Index crosses 9,300 points on buying pressure

KARACHI: The KSE 100-share index finished the weekend session with an extended gain as leading base shares came in for renewed support from both the institutional and foreign investors on reports of higher interim earnings.

It ended the week with a fresh rise of 55.17 points at 9,306.36, reflecting the strength of OGDC, Adamjee Insurance, Engro Chemical and some others, which ended with fresh gains.

Its junior partner, KSE 30-share index also followed its lead and was quoted further higher by 51.03 points at 9,825.90, as industrial shares maintained their upward drive.

Analysts said investors are eyeing the index level of 10,000 points, which incidentally is its base and off-the-floor whispering suggests whether or not it closes the year around or above the base levels.

‘Confidentially, holding on to the crucial level above 9,000 points for the last couple of weeks despite repeated bear onslaughts, indicates that an overwhelming majority opt to cross the rubicon,’ they added.

Unlike the previous sessions, a terrible consistency in foreign buying could well prove a signal for the march to hit the target, some others said adding: ‘All are awaiting the advent of year-end portfolio adjustment buying,’

Meanwhile, AlFalah Bank again remained in the grip of rumours despite denial by the telecom companies about the anticipated buyout, generating a good bit of covering purchases in its share, up 96 paisa at Rs14.27 on large volume of about 34m shares.

Leading gainers were led by Siemens Pakistan up by Rs52.48 at Rs1,307.48 followed by Indus Dyeing, Grays of Cambridge, Pakistan Services and Unilever Pakistan, up by Rs5.76 to 7.69.

Prominent losers included Bata Pakistan and Wyeth Pakistan, off by Rs44 and 21, respectively. Others major losers included Unilever Foods, Treet Corporation, Service Industries, HinoPak, Shahtaj Sugar, and Sapphire Textiles, off by Rs6 to 20.95.

Trading volume showed a modest rise at 140.320m shares from the previous 108m shares as gainers held a lead over the losers at 193 to 161, with 18 shares holding on to the last levels.

Apart from Bank AlFalah, the active list was topped by PTCL, steady by 20 paisa at Rs18.22 on 11m shares, followed by Pak PTA, easy by five paisa at Rs7.62 on 7m shares, OGDC, up Rs1.64 at 110.98 also on 7m shares, PACE Pakistan, firm by 20 paisa at Rs6 on 6m shares, and Adamjee Insurance, higher by Rs2.03 at 121.65 on 4m shares.

Nishat Mills followed them, lower 55 paisa at Rs66.49 on 4m shares, Engro Chemical, higher by Rs3.53 at 181.29 also on 4m shares and Arif Habib Securities, easy by two paisa at 47.78 on 3m shares.

FUTURE CONTRACTS:

Bank AlFalah also came in for strong support on this counter and rose by 83 paisa at Rs14.23 on 0.705m shares, followed by Nishat Mills, easy by 48 paisa at Rs66.66 on 0.448m shares, and OGDC, higher by Rs1.80 at Rs110.99 on 0.365m shares.

Adamjee Insurance rose by Rs1.66 at 121.64 on 0.191m shares and PTCL, firm by 23 paisa at 18.28 on 0.138m shares.

DEFAULTER COS:

Japan Power led the list of actives, easy by two paisa at Rs1.77 on 0.148m shares followed by Jubilee Spinning, lower 39 paisa at 2.36 on 11,700 shares and S.S. Oils, up 47 paisa at 3.57 on 10,500 shares.

Genertech Power was marked down by one paisa at 0.68 on 12,653 shares, while Invest Bank rose by 33 paisa at 1.50 on 6,800 shares. Others were fractionally traded amid slow business.