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The share prices on Friday showed erratic movement and volley of selling and buying pressure was witnessed which forced the index to move like a pendulum as investors were hesitant to build long positions.
The KSE-100 index dropped one point to 8793.93 as against 8794.93 of Thursday. The volume amounted to 438 million shares as against 481 million shares.
Once again, the market remained range-bound during the entire day, unable to set a trend. The market opened on a positive note, surged by over 40 points and then slipped to make an intra-day low of 8636.65 points. Volatility was the order of the day, whereby the index swung within a band of approximately 100 points, remaining in positive territory for most of the session.
"The major setback received by the market was from the continued selling pressure in NBP and Faysal Bank as weak holders might have reduced their positions prior to weekend", said Tariq Hussain Khan, research analyst at Atlas Investment Bank. Apart from that, OGDC and MCB, several other scrips closed in negative territory, whereas extraordinary positive activity was witnessed in PTCL. Surprisingly, all cement stocks like FCCL, DGKC, LUCK and MPCL closed in the green zone.
Hasnain Asghar from Aziz Fidahusein said that downward adjustment in international oil prices kept the oil exploration and marketing stocks under pressure although there were less chances of downward revision in the fuel prices, thereby negating any inventory losses to the oil marketing companies.
The Index failed to breach its immediate resistance of 8833-8837 as last-day phobia forced the weak holders to offload their positions as the punters opted to ease off their positions rather than waiting for the press conference to be conducted by the Privatisation Minister to give an update. Technically, ability of the index to find support at 8710-8717 would allow the index to breach its immediate resistance of 8833-8837, while next major resistance stays at 8925-8933. Update on PTCL sell-off might, however, dominate proceedings. Adjustment should, however, be capitalised. Stocks trading above their fair value should be looked for profit-taking as the macro economic indicators would continue to haunt long-term investors till the officials unfold the plan they intend to implement to put the economy back on track.
D G Khan Cement climbed to Rs 102.90 from Rs 98.95 on business of 64 million shares. PTCL fell 35 paisa to Rs 63.65 on trading of 62 million shares. NBP finished at Rs 167.20, showing a gain of Rs 3.20 on deals of 47 million shares. Fauji Cement rose Rs 1.05 to Rs 23 on turnover of 40 million shares; and MCB Bank Ltd declined by Rs 1.25 to Rs 151.25 on a volume of 19 million shares.

Copyright Business Recorder, 2005

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