KARACHI: Stocks failed to extend the overnight run-up as investors took profits at the inflated levels on Wednesday fearing further decline in prices owing to a long holiday weekend ahead on account of Ashura and Christmas. The KSE 100-share index was off 29.55 points at 9,302.92.
Political uncertainty amid fears of institutional confrontation between the major pillars of the state on the implementation issue of the Supreme Court’s verdict on NRO appears to be one of the major destabilising factors linked to volatile performance of the market, some leading analysts observed.
But some other said the market could close the current year on steady note as portfolio adjustments on some of the counters were still inconclusive and may manifest after the Ashura holidays.
Much of the selling originated from the foreign investors who were inclined to keep their statistical positions risk-free for obvious reasons and so did some of the local leading market players.
After early rise of 52 points at the session’s high of 9,384.13, the KSE 100-share index finally ended with a net loss of 29.55 points as leading base shares notably OGDC, Adamjee Insurance and some others remained under pressure.
The KSE 30-share index off 43.55 points at 9,782.38 as most of base shares came in for active selling.
However, the fact that the benchmark index held to its recently established resistance above 9,300-points reflects that the year-end target of 10,000 now appears to be an elusive goal.
Leading gainers were led by Bata Pakistan and Rafhan Maize, up Rs39.54 and Rs26 followed by Alas Honda, Abbott Lab, Pakistan Services and Fazal Textiles, up by Rs4.96 to Rs12.19.
Prominent losers included Wyeth Pakistan and Siemens Pakistan, off Rs30 and Rs24.46. Other notable losers were led Fazal Textiles, Lakson Tobacco, PECO, Nestle Pakistan, Treet Corporation, Colgate Pakistan and Unilever Foods, off by Rs5 to Rs24.
Trading volume suffered a modest fall at 118.947m shares from the previous 137m shares as losers held a comfortable lead over the gainers at 204 to 168, with 26 shares holding on to the last levels.
The active list was led by Arif Habib Securities, up 33 paisa at Rs49.09 on 13m shares followed by Nishat Chunian, firm by 87 paisa at Rs19.53 also on 13m shares and PTCL, steady by 53 paisa at Rs17.53 on 11m shares.
JS and Co, steady by six paisa at Rs30.67 on 8m shares, Fauji Fertiliser Bin Qasim, up 64 paisa at Rs25.53 on 7m shares, D.G. Khan Cement, firm 45 paisa at Rs29.35 on 5m shares and OGDC, off Rs1.01 at Rs108.03 on 4m shares.
Bank Alfalah followed them, easy by 11 paisa at Rs14.17 on 4m shares, Adamjee Insurance, off Rs3.32 at Rs123.23 also on 4m shares and Kohat Cement, up 46 paisa at Rs6.86 on 3m shares.
FUTURE CONTRACTS:
Adamjee Insurance came in for active selling and fell by Rs1.81 at Rs124.40 on 0.650m shares followed by PTCL, firm 45 paisa at Rs17.49 on 0.332m shares and OGDC, December and January contracts, off Rs1.10 and 51 paisa at Rs108.05 and Rs108.26 on 0.245m and 0.249m shares, respectively, and Nishat Mills, off Re1 at Rs70.09 on 0.204m shares.
DEFAULTER COMPANIES:
The activity on this counter was relatively slow as barring some of the recent actives, others were neglected.
Japan Power led the list of actives, lower by 14 paisa at Rs2.22 on 0.300m shares followed by Genertech Power, steady by four paisa at Rs0.79 on 26,800 shares and Pangrio Sugar, up 47 paisa at Rs4.98 on 25,600 shares.
Haydery Construction rose by two paisa at Rs0.81 on 12,035 shares, while English Leasing fell by 34 paisa at Rs2.90 on 15,204 shares.
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