950808

KSE index climbs up 14.05 points

Auto, Allied sectors drive

values higher

RECORDER REPORT

KARACHI: Fresh buying surfaced at the auto and allied sector and values improved by 12 percent, which helped the whole stock market to land in the plus zone.

The overall sentiment remained bullish but due to long weekend ahead, the activity was quite slack.

As equities ended on a positive note, the inded climbed up by 14.05 points. Selling by local institutions during the mid-session was fully absorbed on every counter, indicating that the market in inherently quite strong.

Hina Akhlaque, research analyst of Khadim Ali Shah Bukhari (KASB), said that the auto and allied sector were at an attractive level for past few weeks. "Fresh buying from some foreign fund managers on Tuesday lifted the prices of some of the auto scrips. Indus Motor which was hovering below Rs 20 for the past two weeks attracted fresh buying and the price of the issue climbed up Rs 22.50 from Rs 18.95," she said.

Hina said profit-taking for a short spell during the previous week was a healthy sign for the equities and pumping of fresh funds from foreign institutions will help the market to sustain the current levels.

The KSE index moved up to 1830.29 from 1816.24, showing a rise of 14.05 points. The major gainers on Tuesday were Dadabhoy Insurance (Rs 15), Adamjee Insurance (Rs 10), Dawood Hercules (Rs 7), CITICORP (Rs 4.50), Indus Motor (Rs 3.55), PSO, Hoechst (Pak) (Rs 3 each), Dandot Cement, Zeal Pak (Rs 2.50 each), Sui Northern Rafhan Maize, Burewala Textile, (Rs 2 each).

According to an analyst, besides foreign fund managers and support from the local financial institutions, after the imposition of restrictions on the prize bonds and amendments in FEBC's trading rules the investors have switched their funds to the stock market.

Interest was, however, confined to select issues and the turnover on Tuesday totalled to 12.776 million shares as against 12.005 million shares of Monday. Financial institutions made sizeable deals in KESC, Ibrahim Energy, Platinum Bank, Lucky Cement, PSO, Sui Northern, Sapphire Textile, Indus Motor, Mohib Textile, Dhan Fibres, Faysal Bank, Maple Leaf Cement, Askari Bank (R), Fauji Fertilizer, PTC, Dewan Salman and Hub Power.

A few investors struck fresh deals in select scrips and when final bell was heard, 197 issues were in the plus territory as against 135 minus ones, while 66 remained unchanged.

Faysal Bank on a business of 1.770 million shares slipped down to Rs 32.35 from Rs 32.65. Banks and Investment group posted some fresh gains. Plus signs were led by CITICORP which depicted a rise of Rs 4.50 and settled at Rs 56. Next to follow was Banker's Equity which went up by Rs 2.25 to Rs 30, while Atlas Bank led the losers and depicted a fall of Rs 2, ending at Rs 23.

Hub Power on a volume of 1.739 million shares registered a rise of five paisa and finished at Rs 20.70. Four issues showed fractional downward changes, except Shell which dropped by Rs 3. While PSO posted a rise of Rs 3 and settled at Rs 392 on trading o 9,200 shares, the remaining scrips showed fractional rises.

PTC on a volume of 1.101 million shares registered a paltry drop of 25 paisa and closed at Rs 34.25. PIAC and Tri-Star showed a rise of 20 and 40 paisa respectively while PNSC on a total business of 3,000 shares finished at Rs 6.10 indicating a fall of 15 paisa.

Dhan Fibres on transactions of 1.075 million shares, lost 15 paisa and settled at Rs 12.25. Gainer out numbered losers but on a trading of 855,500 shares Dewan Salman registered a jump of Re 1 and finished at Rs 117.25.

LTV Modaraba on a volume of 774,900 shares depreciated by 95 paisa and closed at Rs 6.10. Other scrips showed a mixed trend with losses and gains in fractions.

Reckitt and Colman finalized its half yearly accounts and on a total profit of Rs 51.533 million declared an interim dividend of 12 percent.

BOND SECTION: FEBC moved down from Rs 104 and finished at Rs 103.85.

BOARD MEETINGS: Merit Packaging 9-8-95; Engro Chemical 9-8-95; SK&F 9-8-95; Colgate 13-8-95; Lever Brothers 15-8-95; Citicorp Bank 15-8-95; Pak Tobacco 15-8-95; LTV Modaraba 15-8-95; Brooke Bond 15-8-95; Ciba Geigy 16-8-95; ICI Pak 17-8-95; Pakistan Slag Cement 17-8-95.