The Pakistani stock market closed on Friday the last day of the trading week (April, 07-11, 2008) under review at 15431 point with an decrease of 39 points with reference to the closing of the market at15471 points on April 07, 2008, the first day of the trading week under review and 41 points up in comparison with the closing of the market at 15472 points on the previous Friday April 04, 2008, the last working day of the previous trading week. Stocks were back on the rails on strong local and foreign buying in leading oil shares on Friday, the last day of the trading week under review on reports of higher production and owing to some other blue chips, which received a massive battering owing to Wednesday's city violence. The snap rally was led by leading energy shares, which rose in unison, partly on reports of an increase of over six per cent in local oil production and partly due to higher world prices, which are stable above 112 per barrel. There was, however, no trace of Wednesday's panic when trading had  resumed as the city limped back to normality and investors covered positions on the counters of their choice, though the market witnessed stray value adjustments here and there late in the afternoon session because of weekend considerations. It seemed the market had decided not to follow conflicting comments by political leaders on some core issues, but no go for its technical demand until there was a back event on the political front. The 100-share index had recovered 125.97 points at 15,430.89, as leading base shares came in for active support under the lead of oil scrips and some other blue chips, including Arif Habib Securities, Hub Power and some others. "The market could move lower owing to snap shocks, both political and inspired, but it appears pretty difficult to jolt it down from its current levels," analyst Ch Anwarul haq thought, "it was operating in line with positive fundamentals rather than economic worries." The new entrants in the share business, both from the industry and the real estate, having massive funds at their disposal were keeping the market in a good shape and for good reasons too, he said. Analyst Ch Jamil Painda, supporting his view, said another positive stimulant was the perception of higher payouts for the year ended March 31, 2008, and their pre-announcement impact on their share values. Leading gainers included Colgate Pakistan and Nestle Pakistan, up by Rs27.80 and 75, followed by Lakson Tobacco, Mari Gas, Attock Petroleum, Pakistan Oilfields, Sanofi-Aventis, Service Industries, Clover Pakistan, Pakistan Resource Co and Pakistan Engineering, which posted gains, ranging from Rs7 to Rs27.60. Losses on the other hand were modest barring AKD Capital, and Bata Pakistan fell by Rs20 and 30 followed by Dawood Lawrence, KSB Pumps and Dadex Eternit, off by Rs5.30 to Rs7.10. Trading volume fell to 245m shares from the previous 305m shares as gainers held a strong lead over losers at 193 to 97 with 45 share holding on to the last levels. Fauji Fertiliser Bin Qasim, topped the list of actives, steady by 10 paisa at 40.95 on 29m shares, followed by Pakistan Oilfields, sharply higher by Rs17.90 at Rs392.90 on 26m shares, D G Khan Cement, off 15 paisa at Rs117.90 on 12m shares, Pakistan Petroleum, up by Rs3.75 at Rs266.50 on 8m shares, and Hub-Power, higher by Rs1.15 at Rs32.90 on 11m shares. Arif Habib Securities, which has been under pressure for the last couple of sessions, also recovered from the previous lows and was quoted higher by Rs4.35 at Rs182.35 on 11m shares, Nishat Mills, off Rs2.70 at Rs127 on 10m shares, Norrie Textiles, which shifted from the defaulters' list up 60 paisa at Rs4.20 on 9m shares, Lucky Cement, lower 70 paisa at Rs144.25 on 7m shares and Sui Northern Gas, up 60 paisa at Rs69.50 also on 7m shares. Stocks failed to extend the weekend rally on Monday, the first day of the trading week under review owing to late snap selling by some of the weak holders after reports of maltreatment of the former chief minister of Sindh during the assembly session reached the market but it was well-absorbed at the dips. The 100-share index posted a fractional fall of about three points 15,470. The underlying sentiment, however, did not show any signs that the current run-up is over-done but indicated that the market will resume its upward drive by tomorrow. Trading resumed on a higher note as investors continued to build up long positions on banking, oil