950817

Kerb watch

Faysal Bank under

pressure

J M J

KARACHI: The market continued to rise with the induction of institutional buying. The general public was enthusiastic not to miss the bus. Hence, buying erupted on a wide variety of scrips.

Some of the prominent sectors noted were Energy and Power, Food and Allied, Sugar, Transport and Communication.

The kerb market was active in other scrips. The GDR for PTC at US$108 and US$112 did not affect the kerb rates for this scrip as there were sellers at Rs.35.50.

Hubco Power did improve in the morning session but in the kerb it slided to Rs.22.65, the GDR rates flashed in the morning session had the necessary effect but could not maintain its upwards trend due to the active indulgence of some prominent personalities.

Faysal Bank has been under constant selling pressure around Rs.32 and in the kerb there were sellers at Rs.31.70.

Telecard did not post any transaction but the rate received was Rs.53. Jobbers are trying to keep away from the scrip due to the restrictions and the new regulations. The same is the case with TriPak Film where the rate quoted was Rs.28.25.

Elahi Power slided to Rs.17. It seems that the Lahore interest in the scrip is evaporating. Some transactions of big quantities took place in Ravi Alkalis, again a Lahore based company. The company has consumed extraordinary time to get the company listed and there is news that the company is still offering shares to some investors in Lahore at par value who are further marketing them at a premium. Some transactions took place at Rs.14 and the settlement has been agreed to be on board without a definite date.

KASB premier fund was active in the kerb with Rs.12.75 buyers and it is expected to come on board some time next week.