960414

Bulls develop

confidence

J M J

KARACHI: The market slided to close at 6.42 positive. The news of bomb blast in Lahore fanned the fear that more disturbances of such nature in future were very likely.

Hub Power's operation on the trial basis gave hope and the required confidence to the bulls, the 08 paisas official Pak Rs devaluation to the dollar did not deter the optimism of the bulls, but its the law and order that let the steam off.

The GDR's had not changed as it was a closed day in the international bourses but, with the given situation, things might turn out to be gloomy, and the foreign managers would take the 'wait and see' path, resulting a drop in the international demand for our scrips and parallel the local prices would melt.

PTC in the kerb, till filing of this report, was Rs 32.85, and Hub Power was Rs 30.10, though the interest was very limited and it seems the bears are being a little cautious at the prevalent rate, and that if matters worsen on the law and order, they would launch a renewed attack.

Lucky Cement grew firmer at the news of the Prime Minister inaugurating the operation of the plant soon, but such news do not hold the bears away on a longer duration. It only gives them more leverage to operate, an investor has to measure the lacklustre performance of this sector and Lucky would not be any better to invest or build up positions in this scrip in the current scenario and prices.

The pundits are of the view that the market would remain the same till the budget, and there are no hopes of the market improving from here, so it seems that a side line policy would best suit the market.