KARACHI, July 24: Despite mid-session profit-selling at the inflated levels by profit-hunters, stocks on Thursday ended higher, boosted by strong NIT intervention on a number of counters at the fag-end of the session heralding its entry as a market stabiliser.

The KSE 100-share index consolidated well above the barrier of 11,000 points and was last quoted at 11,156.68, up 138.18 points as leading base shares further rose under the lead of National Bank, Arif Habib Securities, and Lucky and D G Khan Cement.

The sentiment in part was also influenced positively by press reports that the National Investment Trust (NIT), manager of the recently set up Rs20 billion equity market fund will make debut in the share market possibly from Friday.

“The Friday is still a session away, it is (the NIT) already in the market and lifted choice stocks in good numbers at the fag-end of the session and encouraged the wavering bulls to take bear onslaught with a confidence,” said analyst Hasnain Asghar Ali. The NIT already having in its fold a massive about Rs30 billion profitable portfolios is known as a judicious investment market leader even before being appointed the manager of the new fund could give the needed push and depth to the future stock market in the coming weeks, a leading analyst Ahsan Mehanti, hopes.

However, one should not expect an instant boom conditions as financial managers of the NIT may not ride the bandwagon just to show their investment skills but will make a terribly calculated moves in a market still fraught with high financial risks, he added.

But analyst Ashraf Zakaria said even a modest presence of the NIT in the market could lure investors back in the market on the perception that the future sailing will be smooth sans manipulation or speculative tilts.

“The massively mauled small investors will follow in the subsequent weeks under the safe cover of the NIT and when it happens, the market will be in its real self,” he adds.

Moreover, reports from the corporate front are fairly encouraging as second interim dividend by Rafhan Maize Product at the rate of 250 per cent (first already paid at 350 per cent), and 100 per cent cash interim by the Al-Ghazi Tractors indicate that the incoming ones could well prove the market stabiliser.

Unlike the previous three sessions when the market witnessed a galore of upper locks, instances of profit-selling were not wanting as some of the blue chips and overvalued shares attracted profit-selling.

JS & Co and EFU Life were leading among the gainers, up by Rs19.61 and Rs15.51, followed by Habib Bank, MCB Bank, Adamjee Insurance, EFU Life, Attock Refinery, Indus Motors, Ferozsons, Clariant Pakistan and Sitara Chemicals, which posted fresh gains, ranging from Rs7 to Rs15.51.

Shell Pakistan and EFU General came in for selling and fell by Rs18 and Rs14.71, respectively. Other prominent losers included PSO, Engro Chemical, Mitchell’s Fruits, Treet Corporation and JS Global, off by Rs6.88 to Rs14.15.

Trading volume on the other hand suffered a sharp fall as a section of investors did not sell their shares at the early rise anticipating further rise in prices.

The figure fell to 144m shares from the previous 180m shares as gainers and losers were about evenly matched at 149 to 145, with 13 shares holding on to the last levels.

The active list was topped by Arif Habib Securities, up by Rs1.80 at Rs143.75 on 13m shares, followed by NIB Bank, steady by 15 paisa at Rs11.40 on 12m shares, National Bank, higher by Rs6.34 at Rs133.24 on 9m shares, D G Khan Cement, up by Rs2.81 at 59.06 on 7m shares, OGDC, lower by five paisa at Rs117.60 on 6m shares, Bank of Punjab, higher by Rs1.18 at Rs24.80 on 6m shares and Engro Chemical, sharply lower by Rs9.92 at Rs227.98 on 5m shares.

Other actives were led by Lucky Cement, up Rs2.61 at Rs90 on 5m shares, Nishat Mills, higher by Rs3.30 at Rs69.45 on 5m shares and Bank Alfalah, higher by Rs2 at Rs42.16 on 4m shares.

FORWARD COUNTER: NIB came in for modest support and rose by three paisa at Rs11.45 on 2m shares followed by JS & Co August and July settlements, up Rs19.84 and Rs19.67 at Rs416.74 and Rs413.19, respectively, on 2m shares each, Arif Habib Securities and D G Khan Cement, higher by Rs2.40 and Rs2.81 at Rs145.10 and Rs59.06, respectively, also on 2m shares each.

DEFAULTER COs: Activity on this counter was relatively slow where only two active shares came in for active bouts of buying and selling. While Norrie Textiles managed to finish higher by four paisa at Rs1.94 on 1.049m shares, Zeal Pak Cement was quoted lower by 20 paisa at Rs2.30 on 3.123m shares. Others were modestly traded amid fractional price changes.

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Market at a glance

July 24,2008

TONE: Steady, total listed 653,actives 307,inactives 346,plus 149,minus 145,ucn 13

KSE 30-SHARE INDEX:previous 12,462.61,Thursday’s 12,662.35,plus 199.74 points

KSE 100-SHARE INDEX:previous 11,018.50,Thursday’s 11,156.68,plus 138.18

MARKET CAPITAL:previous Rs.3,436.591bn,Thursday’s 3,477.366bn,plus 40.775bn

TOP TEN:gainers JS & Co Rs.19.61,EFU Life 15.51,MCB 12.20,Adamjee Insurance 10.96,Attock Refinery 10.47.

LOSERS:Shell Pakistan Rs.18.00,EFU General 14.71,JS Global 14.15,Treet Corporation 13.00,Engro Chemical 9.92,PSO 8.40.

TOTAL VOLUME:Arif Habib Securities 12.630m,NIB Bank 11.993bn,National Bank 8.997m,D.G.Khan Cement 7.392m,OGDC 6.112m shares.