950807

More rumours

than facts

J M J

KARACHI: The last day's trading was no different than the previous day, where the market was directionless and was more based on rumour than facts.

The badla rates on the last day acknowledged the buying strength of the jobbers and to some extent their frame of mind. People are willing to risk their capital here if they receive some base to step on.

The badla rate for PTC was 12 paisas. The coming period has two holidays in the week which will be a depressant to the market. The rate quoted in the kerb was Rs.35.30 but very little transactions took place. The GDR was being withheld which created more confusion. This item is losing its popularity to other scrips and it seems under the prevalent conditions it will not attract jobbers.

Hubco Power with the same GDR rates and an over-bought position seems to lose some extra fat and still there is room for pruning, the badla rate was 07 paisas and the rate in the kerb was Rs.20.35 buyers.

Faysal Bank with a badla position of 20 paisas charged to buyers was indicating that weak jobbers were holding too much of the quantity, the rate was Rs.32.25 in the kerb.

Dewan Salman was still supporting buyers with 75 paisas ulta badla, Alico was also one item favouring the weak buyers with an attractive ulta badla of Rs.1.00 and a price of Rs.63.00 buyers.

Telecard was Rs.59.50 and TriPak film was being quoted at Rs.28.50.

The market according to a survey of the numerous gurus predict a downward trend and this could prove a blessing in disguise in the coming weeks as the weak jobbers settle to lower their unmanageable holdings.