950809

Bears seen lurking

in the wings

RECORDER REPORT

KARACHI: Equities witnessed a mixed trend on Wednesday due to alternate bouts of buying and selling. But the undertone was sustained by support from institutions and foreign funds.

Profit selling was witnessed on banks, leasing, insurance and chemical counters which had recorded an impressive increase in prices during the last week. The index dropped by as many as 21 points at around 1 p.m. but renewed buying during the last one hour, mainly in cement and autos, helped the index to recover to 1823.27 as against 1830.20 of Tuesday indicating a slide of 7.02 points.

The major losers on Wednesday were Adamjee Insurance (Rs.12), Javed Omar Vohara (Rs.6) Dadabhoy Insurance (Rs.5), PSO, Packages and Mandviwala (Rs.2 each), Citicorp, Prime Bank, Fecto Cement, Gharibwal Cement, Mustehkam Cement, Ebrahim Energy, Philips, Hoechst (Pak) and Reckitt and Colman (Re. 1 each).

Investors in general remained indecisive with no hope of resumption of government-MQM talks, and nobody was prepared to build long positions.

Major players and operators stayed away from the ring because of the long weekend holiday and also due to the murky situation on the political front. Reports said that some parts of the city were under siege and about 2,000 commandos have arrived in the city, which unnerved the investors, as they apprehended more bloodshed in the city.

According to a dealer, investors will decide their new strategy after August 15 and on Wednesday stuck to the current favourities. The turnover was down to 8.888 million shares as against 12.776 million of Tuesday. Financial institutions made sizeable deals in Dhan Fibres, Faysal Bank, American Life Insurance, Transmission Engineering, Dadabhoy Insurance, PSO, Cherat Cement, Nishat Mills, PTC, Dewan Salman and Hub Power.

The Bears could be seen lurking in the wings, and the difference between the gainers and losers narrowed down at the end of the session about 152 issues were in the plus territory as against 153 minus ones, while 83 remained unchanged.

PTC on a volume of 1.055 million shares remained pegged at its overnight level of Rs.35.25. PIAC and PNSC showed a rise of 20 and 10 paisa respectively, while Tri-Star Shipping on a total business of 56,000 share shed at Rs.10, indicating a fall of 25 paisa.

Dhan Fibres on transactions of 779,000 shares gained 15 paisa and settled at Rs.12.40. Losers out numbered gainers but on a trading of 267,000 shares. Dewan Salman registered a sharp decline of 50 paisa and finished at Rs.116.75.

Hub Power on a volume of 679,500 shares registered a small fall of 20 paisa and finished at Rs.20.50. Nine issues showed downward changes and PSO suffered a fresh setback of Rs.2 ending at Rs.390. Sui Northern depicted a fall of Rs.1.25 while Attock Refinery and Ebrahim Energy dropped by Re.1 each. Only Mari Gas went up by Rs.1.50 and was closed at Rs.48.

Lucky Cement once again entered the favourites list and on business of 641,000 shares settled at Rs.23.10 from Rs.23. Other scrips after gaining some momentum faced a nominal correction but activity on this counter was quite brisk. On the gainers side Zeal Pak on volume of 100 shares and Pakland on 1,000 shares went up by Re. 1 each.

LTV Modaraba on a volume of 578,500 shares appreciated by 50 paisa and closed at Rs.6.60. Other scrips showed a mixed trend, losses and gains being in fraction only Tri-Star Modaraba posted a gain of Rs.5, Financial Link Modaraba Rs.1.80 and Prudential Modaraba Rs.1.50.

BOND SECTION: FEBC moved down from Rs.103.85 and closed at Rs.103.80.

BOARD MEETINGS

Colgate 13-8-95

Lever Brothers 15-8-95

Citicorp Bank 15-8-95

Pak Tobacco 15-8-95

Ciba Geigy 16-8-95

ICI Pak 17-8-95

Pakistan Slag Cement 17-8-95