950821

Buying interest spreads to

lesser known scrips

RECORDER REPORT

KARACHI: Stocks ended lower on Monday mainly owing to profit-selling by individuals and some leading brokerage houses on clearing day, amid sluggish institutional support. Minus signs had a clear edge over the plus ones and the index once gain slipped below the 1800 barrier.

The market opened on a cautious note as investors retired to the sidelines because of the clearing day and also because of worry on unabated killings in the city. Since weekend violence has claimed about 20 lives, and some areas have been cordoned off by the security forces, making the situation tense again. The sellers were mainly short-term dealers and jobbers preferred to book profits instead of taking risks.

The KSE index for yet another day plummeted by 31.36 points to settle at 1798.14 points as against 1829.45 of Sunday. The major losers were Dadabhoy Insurance Rs 9 , PSO and Pak Elektron Rs 4 each, Dewan Salman and Dandot Cement Rs 3.50 each, EFU Rs 3, MCB Rs 2.25, and Boots, Ferozson,s General Tyre, Kohinoor Power, Pak Tobacco, Gharibwal Cement, Pioneer Cement, Fiedilty Bank, KASB, Faysal Bank and Orix Leasing Re 1 each.

According to an analyst, technical correction is always due when there is a continued rise in the prices. Once the scrips have shed their extra weight, they would again attract the investors because of their intrinsic worth.

Surprisingly despite the falling index, a downslide of more than 31 points in a single session, many investors were switching over to relatively less known shares as they hold a promise of good capital return. Trading was spread on all counters, and some of the scrips which crossed the volume figure of 30,000 were, 24th ICP, Ibrahim Modaraba, LTV Modaraba, Providence Modaraba, Dawood Leasing, Paramount Leasing, Askari Bank, Bank of Punjab, Crescent Bank, PICIC, Platinum Bank, Schon Bank, Metro Life Insurance, Gadoon Textile, Crescent Textile, Dhan Fibre, Ibrahim Fibres, Pak Sythetics and KESC.

Total business was around 11.705 million shares as against 10.982 million shares of Sunday. Financial institutions and some indivduals made deals in Engro Chemical, PTC, Faysal Bank, Dadabhoy Cement, PSO, Gehmini Lesase (R), Crescent Textile, Dandot Cement, Century Paper and LTV Modaraba.

"Market was under a bearish spell and the last two sessions failed to sustain the investors' interest, as jobbers resorted to intensive profit taking", said an analyst.

He further said that the only positive sign in the last two sessions was coming to life of some inactive scrips and for the first time in 1995 activity spread to more than 400 companies. Nearly 412 issues were called at the ready board, of which 229 landed in the minus zone as against 110 plus ones, while 73 remained unchanged.

PTC on a volume of 2.112 million shares showed a decline of 25 paisa and reached Rs 34.80. PIAC registered a significant drop Rs 1.50 paisa and ended at Rs 12.75, PNSC climbed up to Rs 7.85 from Rs 7.75 and Tri-star Shipping denoted a sharp decline of 80 paisa and finished at Rs 11.10.

Lucky Cement on total business of 1.263 million shares lost yet another Re 1 and finished at Rs 22. Other scrips suffered losses in the vicinity of Re 1 to Rs 3.50. The highest loser was Dandot Cement at Rs 3.50 and Maple Leaf Rs 41.

Faysal Bank on a total business of 1.010 million shares, suffered a fresh setback of Re 1 and to closed at Rs 30. Platinum Bank on a brisk activity of 201,500 share failed to move upward and moved back to Rs 12.50, indicating a net loss of 60 paisa. Losers outnumbered gainers in this sector while International Investment Bank posted a paltry rise of 10 paisa and closed at Rs 33.50.

Hub Power on total transactions of 745,000 shares registered a fall of 50 paisa and finished at Rs 22.30. Minus issues dominated the counter under the lead of PSO Rs 4, Genertech Rs 3.15 and Tri-star Power Rs 2. Only Pak Oilfield and Pak Refinery landed in the plus territory.

Dewan Salman on an activity of 525,100 shares showed massive decrease of Rs 3.50 and ended at Rs 109.50. Mixed trend was witnessed in this sector as there were eight losers as against six gainers. Liberty Mills on a meagre volume of 200 shares posted a fresh gain of Rs 3.50.

BOND SECTION: FEBC moved up to Rs 104.20 from Rs 104 of Sunday.

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