KARACHI, July 2: Stocks lacked normal trading interest on Wednesday as leading investors kept to the sidelines witnessing the outflow of funds to other investment outlets, notably dollar and gold. The KSE 100-share index was off by another 95.43 points at 12,126.10.

An idea of falling demand may well be had from the fact that the share volume hit the 13.778m shares, close to the lowest ever so far at 11.485m shares recorded on June 30, 2008 reflecting the absence of both bargain-hunters and speculative forces owing to the prevailing political uncertainty.

Share values, therefore, again fell across-the-board as sellers dominated the trading throughout the session, but failed to find willing buyers even at the terribly lower rates on the blue chip counters. Bank, oil, cement and other recent actives were in the forefront of losers.

“The fall in volume figure to a meagre total reminds me the trading pattern of the mid-1970s and beyond when the day’s turnover figure seldom exceeded the high limit of 10m shares,” said an old broker. Also the early 1990s when some of the blue chips, notably OGDC, PTCL and some others individually netted well over 200m shares in a single session.

“Why should investors put in their money in a falling stock market which is already weighed down by many psychological depressants,” asks a leading analyst. “Until financial institutions come to its aid and starts a rescue operation the causalities could be unlimited,” he added.

“Huge funds are steadily flowing out of the share market to other profitable avenues the US dollar and the gold are the best bet now,” he observed.

The US dollar soared to Rs69/69.20 for buying and selling in the inter-bank market amid rising demand, analysts said.

Gold was heading to set new highs following huge investments were finding their way in the yellow metal pushing its price to Rs20,250 per 10 grams, they said.

It is pretty difficult to predict about the future market direction at this stage, but any official move to put the market back on the rails will be welcomed by general investors, they said.

Some of the inactive shares managed to finish with modest rise of Rs11.35 and Rs4.53 under the lead of KSB Pumps and Metropolitan Steel, followed by Shakarganj Sugar, PNSC, Gillette Pakistan, Cherat Papersack and United Brands, which were quoted higher by Rs1.01 to Rs4.50.

Kakakhel Industries and JS & Co fell by Rs5.80 and Rs5.24, respectively. Others included Arif Habib Ltd, Habib Bank, MCB Bank, Adamjee Insurance, PSO, Shell Pakistan, National Refinery, Mari Gas, Pakistan Petroleum and Dawood Hercules, off by Rs2.06 to Rs4.28 owing to lower cap of one per cent.

Trading volume fell to 13.778m shares from Tuesday’s 47m shares as losers held a strong lead over the gainers at 162 to 33, with 23 shares holding onto the last levels.

OGDC led the list of actives, lower by Rs1.26 at Rs123.16 on 2m shares, followed by Arif Habib Securities, off by Rs1.60 at Rs158.80 also on 2m shares and PSO, sharply lower by Rs4.28 at Rs424.51 on 1.288m shares.

Pakistan Oilfields, easy by Rs3.62 at Rs358.48, MCB Bank, off Rs13.23 at Rs319.58 on 1m shares, Saudi Pak Bank, lower by 7 paisa at Rs15.18 on 0.535m shares and Pakistan Petroleum, off Rs2.43 at Rs241.12 on 0.377m shares.

Other actives were led by D.G. Khan Cement, lower by 66 paisa at Rs65.81 on 0.659m shares, ICI Pakistan, easy by 50 paisa at Rs162 on 0.485m shares and Sui Northern Gas Pipelines Ltd, lower 44 paisa at Rs43.71 on 0.411m shares.

FORWARD COUNTER: Engro Polymer again led the list of actives, lower by Rs1.37 at Rs26.14 on 3m shares followed by KASB Securities, off Rs3.84 at Rs73.14 on 2m shares and Crescent Investment Bank, higher by Rs1.80 at Rs11.80 also on 2m shares.