textiles, National Refinery, Pakistan Refinery, Pakistan Oilfields, and Sitara Chemicals, off by Rs3.10 to 4.53, while others fell modestly.

Trading volume showed a modest rise at 191.596m shares from the previous 178m shares as gainers held a modest lead over the losers at 132 to 124, with 13 shares holding on to the last levels.

Pak PTA led the list of actives, steady by 57 paisa at Rs2.70 on 28m shares followed by National Bank, up Rs3.12 at 67.24 on 14m shares, OGDC, lower by 57 paisa at 53.56 on 9m shares, JS & Co, off Rs1.37 at 32.41 also on 9m shares, PTCL, lower by 64 paisa at 14.86 on 8m shares, and Arif Habib Securities, up 52 paisa at 25.64 on 8m shares.

Bank AlFalah followed them, easy by 25 paisa at 13.15 on 7m shares, Netsol, lower by eight paisa at 21.16 on 6m shares, NIB Bank, easy, six paisa at 4.99 also on 6m shares and United Bank, higher by Rs2.05 at 43.13 on 5m shares.

FORWARD COUNTER Barring active follow-up support in Engro Chemical at the overnight rate of Rs112 on 0.112m shares, no other transaction was reported in other actives, although both Allied Bank and Habib Bank were quoted sharply higher at Rs35.35 and 91.52.

DEFAULTER COS Owing to brisk activity on the ready counter, investors played safe in this sector but some of them sold their long positions to buy in the former section.
While Al-Asif Sugar and Punjab Oil rose by one rupee and 1.53 at 4.05 and 32.28, respectively, on active support, Colony Sarhad Textiles and International Network fell by one rupee each at Rs1.87 and 18.73, respectively.

Zeal-Pak cement came in for stray support and led the list of actives, up two paisa at Rs0.35 on 0.798m shares, while others were modestly traded.

Feb 18,2009
Market at a glance
TONEfirm,total listed 652,actives 269,inactives 383,plus 132,minus 124,unc 13
KSE 100-SHARE INDEXprevious 5,839.63,Wednesday's 5,880.14,plus 40.51 points
MARKET CAPITAL;previous Rs.1,824.228bn,Wednesday;s 1,835.010bn,plus 10.782bn
KSE 30-SHARE INDEXprevious 6,026.29,Wednesday's 6,084.95,plus 58.66 points
KSE ALL SHARE INDEX;previous 4,310.40,Wednesday's 4,335.95,plus 25.55 points
KMI 30-SHARE INDEX;previous 7,863.54,Wednesday's 7,866.65,plus 3.11 points.
TOP TENgainers Rafhan Maize Rs.65.00,Ferozsons Lab 5.68,Javedan Cement 5.41,MCB 5,19,Glaxo-SKF 4.55
LOSERSShezan Interantional Rs.14.53,Tri-Pack films, 5.68,JS Global 4.53,Attock Petroleum 4.04,Sitara Chemical 4.00
TOTAL VOLUME191.596m shares

VOLUME LEADERSPak PTA 27.993m,National Bank 13.441m,OGDC 8.975m,JS & Co 8.749m PTCL 8.155m shares.