960416

_A good omen for

the market

Kerb Watch

JMJ

KARACHI: The volumes have trimmed down and if this remains it would be a good omen for the market as it seems the speculative subjects have suffered considerably and it may be time for investors to get hold of the market.

The reduced trading has curbed the kerb volume to a great extent, and it seems that this kind of situation will prevail till there is some positive news on the national and political fronts.

The GDR's were stable at $93.00 and $97.00 for PTC and $21.00 and $21.50 for Hub Power. The kerb rates were Rs 32.60 and Rs 29.75, respectively.

Due to the unstable conditions and a directionless market the other scrips of the kerb are affected very much. Fauji Jordon was being quoted at Rs 14.40 sellers whereas it was offered at Rs 15.00 to the general public. The general perception is that the rate will further go down of this particular scrip.

Another company is Orix Investment Bank whose subscription date is April 17 and the rate from Rs 15.50 buyers slipped to Rs 14.50 in the kerb. The new companies without a track record are measured by the performance of the other group companies and Orix Leasing being a major shareholder in this bank seems to be advisable for subscription.

The above factor can be proved as the market was improving at the news of the privatisation of Pak Saudi Fertilizer. PTC raced to Rs 32.90 in the kerb but as the news echoed that the Schon Group has taken over the management shares the market reacted negatively and PTC slid to Rs 32.55. Keeping in view the group's performance of their scrips at the equity market was a dampener. The news that sources confirmed to us was that the highest bidder was Emirates Investment Group of Dubai and their bid was at Rs 109.00 which has been accepted by the P.C. This news would have a good impact on the market and there are chances of the market taking a U-turn as the bears would run to square up their positions to avoid a bull-run.