sectors and some blue chips amid market talk of strong presence of foreign buying. The early buying euphoria was also well-reflected in the KSE 100-share index, which maintained its weekend run-up and soared well over 100 points to hit its highest level so far at 15,589.32. The strength of leading base shares, notably MCB bank, OGDC, Engro Chemical Pakistan, Arif Habib Securities and Bank Al-Falah contributed to the initial robust opening. But the closing was a bit lower as it ended with a fractional fall of 2.71 points at 15,469.74 on snap technical selling by some of the leading punters. Its junior partner on the other hand rose by 11.29 points at 18,871.15. "The snap reaction my have been caused by some negative developments in the Sindh assembly session followed by walk-out by MQM on reports of maltreatment of the former chief minister," said Ejaz Butt, an analyst, adding "essentially I would call it technical correction in an apparent over-bought market." "There was nothing wrong in the background corporate news to which the reaction could be attributed," h said and added, "37.5 per cent cash dividend by Lakson Tobacco Company whose managed has decided to close the local production facilities because of massive losses caused by Dec 27 burning of the factory as a reaction to Benazir Bhutto's assassination shows that sharing of profit with the share-holders is a chief priority". A record bonus issue of 455.55 per cent by the Pakistan Reinsurance reflects that insurance sector continues to be an envy of investors despite massive claims on most of them against Dec 27 riots. Its share value surged by Rs22.70 at Rs477.35 (face value Rs10) in post-bonus announcement. "Foreign investors are in market in a big way and may have a long-term planning and sound portfolio building though on selected counters," said another leading analyst Ch Anwar ul Haq, adding "the picking up of stocks, notably in the banking oil sectors, shows that they mean business." Dividend session for the financial year ended March 31 is just around and indications are that corporate earnings of most of the leading companies show the pay-outs are expected to be on the higher side and in line with the analysts predictions, which push the market further higher in the coming weeks, he said. The general perception is that they are now pretty sure that the new political setup is fairly strong and could deliver despite the fact they were trusted with an economy which needs massive investment, both local and foreign. MCB Bank, Bank Al-Falah, Arif Habib Securities, OGDC, Engro Chemicals, Nishat mills were in the forefront of the rising shares, which ended with sharp gains even at the highly inflated levels. Leading gainers were led by Siemens Pakistan and AKD Capital, up by Rs31 and Rs30, followed by Central Insurance, IGI Insurance ahead of its board meeting, Thatta Cement, which made debut at Rs10 and rose by Rs18.95, Pakistan Refinery, Dawood Hercules, BOC Pakistan, National Foods and Shezan International, which posted gains, ranging from Rs8.10 to Rs18.95. Pakistan Engineering and Colgate Pakistan led the list of major losers and fell by Rs18.40 and Rs15. Other prominent losers include JS & Co, PSO, Pakistan Cables, Pakistan Services, EFU Life and Lakson Tobacco, off by Rs7.40 to 13.80. Trading volume fell from the weekend higher level to 255 million shares as losers held a comfortable lead over gainers at 172 to 144, with 37 shares holding on to the last levels. Arif Habib Securities led the list of actives, sharply higher by Rs8.60 at Rs188.60 on 24m shares, followed by Nishat Mills up by Rs6.15 at Rs129.50 on 18m shares, D. G. Khan Cement, firm by Rs1.45 at Rs116.45 on 16m shares, OGDC, steady by 25 paisa at Rs137.50 on 12m shares, Engro Chemical, higher byRs7.20 at Rs347.40 on 12m shares, Bank Al-Falah, up Rs2.30 at Rs58.75 on 10m shares, and MCB Bank, higher by Rs5.50 at Rs418 on 6m shares. Other actives were led by Azgard Nine, up Rs3.80 at Rs80.75 on 11m shares, Pervez A Securities, higher by Rs3.80 at Rs80.20 on 9m shares, and Lucky Cement, steady by five paisa at Rs144.10 on 6m shares. Stocks turned mixed on Tuesday as investors had an overview of the CGS MK-II, which made its debut a day earlier, ensuring enormous funds for the prospective investors in the share business, analysts said. Incidentally, it coincided with the market's consolidation phase as investors were worried over the negative fallout of the ugly incident of