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RECORDER REPORT

KARACHI: Values posted more gains on Friday and most of the blue chips and investment stocks recorded sharp improvement on brisk buying by financial institutions and leading brokerage houses.

The KSE 100 index recorded a rise 23.45 points and closed at 1749.27 from 1725.92 of Thursday. The volume amounted to million shares 258.881 million shares as against 268.775 million shares of Thursday. The market capitalisation moved up to Rs 445,077 billion from Rs 439.847 billion of Thursday.

The market remained glued to plus territory despite the fact that two bomb blasts shook the city during the evening, in which several people were killed. The trading mostly centred around a handful of scrips in the first session but in the second half some of the second tier stocks were in high demand.

Muslim Commercial Bank, Dewan Salman Fibers, Nestle Milk Pak and Dhan Fibers were on the buying chart of the investors. These companies are expected to announce their financial results for the six months ending December 31, 1999 by next month. Investors hoped that these companies would declare handsome dividends in the range of 20 to 50 percent.

Hub Power once again led the gains column. Speculative forces and sundry jobbers lifted sizable lots amid speculation that as the World Bank team had arrived in Pakistan, government and the company might meet next week to resolve their tariff dispute them tariff. The Chief Executive of Pakistan last month gave one month's time to Wapda to complete investigations, and though the month has passed no report has emerged yet from the official quarters. To build up the image of Pakistan, the government is keen to resolve this over two year's dispute on power tariff charges.

PTCL also recorded a small improvement on the back of the report that its board meeting is scheduled to be held on February 3, 2000 and investors expected that the profit might be in the vicinity of Rs 7 to 8 billion for the six months ended December 31, 1999.

Faisal Abbas of AHR Securities said that despite last working day of the settlement week, the overall market sentiment was bullish. The trading momentum was quite favourable in the first session, where the bulls were dominating the scenario and the index was increasing constantly, on account of increased buying by of the bulls as well as the local investors.

However, he added that when the first session closed a report reached the market regarding two bomb blasts in the city, which was feared to bring in a spell. But fortunately, the index did not see any extraordinary loss. Indeed, players were supporting the market despite this development and hence the market closed with a net gain of 23.45 points.

Hubco on a trading of 102.439 million shares gained Rs 1.50 to Rs 27.80, PTCL on a business of 56.068 million shares moved up to Rs 29.35 from Rs 29.25, Fauji rose by 70 paisa to Rs 64.70 as nearly 12.170 million shares changed hands, ICI on a volume of 39.965 million shares closed at Rs 13.15, higher by 55 paisa and Adamjee Insurance on a turnover of 8.138 million shares closed at Rs 99.25, higher by Rs 5.75.