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Kerb Watch

Tripak risky

proposition

J.M.J

KARACHI: The bulls and bears were tied even in Wednesday's trading but the sentiment was downhill. Institutions were willing to invest at the lower levels. In fact, they had standing orders to purchase at the lower levels in certain scrips.

The updated GDR flashed on the fascom screens did not create bullishness in the scrips, but the market reacted to the political news pouring in through various sources.

The kerb market was not very active but some transactions took place in the most active scrips of the ready board.

PTC at Rs 35.25 with not much news in the immediate future looked a little over priced. The jobbers' interest in this scrip has also more or less evaporated.

Hubco Power was back to Rs 22.25 and a little upward trend would force the jobbers to sell. Faisal Bank in the kerb was Rs 29.75 and short sellers were sailing safe. The scrip could further slide.

Dewan Salman is a scrip where only institutions are seen shopping. The jobbers enjoy spending more time these days on this board as the institutional buying pushes the market upwards and the short seller provide as much quantity to square their positions with a profit.

TriPak is a risky proposition as the trading day is only one. The rate in the kerb was Rs 25. The other kerb rates were as follows: EFU Life Insurance - 24, Kohinoor Genertech - Rs 23, Sitara Energy - Rs 34.50, TeleCard Rs 49.

If the news on the political front improves, the investors should still be on the conservative side. The major market volume is based on trading, putting the major investors to the side lines.