KARACHI, Feb 6: The share market on Friday maintained its upward drive on steady inflow of fresh investment and short-covering as the fund buying continued to inspire support from other quarters amid another actively traded session.

The market’s buoyant mood was also well-reflected in the KSE 100-share index, which at one staged soared to the session’s high of 5,697.77 on strong support in the leading base shares, notably OGDC, National Bank, MCB Bank and some leading oil shares and others.

The late weekend selling, however, pushed it down to close with a clipped gain of 63.19 points or 1.14 per cent at 5,597.44. Its junior partner the KSE 30-share index on the other hand posted a fresh rise of 140.74 points or 2.56 per cent.

Dividend announcements both from Abbott Pakistan and Kot Addu Power at cash 30 per cent final and an interim of 20 per cent respectively was on the higher side of the market expectations and was well-received by the investors despite fall in prices of leading MNCs.

Analysts welcomed the weekend rally, which in normal conditions generally paved the way for its continuation by the next week and if the fund buying continued to give the much-needed lead to others the current tempo of recovery could be sustained in the coming weeks also.

“But I don’t think the general investor has joined the race,” analyst Ahsan Mehanti said. “The investor will watch the developing situation for another week or so before entering the arena”.

Another analyst Hasnain Asghar Ali thinks the current lower levels most of the blue chips had attained ensure handsome capital gains provided the current recovery tempo is sustained in the coming sessions also but warned risk of a snap retreat is still there owing to political tensions.

However, as the market did not react bearishly to the Sunday’s D.G. Khan carnage and followed its own future perceptions, indications are that blue chip-led rally will be further intensified, he predicts.

Leading gainers were led by EFU General, Attock Petroleum, PSO, Al-Abbas Sugar, Habib Bank, Pakistan Oilfields, National Foods, Sitara Chemicals and Shell Pakistan, which were quoted higher by Rs3.19 to Rs8.52 in that order.

Losers were led by Pakistan Services, Clariant Pakistan, BOC Pakistan, Abbott Lab, Mari Gas, Unilever Pakistan, J.S. Global, falling by Rs3.50 to Rs8.26. Others fell fractionally.

Trading volume showed a modest decline at 184m shares from the previous 206m shares as losers held a slight edge over the gainers at 138 to 123, with 10 shares holding onto the last levels.

OGDC led the list of actives, up by Rs2.22 at Rs50 on 18m shares followed by PTCL, easy by 52 paisa at Rs15.04 on 11m shares, NIB Bank, lower 11 paisa at Rs5.40 also on 11m shares, D.S. Industries, steady by 64 paisa at Rs4.16 on 10m shares, National Bank, higher by Rs2.68 at Rs65.68 on 9m shares, Fauji Fertiliser Bin Qasim, up by 97 paisa at Rs16.97 on 8m shares and WorldCall Telecom, lower by 13 paisa at Rs2.90 on 6m shares.

Hub-Power followed them, steady by 17 paisa at Rs15.87 on 6m shares, Nishat Mills, higher 83 paisa at Rs26.91 on 5m shares and Pakistan Petroleum, easy by 54 paisa at Rs151.09 also on 5m shares.

FORWARD COUNTER: Active trading was witnessed on this counter as leading shares posted modest gains under the lead of MCB Bank, Pakistan Oilfields and some others but without any deal.

But the notable feature of the day was that OGDC came in for active support and rose by Rs1.25 at Rs49.58 on 20,000 shares.

Allied Bank, Bank of Punjab, Packages, Habib Bank, National Bank and some others also showed modest to good gains amid active demand at the current levels.

DEFAULTER COMPANIES: The active list was again topped by Zeal Pak Cement, easy by one paisa at Rs0.38 on 1.052m shares followed by Japan Power, up six paisa at Rs1.81 on 0.406m shares and Invest Bank, higher by 29 paisa at Rs1.86 on 55,500 shares.

Unity Modaraba followed them, easy five paisa at Rs0.18 on 43,500 shares and Indus Fruits, lower 13 paisa at Rs2.95 on 50,000 shares. Others were also traded fractionally.

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Market at a glance

Feb 6,2009

TONE:steady,total listed 653,actives 271,inactives 382,plus 123,minus 138,unc 10

KSE 100-SHARE INDEX:previous 5,534.25,Friday’s 5,597.44,plus 63.19 points,unc 10

MARKET CAPITAL;previous Rs.1,746.643bn,Friday’s 12764.670bn,plus 18.027bn

KSE 30-SHARE INDEX:previous 5,494.04,Friday’s 5,634.78,plus 140.74 points

KSE ALL SHARES INDEX:previous 4,118.54,Friday’s 4,161.05,plus 42.51 points

KMI 30-SHARE INDEX;previous 7,323.62,Friday’s 7,400.87,plus 77.25 points

TOP TEN: gainers Shell Pakistan Rs.8.51,Sitara Chemicals 6.86,MCB 5.46,Pakistan Oilfields 5.21,National Foods 4.38.

LOSERS:EFU Life Rs.8.26,Unilever Pakistan 7.50,J.S.Global 5.82,Mari Gas 4.30, Pakistan Services 4.12.

TOTAL VOLUME:183.749m shares

VOLUME LEADERS:OGDC 18.376m,PTCL 10.802m,NIB Bank 10.694m,D.S.Industries 9.769m,National Bank 8.695m shares.