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Renewed buying in gas companies on Wednesday helped the share market to post fresh gains, but interest from genuine investors was somber reducing the daily volume as compared to last trading session.
The KSE-100 index showed an increase of 13.47 points, or 0.28 percent, to 4853.84 as compared with 4840.37 of last Friday. The market was closed for two days because of Ashura holidays. The business fell to 187 million shares as compared with 233 million shares.
Though the market closed on a positive note, it remained directionless on account of continued volatility during the day. It seemed that the investors restricted themselves in the market till the restoration of investors' confidence and improvement in turnover.
The market moved in a narrow range, indicating lack of investors' interest, said Tariq Hussain Khan, manager research at Live Securities. It is interesting to describe that the second and third tier stocks created small activity, dominating over the heavyweights. Eventually, the overall tend was firm but investors adopted cautious strategy to offload their short-term positions at inflated levels.
Hasnain Asghar from Aziz Fidahusein said that positive outcome of the visit of Pakistani businessmen to India and improving economic indicators had placed the local bourses in a good position as the incoming funds would make there way as the availability of main stocks at discounted levels will tempt fund managers.
The range-bound market, however, did invite investors in the oil and gas sector thereby keeping the trading alive. Lack of support by market men however restricted the movement.
The Quetta incident restricted the surge but the ability of the index to find support at high levels depicted support around closing levels. It is therefore recommended to opt for placement in the main stocks while improved volumes should be awaited for trading.
Technically, the index will continue to find support around 4829-4833 while resistance stays around 4870-4877. Ability of the index to find support around closing levels and invite consolidation with healthy turnover around 4863-4868 might allow the index to test psychological 4900.
Aadil Ehtesham from Multiline Securities said that Wednesday's movement was widely ascribed to concern in the light of agitated law and order condition in the country coupled with the groundwork for another operation in Wana to crack down terrorists ultimately had underpinned index to move in a narrow range.
Institutions and punters failed to register any substantial activity in any scrip as the trendsetters such as PSO, PTCL, and Hubco were unable to move decisively in one way or other. Conversely, all other major pivotals like Engro, Fauji Fertiliser Bin Qasim, Dewan Salman and PIAC also juxtaposed under sellers' and buyers' influence.
OGDC gained 95 paisa to Rs 52.40 on a volume of 33.331 million shares; KESC closed at Rs 8.70, ie higher by 65 paisa on business of 22.769 million shares; Sui Northern Gas moved up to Rs 56.75 from Rs 54.05 on 16.768 million shares; PTCL lost 15 paisa to Rs 39.70 on trading of 13.709 million shares; and PIAC denoted a fall of 15 paisa to Rs 24.95 on total deals of 10.748 million shares.

Copyright Business Recorder, 2004

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