manhandling of former Sindh chief minister in the Sindh Assembly leading on the boycott of muttahida Qaumi Movement from the proceedings amid fears of political polarization. The 100-share index showed a modest rise of 4.33 points at 15,474.07 after at one stage having hit the session's high at 15,496.74. Its junior partner also rose by 15.71 points at 18,886.86. The pause was also attributed to introduction of CFS MK-II, from April 7, under which investors could borrow up to Rs85 billion without any cash deposit doing away with the previous CFS (Continuous Funding System) ceiling of Rs55 billion. When fully operative, the new funding system will significantly boost stock trading owing to the availability of enormous funds to the prospective investors, floor brokers said. "No one could precisely say that the index is in an indecisive frame of mind to go beyond the barrier of 15,500 points," analyst Ejaz Butt said. "It has more than one reason to explore new highs just in no time." Upper locks in some of the leading shares, notably Engro Chemicals, Arif Habib Securities, followed by renewed price flare-up may not necessarily reflect the presence of strong foreign buying but it was there in various forms, he said. "After having broken the barrier of 15,500, it was poised to go beyond it but Monday's ugly event in the Sindh Assembly halted it upward drive though temporarily," another analyst Gulfam Ahmad Khan Sherwani said. But dominating opinion is that there is nothing wrong in the background news despite a lout whispering about taxing the share business as investors continued to make heavy covering purchases in some of the leading shares. Dividend announcements for the financial year ended March 31, 2008 are just around and they could take the index to new highs aided by higher payout leading to strong speculative support, some others said. Leading gainers were led by Pakistan Resource Co, which announced a record bonus shares at the rate of 455.55 per cent, up with another Rs23.85 followed by AKD Capital, higher by Rs36. Other prominent gainers, included Arif Habib Securities, Central Insurance, Dawood Lawrence, PSO, Mari Gas, Pakistan Services, Engro Chemical, Dawood Hercules, and Habib Insurance, which werequoted higher by Rs6 to Rs18.90. Unilever Pakistan and EFU Life Assurance were leading among the losers, off by Rs18.90 and Rs19, repectively, followed by First Capital Securities, Exide Pakistan, Lakson Tobacco, and EFU General, off by Rs5.35 to Rs14. Traded volume rose to 349m shares from the previous 255m shares but losers held a modest lead over the gainers at 156 to 136, with 50 shares holding on to the last levels. D.G. Khan Cement led the list of actives, up by Rs2.15 at Rs118.60 on 61m shares, followed by Arif Habib Seucirities, sharply higher by Rs7.70 at Rs196.30 on 44m shares, Lucky Cement, up Rs1.40 at Rs145.50 on 23m shares, Engro Chemical, higher by Rs10.50 at Rs357.90 on 19m shares, OGDC, firm by 60 paisa at Rs138.10 on 11 million shares, Pakistan Oilfields, higher by Rs5.60 at Rs375.50 on 10m shares and Fauji Fertiliser Bin Qasim, lower by 65 paisa at Rs45.20 on 10m shares. Other actives were led by Nishat Mills, up 50 paisa at Rs130 on 27m shares, Azgard Nine, off Rs4 at Rs76.75 15m shares and Pervez Ahmed Securities, lower by Rs2.70 at Rs77.50 on 9m shares. The share market turned lower owing to fresh selling on selected counters on Wednesday, the third day of the trading week under review as a section of investors took a bearish view of some politically motivated ugly incidents, notably manhandling of a former minister allegedly by lawyers in Lahore. But a leading stock analyst said a loud official whispering about withdrawal of exemption on capital gains tax in the new national budget did take its toll after the mid-session but the general perception was that it may not be a bearish factor in the market's current bullish stance in the broader corporate perspective, including higher payouts. "The 100-share index should to have resumed trading with a spurt of about 125 points at 15,599, if it had been bowed down by Tuesday's Lahore incident of violence," an analyst said, adding: "it was its inherent strength that was keeping it well above the highest ever level of 15,000 points." Although towards the final closing bell, it shed 69.90 points, at 15,404.17 as compared to 15,474.07, it confidently stayed well above the sustainable level of 15,400. Active selling in leading