short-covering at the lower levels could not be sustained owing to weakness of the oil sector.
The KSE 100-share index opened on a higher note as some of the leading base shares attracted good support lifting the index to
session’s high of 11,693.85 points but the close was well below it.
Unlike the overnight massive decline all was not bad with the broader market as many leading shares managed to finish partly
recovered on active short-covering at the current lows, notable among them being Dawood Hercules, Colgate Pakistan, Millat
Tractors and some others.
But the mid-session again witnessed the return of the bears pushing the index again to finish with a net fall of 125.96 points at
11,523.42 on renewed foreign selling in oil shares.
What next is the question being debated in the trading hall. But the opinions are divided though leading analysts think the worst
may now be over and technical correction is overdue.
However, a prominent analyst fears a chain of negative reaction of the current massive fall which may end in the shape of default
and margin calls on some.
“The global political and local situation may not be the same as it has been a couple of weeks earlier, investors have to operate
within the prevailing framework including higher commodities and oil prices and political tension and have to confine themselves
within the limits,” most analysts believe.
Prominent gainers were led by Colgate Pakistan and Dawood Hercules, up Rs34.58 and Rs11.84 followed by Millat Tractors,
Island Textiles and Rafhan Maize, which rose by Rs5.87 to Rs6.38.
Major losers included Wyeth Pakistan and Siemens Pakistan, off Rs53.15 and Rs37.01. They were followed by the leading oil
shares, notably Attock Petroleum, Attock Refinery, Shell and PSO, but the largest fall of Rs7.07 was noted in Pakistan Oilfields.
Bata Pakistan Unilever Pakistan and Exide Pakistan followed them, off by Rs9.73 to Rs28.73.
Turnover figure was maintained at the overnight level of over 100m shares at 101m shares but losers maintained a fair lead over
the gainers at 172 to 92, with 91 shares holding on to the last levels.
The active list was led by Bank of Punjab, steady by 43 paisa at Rs7.08 on 12m shares followed by Lotte Pakistan, easy by 38
paisa at Rs15.02 on 10m shares, Fauji Fertiliser Bin Qasim, lower by 62 paisa at Rs39.35 on 6m shares, Askari Bank, lower by
94 paisa at Rs13.09 on 5m shares, Fauji Fertiliser, sharply lower by Rs4.12 at Rs111.21 on 5m shares, Azgard Nine, easy by 20
paisa at Rs9.63 on 4m shares and NIB Bank, firm by six paisa at Rs2.57 on 4m shares.
They were followed by Arif Habib Corporation, up 93 paisa at Rs20.84 on 4m shares, National Bank, off Rs1.44 at Rs68.97 on
3m shares and Nishat Chunian, easy by 25 paisa at Rs24.36 also on 3m shares.
FUTURES CONTRACTS: Fauji Fertiliser Bin Qasim suf fered fresh fall of 54 paisa at Rs39.49 on 0.899m shares followed by
Azgard Nine, easy by nine paisa at Rs9.82 on 0.590m shares and Pakistan Oilfields, sharply lower by Rs6.96 at Rs290.77 on
0.689m shares and its March contract, lower by Rs7.14 at Rs291.37 on 0.499m shares and Azgard Nine, easy by 22 paisa at
Rs9.62 on 0.488m shares.
DEFAULTER COMPANIES: The activity on this counter was slow as only a few shares came in for alternate bouts of buying and
selling under the lead of Japan Power, which was quoted nominally higher by one paisa at Rs1.40 on 0.138m shares followed by
Ravi Textiles, easy by four paisa at Rs1.05 on 0.250m shares and Gauhar Engineering, easy by five paisa at Rs0.70 on 45,000
shares. Others were traded fractionally.
Courtsy Dawn News
KARACHI, Feb 23: The share market on Wednesday extended the overnight losses as the initial rally aided by active selective
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