KARACHI, April 14: The KSE 100-share index on Friday maintained its upward drive followed by active follow-up support in the oil sector originating mainly from the leading financial institutions amid a good bit of weekend bargain-hunting. It ended with an extended gain of 76.10 points at 12,137.00.
The fresh rise may not be a prelude of a takeoff point towards its march to the new target beyond 12,000 level, heavy buying in leading base shares reflects that bulls are trying to create new history after having consolidated previous gains.
The market, however, seems to have demonstrated in more than one ways that it is following its positive basic corporate fundamentals without having second thought on the possible negative fallout of the city tension.
But the chief factor behind the weekend run-up was, analysts said, the strong presence of both the local financial institutions and some foreign funds on the oil sector. Day-traders and jobbers remained conspicuous by their absence owing to prevailing tension in the city after Tuesday’s bomb blast, which killed over four dozen persons including top leaders of a religious party.
The KSE 100-share index posted a fresh gain of 76.10 points at 12,136.83 as compared to 12,060.73 points a day earlier, reflecting the strength of the leading base shares, notably from the oil counter under the lead of OGDC and Pakistan Oilfields, which surged by Rs33.50 at Rs703.65 on buying ahead of its board meeting.
Trading was, however, light amid thin attendance owing to complete strike in the city in respect of those who were killed in the city bomb blast, brokers said.
“The market should have fallen from the current higher levels but strong buying from the leading buyers did not allow it to fall below the crucial index level of 12,000 points but instead boosted further higher”, they said but feared that the “negative fallout of the Tuesday’s killing is yet to manifest itself possibly by the next week”.
But the stock market performed credibly well during the three-day mourning called by the religious parties for reasons best known to the punters and selective investors as in identical situations and market parlance “stocks plunge beyond anybody’s guess”, some others said.
Leading oil shares, notably OGDC, Pakistan Petroleum, Lucky Cement, PTCL and some others remained in strong demand and being the heavy weights in the index kept investors in a good mood, they added.
Plus signs dominated the list under the lead of Thal Industries, Treet Corporation, Rafhan Bestfoods, Shell Pakistan, EFU Life, National Refinery, Attock Petroleum, Pakistan Oilfields and Siemens Pakistan, which posted gains ranging from Rs10 to Rs37.50. There were several other good gainers also.
Losers were led by MCB, United Bank, New Jubilee Insurance, Packages, Singer Pakistan, Clariant Pakistan, AKD Securities and Jahangir Siddiqui Capital Fund, off Rs4.15 to Rs20.85.
Traded volume fell further to 303m shares from the previous 350m shares but gainers maintained a fair lead over the losers at 174 to 127, with 32 shares holding on to the last levels.
OGDC again topped the list of actives, up by Rs1.45 at Rs162.70 on 50m shares followed by Pakistan Petroleum, higher by Rs8.10 at Rs282 on 37m shares, Pakistan Oilfields, sharply higher by Rs33.50 at Rs703.65 on 25m shares, Bank of Punjab, up by 80 paisa at Rs95.40 on 19m shares and Lucky Cement, easy 15 paisa at Rs129.55 also on 19m shares.
Other actives were led by Union Bank, higher by Rs3.75 on 14m shares, Fauji Cement, lower 30 paisa also on 14m shares, MCB, off Rs5.30 on 11m shares, PTCL, easy 20 paisa on 10m shares and Pakistan Cement, lower 25 paisa on 8m shares.
FORWARD COUNTER: D.G. Khan Cement came in for active support after a couple of lean sessions and rose by Rs2.40 at Rs134.90 on 28m shares, followed by National Bank, easy Re1 at Rs258 on 24m shares and OGDC, up by Rs1.40 at Rs163.20 on 23m shares.
Others actives included Pakistan Petroleum, higher by Rs8.85 at Rs283.85 on 15m shares and Pakistan Oilfields, sharply higher by Rs33.70 at Rs708.25 on 11m shares. Some others were also traded higher on light volume.
DEFAULTER COS: Dandot Cement came in for active support and rose by Re1 at Rs14.50 on 1.008m shares followed by Service Fabrics, higher 15 paisa at Rs3.95 on 0.633m shares, while others were modestly traded.