shares, notably Arif Habib Securities, Nishat Mills, OGDC, Bank Al-Falah and D G Khan Cement and some others from the early highs. Leading base shares, notably Engro Chemical and blue chips on the oil counter, came in for active fresh buying and ended higher, but on the other hand cement sector came in for active selling despite reports of higher experts and increase in local selling prices which ended lower from the early highs. "It might not be that easy to pull the market down from the current levels save a major negative political event," said a leading floor broker. "The new elite behind the market's current bullish stance was too strong to be panicked by adverse comments." Pakistan Resource Company continued to scale fresh highs on the strength of higher bonus shares and rose by another 25.05 for the third session in a row in post-bonus trading, followed by Dawood Hercules, up Rs20.60, followed by Habib Bank, Central Insurance, EFU General, EFU Life, IGI Insurance, Dawood Lawrence, International Industries, BOC Pakistan, Unilever Pakistan and National Foods, which rose by Rs6.30 to 19.80. The 100-share index on Thursday, the second last day of the trading week under review reacted violently to the Wednesday's city violence and arson incidents as panicked investors indulged in hasty selling fearing further deterioration in the law and order situation. At one stage it was down by 230 points but ended sharply recovered with a net fall of 99.25 points at 15,304.92. But after mid-session, investors were back in the market and covered positions at the lower levels on the blue chips counters, notably cement and leading insurance shares and blue chips, limiting the decline. The index's rebound from the initial low of 15,178.67, off 230 points reflects that the market is capable of absorbing snap shocks on its inherent strength amid analysts' predictions that the long-term outlook remains bullish. It finally finished with a fall of 99.25 points at 15,304.92 as compared to previous 15,404.17 a day earlier. The free-float 30-share index followed it off 71.71 points at 18,656.42. The rebound was supported by active short-covering at the lower levels in leading shares, notably D. G. Khan Cement, Nishat Mills, Engro Chemical and some others, which rose from the early lows. "City violence apart, the market sentiment initially was also weighed down by two opinions about the capital gain tax linked to share business," said a leading analyst Ch Anwar, adding, "Whether or not both are with-drawn or a status quo would be maintained is the chief worry of the investors." Gulfam Ahmad Khan Sherwini, said that the market stance during the post-election weeks showed that investors were not inclined to entertain bearish ideas till the dividend announcements for the year ended on March 31, are made. Its strong rebound after each dip reflected that a section of investors apparently vowed to the keep index level above 15,000 points even in most trying conditions, he added. However, minus signs dominated the list under the lead of AKD Capital and Nestle Pakistan ,off by Rs21 and 75 followed by Arif Habib Securities and Arif Habib Ltd, Adamjee Insurance, Pakistan Refinery, Attock Petroleum, Dadex Eternit, Dawood Hercules, Unilver Pakistan, Pakistan Services and AKD by Rs6.25 to Rs21. But on the other hand Bata Pakistan and Siemens Pakistan managed to finish higher by Rs30 and 43. Other prominent gainers included EFU General, JS & Co, National Refinery, International Industries, National Foods, Pakistan Engineering, Fazal Textiles and New Jubilee Insurance, which posted gains ranging from Rs7 to Rs26.30. Traded volume was maintained above the 300m share at 305m shares but losers maintained a fair lead over the gainers at 217 to 93, with 23 shares holding on to the last levels. The most active list was topped by D.G. Khan Cement, sharply higher by Rs3.65 at Rs118.05 on 32m shares followed by Fauji Fertiliser Bin Qasim, lower by Rs5.20 at Rs40.85 on 27m shares, Nishat Mills, higher by Rs5.20 at Rs129.79, Arif Habib Securities, sharply lower by Rs8.50 at Rs178 on 17m shares, and Lucky Cement, up 95 paisa at Rs144.95 on 14m shares. Engro Chemical followed them, lower by Rs1.65 Rs357.10 on 10m shares, Pakistan Oilfields, sharply lower by Rs5 at Rs375 also on 10m shares and Bank Islami Pakistan, easy by 40 paisa at Rs19.35 on 8m shares, NIB Bank, off 65 paisa at Rs18 on 11m shares and Azgard Nine, up Rs1.05 at Rs74 on 8m shares.