The share market on Tuesday again turned lower as follow-up support turned shy under the mounting weight of profit-selling, but instances of buying were not wanting at the dips.
The KSE 100-share index early rose by 65 points at 8,352.91, but failed to sustain it on late-selling and ended the session with a fall of 40.28 points at 8,246.72. Its junior partner the KSE 30-share index managed to maintain most of the previous gains and was off only 2.13 points at 8,816.02.
The early run-up was caused by the improvement in Pakistan sovereign credit rating by the Standard and Poor’s (S&P) and its future positive impact on its credit worthiness in the international aiding agencies, said analyst Hasnain Asghar Ali.
Analyst Ahsan Mehanti attributed the correction to some technical factors and profit-taking in an overbought market.
“No one could disagree with the fact that the market is still ruling well below its potential of average trading volume of 400m shares daily,” he said, but some of the irritants following in quick succession scare away foreign investors even in perfect trading conditions.
The current positive comments on the performance of the bourse signal a major shift in the perceptions of foreign in vestors and there could be some pleasant surprises for the local investors in the coming weeks, he predicted.
A 20 per cent final cash dividend by the Nishat Mills was well received by the investors as its share value was quoted higher by Rs1.43 at 46.13 on 14m shares.
But it was essentially, the weak ness of the oil sector, which has neg ative impact on the market trend, despite the fact that Pakistan Petroleum maintained its upward drive on the strength of higher cash dividend plus bonus shares.
Prominent gainers were led by Siemens Pakistan and Sanofi Aventis which rose by Rs49.90 and Rs7.08. They were followed by Adamjee Insurance, Pakistan Tobacco, Indus Dyeing, National Refinery, Pakistan Petroleum, AlGhazi Tractors, Exide Pakistan and Grays of Cambridge, which posted gains ranging from Rs3.59 to Rs5.87.
Losers were led by Unilever Foods, Unilever Pakistan and Nestle Pakistan, off by Rs55, Rs95 and Rs55. Other notable losers included Wyeth Pakistan, EFU General, Millat Tractors, Pak–Suzuki Motors, Colgate Pakistan, Ferozsons, Shezan International and Treet Corporation, off by Rs4.46 to Rs43.14.
Trading volume rose further to 187.685m shares from the previous 146m shares as losers held comfortable lead over the gainers at 185 to 166, with 17 shares hold ing onto the last levels.
PTCL again led the list of actives, up Rs1.01 at Rs21.98 on 20m shares followed by D.G. Khan Cement, up Rs1.50 at Rs35.64 on 18m shares, Azgard Nine, firm by 69 paisa at Rs27.04 on 12m shares, OGDC, off Rs2.09 on 11m shares, Pak PTA, steady by eight paisa at Rs3.48 on 10m shares and JS & Co, up 43 paisa at Rs24.65 also on 10m shares.
Pakistan Petroleum followed them, higher by Rs4.33 at Rs205.36 on 9m shares, Bank Alfalah, unchanged at Rs11.73 on 8m shares and Arif Habib Securities, lower 44 paisa at Rs1.87 on 7m shares.
FORWARD COUNTER: Nishat Power led the list of actives on this counter, steady by 18 paisa at Rs16.19 on 0.798m shares, followed by D.G. Khan Cement (August delivery), up Rs1.45 at Rs35.71 on 0.382m shares, OGDC, off Rs2.16 at Rs96.74 on 0.196m shares and Pakistan Petroleum, higher by Rs6.66 at Rs205.58 on 0.170m shares.
DEFAULTER COMPANIES: Mixed trend was again seen on this counter but price changes were mostly fractional barring Al-Azhar Textiles and Syed Match, which rose and fell by Re1 each at Rs2.90 and Rs17.
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