950803

Index drops 8.61 points

Fresh violence makes

KSE investors jittery

RECORDER RERORT

KARACHI: Bears invaded the market on weekend and values once again moved into the whirl of uncertainty on the Karachi Stock Exchange.

The index failed to maintain its upward thrust and dipicted a fall of 8.61 points, indicating reluctance of buyers from all quarters.

Jittery investors were in no mood to build long positions because the morning session started on a horrifying report of fresh violence in the city. Over 20 people had been shot dead in Orangi.

"Jobbers and investors started squaring their positions and took whatever profits they could get. Prices generally oscillated within narrow ranges. If the city situation remains the same, prices could fall further," said an analyst.

The optimism of the last few days was missing as many investors had become scared by the spurt of violence in the city. Speculators and bargain hunters withdrew to the sidelines and small investors were very cautious while making fresh commitments.

However, the KSE index showed only a small drop of 8.61 points and closed at 1801.71 as against 1810.32 of Wednesday. The major losers were Packages (Rs 6), MCB (RAL) (Rs 5), Gadoon Textile (Rs 4.75), MCB (Rs 4.50), Banker's Equity (Rs 3.25), National Refinery and Engro Chemical (Rs 2 each). While appreciation in few scrips halted the major decline like Glaxo Laboratories and Boots (Rs 6 each), PSO (Rs 5), Brooke Bond (Rs 4), Shell Pakistan (Rs 3), Dandot Cement (Rs 1.50) and Zeal Pak, Rafhan Maize, Nishat Mills and Dilon Limited (One rupee each).

According to a KSE member, Haroon Askari, the market opened on a mixed sentiment. There was no panic selling and all offers were well absorbed on the ready board. On weekend consideration, weakholders decided to take profit and resorted to selling. "News of further violence in the city was noted with despair in the market. But the bullish outlook of the market still seems intact", he said.

Losers led gainers and by the end of the day there were 194 minus signs as against 103 plus ones while 61 remained unchanged, out of the total variations in 358 scrips.

Business totalled to 16.473 million shares as against 31.655 million shares of Wednesday. Financial institutions made several deals in scrips like Dhan Fibres, PTC, Faysal Bank, Dewan Salman, PIAC, Nishat Mills, Trust Modarabad, Askari Bank (R), Maple Leaf Cement and Hub Power.

PTC on a volume of 3.699 million shares registered a paltry drop of 10 paisa and closed at Rs 35.10. PNSC showed a fall of 25 paisa while Tri-Star suffered a sharp decline of 55 paisa and ended at Rs 10.20. PIAC on a total business of 638,000 shares finished at Rs 11.75, indicating a decline of 25 paisa.

Dhan Fibres claimed second rank and on transactions of 2.614 million shares recovered 40 paisa and settled at Rs 12.20. The major losers at this counter were Gatron Industries and Liberty Mills, both depicting a fall of one rupee. Dewan Salman on total trading of 365,000 shares moved down to Rs 112 from Rs 112.75.

Faysal Bank on a turnover of 2.300 million shares moved down and settlled at Rs 32 from Rs 32.90. Banks and Investment group failed to maintain its forward thrust and widespread drops were registered at this counter. MCB showed a fall of Rs 4.50, followed by Trust Brokerage down by Rs 3.50 and Banker's Equity by Rs 3.25. Only two scrips showed paltry rises, - Askari (R) up by 25 paisa and Bear Stearns Jahangir Siddiqi by 50 paisa.

Hub Power on a volume of 936,000 shares registered a small rise of 10 paisa and finished at Rs 19.20. Eight issues showed downward changes here! While PSO posted a hefty rise of Rs 5 and settled at Rs 390 on trading of 88,100 shares. Shell Pakistan went up by Rs 3.

BOND SECTION: FEBC was quoted at Rs 104.

BOARD MEETINGS

Schon Textile 5-8-95

Universal Lease 5-8-95

Century Insurance 8-8-95

Merit Packaging 9-8-95

Engro Chemical 9-8-95

SK&F 9-8-95

Lever Brothers 15-8-95

Citicorp Bank 15-8-95

Pak Tobacco 15-8-95