KARACHI, Jan 4: The Karachi Stock Exchange (KSE) 100-share index on Friday soared by another 263 points or two per cent and settled well above its coveted level of 14,000 on strong follow-up support, originating from all the quarters under the lead of financial institutions.

“Essentially, it was the locally sponsored rally and reflects that they (investors) could do it alone in the absence of their foreign partners,” said Ahsan Mehanti, a leading analyst adding “it is a good thing and could lead to a sustainable recovery in the pre-election weeks.”

Stocks, therefore, extended the recovery for the second session in a row and finished with fresh good gains under the lead of blue chips despite weekend profit-selling at the inflated levels.

The KSE 100-share index finished around the session’s high and managed to post fresh sharp gain of 263.18 points at 14,250.60, as compared to 13,996.42 a day earlier as most of the leading base shares rose further higher on active short-covering.

The overnight recovery of 643 points just in the backdrop of fall of 1,400 points was massive, being the largest single-session rise recorded, so far, in the trading history of the bourse, it reflects the inherent strength of the market to rebound after snap crashes, said a leading broker.

“Share values rebound in the same fashion as they do fall, which is a phenomenon linked with the KSE and in a way demonstrates its weakness and strength,” he added.

The general perception is that the market has already absorbed the shock of Benazir assassination and the other depressants and the new trading year is expected to be more profitable for the general investor than the eventful, which just faded into history.

Most of the investors’ worries were removed after the announcement of new election date by the election commission and as the city is limping back to normalcy, short-covering figured prominently at the current lower levels, analysts said.

They said although covering operations covered the entire list, they did not signal that investors have opted for new port folio building or are just filling the gaps here and there in the existing ones.

Attock Petroleum and JS & Co were leading among the gainers, up by Rs27.80 and 50.55, followed by PSO, Arif Habib Ltd, JS Global, MCB, EFU General and Life, Attock Refinery, National Refinery, Attock Petroleum, Mari Gas, Pakistan Oilfields, National Foods and Pakistan Services, which posted fresh gains, ranging from Rs10.15 to 27.80.

Attock Petroleum being the largest gainer.

Rafhan Maize and Siemens Pakistan were leading losers among the MNCs, off by Rs65 and 51.25, respectively.

Other prominent losers included Adamjee Insurance, Pakistan Resource Co, IGI Insurance, Pakistan Engineering and Lakson Tobacco, off by Rs6.60 to 21.85.Lakson Tobacco was leading losers among them.

Trading volume showed fresh rise a 288 million shares as compared to previous 229 million shares as gainers maintained a strong lead over the losers at 206 to 100, with 38 shares holding on to the last levels.

TRG again led the list of actives, steady by five paisas at Rs14.45 on 33 million shares followed by National Bank, higher by Rs11.70 at Rs233.50 on 17 million shares, D G Khan Cement, higher by Rs4.25, at Rs94 on 16 million shares, Arif Habib Securities, higher by Rs8.20 at Rs 172.35, OGDC, firm by Rs2.40 at Rs121.45 on 12 million shares, and Bosicor Pakistan, steady by 30 paisas at Rs20.60 on 11 million shares.

Other actives were led by JS Bank, up 75 paisas on 12 million shares, Fauji Fertiliser Bin Qasim, up by Rs1.70 on 10 million shares, Javed Omer & Co, off Rs3.35 on nine million shares and NIB Bank, higher by Rs1.05 on seven million shares.

FORWARD COUNTER: Arif Habib Bank led the list of actives on this counter on active follow-up support and rose 25 paisas at Rs33.10 on seven million shares, followed by National Bank, sharply higher by Rs8.80 at Rs235.35 on six million shares and MCB, up by Rs17.70 at Rs399.70 on four million shares.

D G Khan Cement followed them, higher by 4.10 at Rs94.65 on four million shares and OGDC, up by Rs1.80 at Rs121.95 also on four million shares.

DEFAULTER COS: Norrie Textiles led the list of actives, lower by 15 paisas at Rs2.15 on 1.702 million shares followed by Zeal Pak Cement, easy also by 15 paisas at Rs4.65 on 0.877 million shares and Japan Power, up 25 paisas at Rs7.50 on 0.668 million shares. Unity Modaraba followed them, unchanged at Rs1.95 on 0.607 million shares and InterAsia Leasing, up 30 paisas at Rs1.60 on 0.369 million shares.

Jan 04, 2008

Market at a glance

TONE: Firm, total listed 652, actives 344, in-actives 308, plus 206, minus 100, unchanged 38

KSE 30-SHARE INDEX: Previous 16,479.28, Friday’s 16,889.59, plus 410.31 points

KSE 100-SHARE INDEX: Previous 13,996.42, Friday’s 14,259.60, plus 263.18 points.

MARKET CAPITAL: Previous Rs4,265.475bn, Friday’s 4,352.892bn, plus 87.417bn

TOP TEN: Gainers JS & Co Rs50.55, Attock Petroleum, 27.80, Pakistan Services 20, EFU General 19.40, JS Global 19.20.

LOSERS: Rafhan Maize Rs65, Siemens Pakistan 51.25, Lakson Tobacco 21.85, Pakistan Engineering 17.30, IGI Insurance 12.

TOTAL VOLUME: 288.081 million shares

VOLUME LEADERS: TRG Pakistan 32.853 million, National Bank 16.488 million, D G Khan Cement 15.575 million, Arif Habib Securities 13.478 million, OGDC 12.087 million shares.