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RECORDER REPORT

KARACHI: The stock market depicted a mixed trend as fortunes fluctuated and the difference between the losers and gainers shrank considerably, while support from financial institutions and leading brokerage houses was lacking in choice scrips.

The KSE-100 index rose by 1.48 points or 0.07 percent to 1991.86 from 1990.38 of Wednesday. The volume amounted to 243.120 million shares as against 349.292 million shares of Wednesday. The market capitalisation moved up to Rs 502.435 billion from Rs 502.429 billion.

The market opened on a negative note and remained subdued till the first half of the second session. The investors sold their shares mostly in fear of law and order situation following the decision of the anti-terrorism court expected on April 6. Analysts opined that if the court announced death sentence it might lead to demonstrations and strikes which would unnerve the investors and force them to leave the rings.

Salman Ahmad of Finex Securities said that the market for most of the session hovered in the minus column. But buying in the last half hour changed the whole scenario and the index closed on a positive mark.

He added that two factors boosted the sentiment: the State Bank of Pakistan lifted all the restrictions on foreign investors and now they may send their earnings from the sale of the shares, dividends and other transactions without prior approval of the bank. Further it was reported that the government was planning to increase the margins of oil companies. This pushed the share price of PSO.

Nadeem ud-din of AHR Securities said that the overall sentiment was bearish but it recovered before the closing. Marketmen were cautious and keen to off-load their outstanding positions, fearing high carry over charges, which ultimately resulted in a panic among the weakholders.

He said the market had already digested all the positive developments, including Clinton's visit, and now the market was basically improving on account of the recently imposed ban investment by the institutions in saving schemes. The institutional support was witnessed again because of extra liquidity available with them and needless to say the prevailing prices levels were also quite attractive to establish fresh positions.

PTCL on a trading of 62.411 million shares remained moved to Rs 32.80 from Rs 32.75, Hub Power moved up to Rs 28.20 from Rs 27.80 as nearly 38.036 million shares changed hands, ICI on a trading of 37.026 million shares closed at Rs 17.65, i.e. lower by 30 paisa, PSO on a volume of 21.246 million shares recorded a decline of Rs 2.50 to Rs 241.50, Ibrahim Fibers on a turnover of 24.225 million shares moved down by 10 paisa to Rs 18.85.