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Despite last day of trading and without any good news to save deteriorating law and order situation the shares market responded positively and ended with the hopes for a 'favourable' budget.
The KSE-100 index gained 13.45 points to reach 5,384.48. Volume was thin and it dropped by 25 percent to 304 million from 409 million a day before.
The intensity of latest incident of attack on military convoy in Karachi was still very much alive which forced the investors to remain cautious.
The cement sector was the leading one which kept the market sentiment high and attracted investors. Cement sector is expecting good news in the budget scheduled to be announced on Saturday.
Analysts said the law and order situation kept the buyers on the sidelines, the punters, however, were seen active in the cement and banking stocks. The intra-day trading never allowed the index any major recovery.
Renewed buying interest in the telecommunication stocks invited across-the-board short-covering, the tense situation never allowed the weak holders to take chance on account of the Federal Budget, the punters however, accumulated growth and the index registered a positive closing.
"The phobia created taking a lead from the deteriorating law and order situation did not allow the market to form base. Economic figures, budget announcement and action likely to be taken by the government to curb terrorism will allow the index to consolidate," Hasnain Asghar Ali of Aziz Fidahusein & CO said.
Another analyst said behind the market slight gains early in the day lies a perfectly uneventful session that saw the index moving in a range-roving manner on an anaemic volume.
Despite the market's ability to close in the positive territory, gains had been limited by the index failure to lift above the psychologically significant 5,400 mark in a convincing fashion. Market was on a track of new lows, with the blue chips stocks in particular continuing to lead market decline staying red mostly during the twin sessions.
Noticeable activity was witnessed in NICL, NIB, UNTM, WCBL and BOP which shared the large portion of Friday's volume and gained their share value in convincing manner.
"Market opened on a positive note and stayed in the positive column except for a brief move in the negative zone," Arjuman B. Habib of First Capital Securities said.
As expected the market remained range bound throughout the day and as trading volumes of 304 million show activity the market was extremely limited with the law and order situation in Karachi and the budget on Saturday, she said.
After the announcement of a growth-oriented and farmer-friendly agriculture package, Fauji Fertiliser was the top index mover, showing an increase of Rs 2.50 to close at Rs 122.50.

Copyright Business Recorder, 2004

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