950806

Kerb Watch

J.M.J.

KARACHI: The stock market's movement indicated that jobbers investors and trading houses were quite confused about the direction of the market. Foreign fund intervention was found to be negligible and the institutions were giving the necessary support to back the statement that the market was positive.

On the kerb, PTC was good at Rs 35.60. There were buyers at this rate and some of the buyers were those who sold in the morning session at around Rs 36.00.

Hubco Power was the star item of the day, as it crossed the new rate of Rs 20.00. In the kerb there were buyers at Rs 20.75. This item looks good but with the delay in the project and a very strong house continues to sell at intervals and in large quantities. It would be interesting to see how long this rate sustains the selling pressure.

Telecard is one of the prime scrips in the market. But as there is still sometime before it comes on the board, which limits its trading to only a few, and most of the brokerage houses follow the regulations not to trade till the certificates are received by the shareholder. They also uphold the ban imposed by the stock market not to trade on the provisional pattern. The rate in the kerb was being quoted at Rs 57.00. We would advise the general public not to short sell under any circumstance or to buy till the rate is quoted on the readyboard, and to regard short selling as a cardinal sin.

TriPak films was being quoted at Rs 27.75 but there was no report of any transaction in this item. Dhan Fibre and Dewan Salman did not report any transaction or quote any authentic rate on the kerb.

Monday being the last day of the current settlement period could come under immense selling pressure as the new trading week has a long week-end with the 14th of August.