The share market on Monday passed through a terribly dull session as leading investors remained conspicuous by their absence apparently awaiting the reduction in petroleum prices and having an overview of the Swat operation.
The benchmark KSE 100-share index was quoted lower by 4.79 points at 7,172.85, but on the other hand its junior partner the KSE 30-share index rose by 22.62 points at 7,743.35 on stray short covering in leading base shares.
However, the fractional price changes and steep decline in the turnover figure indicates that both the bulls and the bears are maintaining a status quo until a cut in petroleum prices is announced by the government ,analyst Ashraf Zakaria said, “ The talk of five to seven percent cut in petroleum prices is too meager in view of the prevailing oil prices on the international markets,” they said, adding the next couple of sessions prior to the announcement may be crucial for the future market trend.
However, leading oil shares maintained a status quo and did not react bearishly to conflicting reports about the possible cut in prices and leading among them rose modestly under the lead of PSO, which was marked up by Rs2.68.
Although the federal budget is likely to be announced possibly on June 6, the IMF relief of Rs190 billion after having linked tax revenue target with GDP growth is still to play its positive role in the share trading, analyst Hasnain Asghar Ali hopes.
“Tax worries despite official announcements about the extension of capital gain tax for another year, notably on the issue of capital value and withholding taxes did have their toll on certain sectors, analyst Ahsan Mehanti said, adding the chief factor appears to be lack of support even from the State Enterprise Fund.
Leading gainers were led by Unilever Pakistan and Pakistan services, up by Rs11.33 and Rs8.45, followed by Javedan Cement, Engro Chemical, Altas Honda, Adamjee Insurance
S h e e z a n International and ICI Pakistan, which were quoted higher by Rs19 to Rs5.49. Siemens Pakistan were among the top losers, off Rs20.13 and Rs14.99. They were followed by Attock Petroleum, Pak-Suzuki Motors, Glaxo-SKF, Clover Pakistan, Colgate Pakistan and HinoPak, which were marked down by Rs2.50 to Rs5.56.
Trading volume fell to 110m shares from the previous 121m shares as losers held a modest lead over the gainers at 158 to 148, with 17 shares holding on to the last levels.
Pak PTA led the list of actives, steady by 18 paisa at Rs3.10 on 17m shares,JS&Co, up Rs1.06 at Es27.09 on 10m shares, D.G. Khan Cement, higher by Rs1.12 at Rs24.90 on 9m shares, Lucky Cement, firm by 63 paisa at Rs56.40 on 6m shares, Bank Alfalah, easy three paisa at Ra12.34 also on 6m shares, NIB Bank, lower four paisa at Es5.65 on 5m shares, and Arif Habib Securities, up Rel at Es27.74 on 4m shares, Adamjee Insurance followed them, sharply higher by Es3.43 at Es79.36 on 4m shares,Azgard Nine, firm by 42 paisa at Rs19.05 on 3m shares, and Pakistan Oilfields, fell by 53 paisa at Rs153.41 also on 3m shares.
Pakistan Oilfields came in for stray support and was quoted higher by Rs3 at Rs156 on 1,000 shares, Azgard Nine, rose by 43 paisa at Rs19.73, but on the other hand all the contracts of Allied Bank suffered modest fall, without and deal.
Other leading shares ruled mixed but some of them managed to finish higher under the lead of PSO, Pakistan Oilfields and ICI Pakistan sans any business.
Mixed trend was seen on this counter amid alternate bouts of buying and selling amid fractional price changes barring suhail Jute and Syed Match, which fell by 84 paisa and Rel, without any deal.
Among the actives, Zeal Pak Cement was leading, unchanged at Rs0.42 on 0.364m shares followed by Quice Foods, easy by one paisa at Rs1.84 on Es82,500 shares, Services Fabrics, static at Rs0.34 on 34,000 shares.
Mehran Sugar Mills, interim bonus shares at the rate of 20 per cent.
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