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The share market during the second session (Tuesday) witnessed profit taking activity from local punters which clipped gains made during morning session but the volume rose sharply after brisk activity in gas and cement companies.
The KSE-100 index rose 3.99 points, or 0.07 percent, to 5367.95 as compared with 5363.96. The volume amounted to 315 million shares as against 293 million shares.
Investors actively participated in OGDC and PSO trading and accumulated holdings due to rise in world oil prices touching $44.97 per barrel. SSGC and SNGPL sparked as government's plans to move forward with the Iran-Pakistan India gas pipeline were broadcast in the market.
Major losses were incurred by fertiliser sector on government's decision to reduce fertilizer prices and ban on fertilizer export.
Umair Dawood from Akbarally Cassim said that the market made a high of 34 points with most of the positive movement coming from OGDC price appreciation. A slight bull-run was witnessed in PSO as there was news in the market of EOI from Fauji Foundation to buy PSO.
Cement sector had the greatest total aggregate volume as investors were looking to capitalise on this sector, which was overshadowed by the recent bull-run in the banking stocks.
The badla increased by 140 million rupees whereas badla market remained largely range-bound. Badla in PSO and OGDC increased, so cautious approach is recommended on these stocks.
Hasnain Asghar of Aziz Fidahusein said that the statement by Fauji Foundation representative that the company intended to bid for PSO and Ufone invited short covering in PSO, while buying in PPL and OGDC sparked off.
The decrease in urea prices and ban on its export led to an adjustment in fertiliser stocks.
Technically, the inability of the index to close above 5370-5377 depicted an extended adjustment. Immediate support stays around 5325-5333, while consolidation on strength has pushed the resistance around 5390-5397.
OGDC rose Rs 1.05 to Rs 65.35 on business of 55 million shares; FF Bin Qasim fell 80 paisa to Rs 21.50 on trading of 35 million shares; Maple Leaf Cement lost 90 paisa to Rs 39.50 on turnover of 28 million shares; Chakwal Cement gained five paisa to Rs 8.70 on deals of 21 million shares; and National Bank slid by 15 paisa to Rs 73.15 on volume of 20 million shares.

Copyright Business Recorder, 2004

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