Karachi Stocks Up 56.30 Points:
KARACHI, Aug 30: The KSE-100 Index was at 10960.18, up 56.30 points.
August 29, 2011
5 TOP SCRIPTS GAINER AND LOOSER
KSE 30 – Shares Index
Previous 10,418.57, Monday’s 10,390.20, minus 28.37 points
KSE 100 – Shares Index
Previous 10,901.76,Monday’s 10,903.88, plus 2.12 points
Previous Rs2,896.377bn, Monday’s 2,895.218bn, plus 1.159bn
National Bank 7.656m, Fauji Fertiliser 3,832m, Bank Alfalah 3.571m, Lotte Pakistan 2.306m, Nishat Mills 2.207m shares.
TONE: steady, total listed 637,actives 276,inactives 361, plus 97, minus 98, unchanged 81
Index slightly higherKARACHI, Aug 29: The shares market on Monday maintained a steady posture in a lackluster trading as investors played on both sides of the fence in an effort to readjust their positions ahead of Eid holidays.
The KSE 100-share index added a fresh fractional gain of 2.12 points to the weekend total at 10,903.88 as some of the leading base shares, notably Fauji Fertiliser, Nishat Mills, Pakistan Oilfields and Lucky Cement came in for modest support and ended higher.
A fresh bout of selling in the National Bank for the last about a week on market talk of lower interim earnings followed by an identical performance by another blue chip, ICI Pakistan and Engro Corporation, worried investors and some of their weaker links turned sellers.
The share value of the former below Rs40.00 per shares reminds me one of the lean years a couple of years back and then its recovery to around 100.00 per share reflects genuine investor worries, said a leading stock analyst Ahsan Mehanti.
“If the banking giants, such as National Bank, could fall prey to negative press comments, investors may lose confidence in the viability of other leading shares,” he added.
But another leading analyst Samar Iqbal said choice stocks, notably National Bank and Engro Corpration, have in-built strength and could rise to their pre-reaction level within no time after investors decide to react.
Trading resumed on an easy note as investors assessed the negative fallout of former Sindh minister Zulfiqar Mirza’s press conference on Sunday and his serious allegations against PPP’s coalition partner amid fears of fresh wave of violence as a reaction to his allegations, floor brokers said.
However, opinions were divided over the future reaction of the allegations but the general investor posture appears to play safe and await more developments on the issue, notably the apex court’s verdict on city killings.
But as sailing was smooth on the city law and order front in the backdrop of operation clean-up, a section of investors covered positions on selected counters, enabling the market to maintain steady posture.
Prominent gainers were led by Nestle Pakistan and Unilever Foods, up by Rs153.88 and 79.13, while among the leading losers, Atlas Battery and ICI Pakistan, on reports of lower profit were leading, off by Rs6.57 and 6.36, respectively.
Traded volume fell to 38.828m shares from the weekend’s 45m shares but gainers and losers were evenly matched at 97 and 28, with 81 shares holding on to the last levels.
The active list was again led by National Bank, off Rs1.90 at 36.18 on 8m shares followed by Fauji Fertiliser Bin Qasim, up 99 paisa at 48.34 on 4m shares, Bank Al-Falah, lower 12 paisa at 9.41 also on 4m shares, Lotte Pakistan, easy by one paisa at 11.07 on 2.306m shares, Nishat Mills, higher by Rs2.08 at 44.32 on 2.207m shares, DG Khan Cement, lower 36 paisa at 19.27 on 1.224m shares.
They were followed by WorldCall Telecom, easy seven paisa at 1.23 on 1.036m shares, Engro Corporation, off Rs2.27 at 114.37 on 0.998m shares and Lucky Cement, easy 20 paisa at 72.00 on 0.840m shares.
FUTURE CONTRACTS: was quoted lower by Rs1.92 at 36.62 on 0.872m shares, followed by Engro Corporation, sharply lower by Rs3.04 at 113.44 on 0.534m shares, and Nishat Mills, higher by Rs1.90 at 44.83 on 0.519m shares.
Fauji Fertiliser Bin Qasim followed them, up 98 paisa at 46.72 on 0.430m shares and Pakistan Oilfields, up 91 paisa at 352.60 on 0.252m shares.
Mohammed Saleem Mansoori