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Stocks turn mixed amid active trading

KARACHI —The KSE 100-share index yesterday showed a fresh modest increase of about five points at 11,276.51 points on the strength of some leading base shares but the broader market was a bit sluggish ahead of resumption of hearing against the suspended chief justice of Pakistan from April 3.

Analysts said investors seem to be awaiting some cue about the early proceedings in the judicial court before making fresh commitments on selected counters.

Stray buying in some of the current actives, amounting to 6 million shares reflects the absence of leading financial traders 'while day trade and jobbers played on both sides of the fence amid fractional price changes.

Instances of foreign buying on some leading oil and bank shares were, however, not lacking, which in turn evoked sympathetic interest on some other counter, having potential of capital gains, brokers said.

But indications are that most of them will be back in the market as no one among them is inclined to miss the positive fallout of some good news from the privatisation front, notably oil giant Pakistan State Oil (PSO), and fresh Global Depository Receipts (GDR) are some of the leading bank shares including United Bank on the London Stock Exchange shortly.

But strong presence of some of the Gulf-based companies including Kuwait Petroleum Company, one of the bidders, on whose request the bidding of the PSO was advanced to May 15, may not allow the shares to fall from the current levels, analysts Hasnai Asghar Ali said.

Another analyst Ashraf Zakria said some of the leading buyers have already resumed their operations on the oil and bank counters at the prevailing lower rates and that would give the needed boost to the markets in the coming sessions. Trading volume rose to 140 million shares from the previous 132 million shares but losers held a modest lead over the gainers at 162 to 123, with 43 shares holding on to the last levels.

Fauji Fertiliser led the list of actives, steady by five paisa at Rs31.90 on 6 million shares, followed by Kot Addu Power, up 70 paisa at Rs59.10 on 4 million shares, TRG Pakistan, firm by 15 paisa at Rs10.60 also on 4 million shares, D.G.Khan Cement, up Rs1.05 at Rs87.55 on 4 million shares, Lucky Cement, steady by 35 paisa at Rs79.65 on 4 million shares, OGDC, lower 30 paisa at Rs118.50 on 3 million shares and PTCL, up 60 paisa at Rs48.00 on 3 million shares.