The KSE 100-share index
on Monday maintained its upward thrust and rose by 123
points at 7,091.14 aided by fresh heavy buying in the
leading base shares, notably OGDC and PTCL. The market
capital also rose by Rs35bn.
There was no trace of the
last weekend selling as institutional investors were back
in the market and covered positions at the lower levels,
driving bears out which at one stage tried to turn price
balance in their favour after having indulged in selling
in some of the pivotals.
The market advance was
led by the energy sector, which rose in unison under the
lead of Shell Pakistan, National and Pakistan Refinery
apparently in response to average increase of 8.25 per
cent in gas rates. OGDC turned out a massive activity
ahead of its board meeting and market talk of higher interim.
The index briefly breached
through the barrier of 7,100 but late-selling at the inflated
levels pushed it down to 7,091.14, up 122.68 points as
PTCL and OGDC led the rally. The two leading index shares
holding 34 per cent weightage in it showed no signs of
exhaustion.
The interesting feature
is that investors are not deterred by the negative fallout
of news from Balochistan and are literally following the
market dictates led by positive corporate reports.
"Some say the saturation
point has come", but some others claim the best is
yet to come and that could be astounding", brokers
said.
Some of the leading bears
tried to push prices further lower, what the dealers,
called spillover of the weekend selling but there were
buyers at dips enabling the market to maintain its upward
drive.
Reports that the privatization
minister will lead the road-show of the Kot Addu Power
Company (Kapco) here on Tuesday reinforced the investor
perception that the government means business as far as
its massive sell-off programme is concerned.
The IPO of Kapco will open
for public subscription for four days from Feb 21 to 24
to sell its 20 per cent shares at the rate of Rs30. Each
lot will be of 500 shares to net in small investors. But
the recovery was largely aided by fresh heavy buying in
PTCL and OGDC and most of the leading bank shares followed
by reports of higher earnings and market talk of enhanced
payouts, analysts said.
"It is pretty difficult
to predict at this stage where the current buying euphoria
will take a technical breather", they said "there
is however, a loud whispering in the market that investors
will hold on to their positions until all the leading
banks come out with their dividend announcements".
Leading gainers were led
by International Industries, Atlas Honda, Dawood Hercules,
Pakistan Cables, Attock Refinery, Pakistan and National
Refinery, up by Rs8.95 to Rs23.80. But the largest gains
were noted in AKD Securities and Jahangir Siddiqui Capital
Market Fund, which rose by Rs37.45 and Rs67.00 respectively.
There were several other good gainers also.
Losers were led by Babri
Cotton, Gillette Pakistan, Gadoon Textiles, Lakson Tobacco,
and Treet Corporation, off Rs4.20 to Rs15.
Trading volume rose to
521m shares from the previous 487m shares as gainers maintained
a fair lead over the losers at 197 to 178, with 39 shares
holding on to the last levels.
The most active list was
topped by OGDC, up by Rs3.35 at Rs87.75 on 173m shares
followed by PTCL, higher Rs1.75 at Rs64.15 on 135m shares,
Hub-Power, firm Rs1.35 at Rs33.30 on 41m shares, PSO,
up by Rs3.60 at Rs325.50 on 17m shares, Fauji Fertilizer
Bin Qasim, steady by 65 paisa at Rs29.35 on 14m shares.
Other actives were led
by MCB, lower 70 paisa on 12m shares, National Bank, up
45 paisa on 11m shares, Bank of Punjab, firm 50 paisa
on 10m shares, KESC, off 95 paisa on 9m shares and Pakistan
Oilfields up Rs3.40 also on 9m shares.
FORWARD COUNTER: PPL came
in for strong support and rose by Rs4.40 at Rs148.70 on
38m shares followed by PTCL, up Rs1.35 at Rs64.45 on 37m
shares, OGDC, higher by Rs2.50 at Rs88.10 on 30m shares
and hub-Power, up by Rs1.15 at Rs33.60 on 10m shares.
Pakistan Oilfields and
PSO also attracted good support and rose by Rs2.35 and
Rs3.75 at Rs256.60 and Rs328.25 on large volumes.
DEFAULTER COS: Owing to
bullish conditions prevailing in the ready section, activity
on this counter remained slow as prices showed fractional
changes.
Crescent Standard Bank
and Pangrio Sugar were an exception, which fell by 40
paisa and rose by 45 paisa at Rs16 and Rs5.50 respectively
on 0.119m and 0.102m shares.
