Stocks steadily moving on recovery path

KARACHI, Jan 9: The stock market on Friday maintained its winning streak as investors continued to build-up long positions on selected counters although bulk of the support remained confined to most of the safe havens.

After having hit the session’s high of 6,243.29 points, the KSE 100-share index finally finished with clipped gain of 68.94 points or 1.13 per cent owing to weekend selling, while its junior partner extended the gain by another 125.47 points at 5,778.61 and so did KSE All Share index at 4,588.24, up 33.59 points.

Bank, cement and leading oil shares and other blue chips led the market advance under the lead of MCB Bank, Javedan Cement, National Refinery, Attock Petroleum, Pakistan Petroleum and Millat Tractors.

Although the benchmark index failed to sustain early run-up, it has demonstrated in more than one ways that the current recovery will continue in the next week also on the strength of speculative support on the blue chip counters.

However, it was interesting to note that the recovery initiated by the advent of the market support fund was carried through the week despite some negative news on the political front in the wake of changing Indian stand on the Mumbai attack issue, analysts said.

“It appears to be a judicious blend of selective buying and selling,” they said. “Investors played on both sides of the fence amid fears that the rally could falter half way after the tactical support assumes the role of profit-hunter”.

But some others said technical corrections here and there notwithstanding, the current recovery process should continue in the coming sessions also many may not like to miss the bait of higher capital gains despite the fact that the broader market has yet to participate in the daily proceedings.

“The field is wide open now for all those who are inclined to participate in the post-fund market, they said, adding that much would depend on background news, both political and economic.”

Prominent gainers were led by Engro Chemical, BOC Pakistan, Packages, Mari Gas, Millat Tractors and MCB Bank, which posted fresh gains ranging from Rs4.41 to Rs7.93.

Losers were led by Shell Pakistan, Pakistan Services and Siemens Pakistan, off Rs17.53 and Rs48 followed by JS Global, Pakistan Refinery, Pakistan Tobacco, PECO, Al-Ghazi Tractors, Atlas Honda, Indus Motors, Dawood Hercules, which suffered fall ranging from Rs4 to Rs8.92.

Trading volume fell further to 146m shares, as a section of investors did not sell eyeing further higher levels, from the previous 165m shares as losers forced a strong lead over the gainers on weekend selling at 171 to 88, with three shares holding onto the last levels.OGDC again led the list of actives, up Rs2.29 at Rs54.02 on 11m shares followed by PTCL, steady by 84 paisa at Rs16.45 on 10m shares, TRG Pakistan, lower by 31 paisa at Rs2.68 on 8m shares, Hub-Power, up 54 paisa at Rs17.88 also on 8m shares, WorldCall Telecom, easy 85 paisa at Rs4.26 on 7m shares and NIB Bank, lower by 43 paisa at Rs5.92 also on 7m shares.

D.G. Khan Cement followed them, off Rs1.12 at Rs21.33 on 4m shares, Fauji Fertiliser Bin Qasim, higher by 63 paisa at Rs16.32 on 4m shares and Arif Habib Bank, off 88 paisa at Rs6.85 also on 4m shares.

FORWARD COUNTER: ICI Pakistan led the list of losers on this counter, off 91 paisa at Rs65.43 followed by PSO, lower by Rs1.22 at Rs124.32 and some others, which also fell but without any transaction.

DEFAULTER COMPANIES: Zeal Pak Cement again led the list of actives, lower by 14 paisa at Rs0.66 on 3.565m shares followed by Japan Power, easy 23 paisa at Rs1.99 on 0.460m shares, Invest Bank, off 31 paisa at Rs2.70 on 0.212m shares and Unity Modaraba, easy by two paisa at Rs0.52 on 0.151m shares.

But on the other hand Service Fabrics, National Asset Leasing and International Multi-Leasing managed to finish higher by three paisa to Re1 on stray business.

DIVIDEND: Mitchell’s Fruits, cash 10 per cent, Al-Abbas Sugar, cash 15 per cent, Nishat Chunian, cash 15 per cent on cumulative preference shares, Chaudhry Textiles, right shares 400 per cent, Husein Sugar, cash 17 per cent, Chashma, Faran, Colony, Premier, Frontier, Noon and Shakargang Sugar, all nil for the year ended Sept 30, 2008.

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Jan 9, 2009

Market at a glance

TONE;mixed,total listed 653,actives 262,inactives 391,plus 88,minus 171,unc three

KSE 100-SHARE INDEX;previous 6,074.87,Friday’s 6,143.81,plus 68.94 points

MARKET CAPITAL:previous Rs.1,921.863bn,Friday’s 1,936.136bn,plus 14.272bn

KSE 30-SHARE INDEX:previous 5,653.14,Friday’s 5,779.61,plus 125.47 points

KSE ALL SHARES INDEX:previous 4,554.65,Friday’s 4,588.24,plus 33.59 points

KMI 30-SHARE INDEX;previous 7,339.01,Friday’s 7,444.18,plus 105.17 points

TOP TEN:gainers Attock Petroleum Rs.7.93,Millat Tractors 7.92,Pakistan Petroleum 6.11,BOC Pakistan 5.86,Engro Chemical 5.57.

LOSERS:Siemens Pakistan Rs.48.00, Pakistan Services 17.53,Shell Pakistan 14.00,Dawood Hercules 9.44,PECO 7.87.

TOTAL VOLUME: 145.449m shares