movement. The average COT investment and volumes also registered a decline. The top three stocks were PSO, HUBCO and PTCL. COT investment in PSO surged and touched the peak level of Rs 2 billion. In HUBCO genuine buying continued and average COT volume and investment declined at the back of lower than expected dividend. Buying interest in PTCL continued due to higher level of expectation in the scrip. Punters' interest was also high in MCB as the average volume and investment shot up.

NATIONAL BANK OF PAKISTAN

The bank has shown a four-fold increase in its profit after tax, amounting to Rs 1.157 billion for the first half of year 2002 as compared to a nominal profit of Rs 295 million for the corresponding period of last year. The earning per share worked out to Rs 3.03 for the period compared to that of Rs 0.79 for the first half of last year. The factors contributing to this massive improvement were: reduction in amortization cost, increase in income and decrease in effective tax rate. Total revenue increased from Rs 6.862 billion to Rs 7.349 billion. During the period under review the bank amortized Rs 181 million of deferred cost, whereas during the corresponding period of last year the total expense under the head was as high as Rs 1.317 billion. A factor which will affect the earning of all the commercial banks, including National Bank, is the declining yield on government securities.

ATTOCK CEMENT PAKISTAN

The company released its financial results for the year ending June 30, 2002 and also announced 10 per cent final dividend. An interim dividend of 5 per cent was paid earlier, making the total payout at 15 per cent. The company had also issued 10 per cent interim Bonus Shares. Though there was a reduction in sales, there was improvement in profit before tax. The factors which contributed to improvement in profit were: better cost controls and reduction in financial charges. Sales declined from Rs 1.379 billion to Rs 1.370 billion. Cost of goods sold came down Rs 1.147 billion to Rs 1.107 billion. Financial charges were contained at Rs 23.3 million as compared to that of Rs 53.6 million for the corresponding period of last year. However, selling and administrative expenses went up from Rs 25 million to nearly Rs 60 million.

LAWRENCEPUR WOOLLEN & TEXTILE MILLS

The company released its financial results for the year ending June 30, 2002 and also announced 30 per cent final dividend. Earlier, it has paid 30 per cent interim dividend, making the total payout at 60 per cent. The company had also paid a similar dividend for the year 2001. However, the point of concern is that such high dividend has been paid for the last two years by utilizing accumulated profit. The dividend paid for year 2001 amounted Rs 32.5 million as against a profit after tax of Rs 29.8 million. Similarly, the company would pay Rs 32.5 million dividened as against a profit after tax of Rs 27.8 million.

IBRAHIM LEASING

The company has posted Rs 31 million profit before tax for the year ending June 30, 2002 as compared to that of Rs 27 million for the correponsing period of last year. This may not look extraordinary but a detailed examination reveals an interesting story. Revenue came down from Rs 73 million to Rs 52 million. The massive reduction in revenue was due to reduction in income from Sharia based instruments. Morabaha income came down from Rs 4.7 million to slightly more than Rs 0.7 million. Musharika income reduced to zero from as high as Rs 19.3 million. The factors contributing to reduction in expenses were massive reduction in financial charges and provision for potential lease losses. Financial charges came down from Rs 26 million to Rs 4 million. Provisions against lease loss reduced to half, from Rs 10 million to Rs 5 million. All these factors enabled the company to also announce 10 per cent dividend for the year 2001. The company had not paid any dividend for the previous year.

CRESCENT LEASING

The second tranche of the company's TFCs has been oversubscribed. As against a public issue of Rs 50 million, the total subscription was Rs 184.2 million. Earlier, TFCs with Rs 150 million were sold through private placement. The company has decided not to exercise green shoe option and the TFCs will be allocated on pro rata basis and excess amount will be refunded to the investors. The TFC has been rated AA- (double A minus) by JCR-VIS Credit Rating Agency. This denotes low expectation of investment risk and a strong capacity for timely redemption of principal and payment of expected profit.

MOVEMENT AT A GLANCE
SCRIP	HIGH (Rs.)	LOW (Rs.)	CLOSING  PRICE	TURNOVER  (SHARE)
P T.C.L.A	19.95	19.60	19.60	103,275,500
Hub Power	27.65	27.30	27.35	129,618,000
MCB	26.60	26.05	26.30	24,901,000
Adamjee Ins	44.80	43.85	43.85	22,950,000
National Bank	23.75	23.15	23.15	13,009,000
Dewan Salman	15.00	14.30	15.00	12,971,000
I.C.I.	40.00	39.35	39.55	17,197,800
Engro Chem	62.40	60.00	60.55	4,929,000
Fauji Fert	49.25	48.70	49.25	4,070,100
Ibrahim Fib.	16.40	16.15	16.35	1,044,500

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