950815

Kerb watch

High badla

rates depress

market

J M J

KARACHI: The prevailing high badla rates forced the jobbers to sell, resulting in a depressed market. The pundits fear that this situation is a dampener to a bullish market as these rates exceed the limit of genuine buyers.

The underlying sentiment is strong and, as the current of weak buyers passes by, the market will again attract investors.

The Pak rupee slid of 7 paisa against the dollar made the market more attractive to the foreign fund managers.

The GDR rates for PTC and Hubco Power improved on the international bourses. PTC was being quoted at US$107 and US$111 and Hubco at US$16.13 and US$16.63.

The badla rates applied to the various scrips were as follows: PTC 20 to 25 paisa; Faysal Bank 10 paisa; Hubco 10 paisa; Dhan Fibre 7 paisa; and Dewan Salman 50 paisa (ulta).

The general rate of interest charged was 2.5 percent to 3 percent.

TeleCard was slowly slipping and a rate of Rs 52 sellers was a bit disturbing to the kerb players. TriPak Film was strong at Rs 29 but if the declining trend remains for some time, the rate for TriPak may slide.

S G Power, with a small public issue to be subscribed on 21.8.95, was hovering around Rs 34. It is good to see some of the people taking measures to curb wild fluctuations and stem our stock market becoming a casino. These regulations pertain to public issues of Rs 100 million.

There were buyers in KASB Premier Fund upto Rs 12. One has to keep in mind that the bulk of the shares went to the institution NDLC as only 18 percent was subscribed by the general public. A profit-taking by the institutions cannot be ruled out.