KARACHI, July 4: Trading volume on the Karachi Stock Exchange on Friday fell to an all-time low of 5.349m shares as investors stayed away from a terribly uncertain market plagued by the turmoil in the currency market, weak economy and the Fata operation.

“The villain of the game appears to be the recent market stabilisation measures, notably the lower cap of one per cent,” some leading analysts believe. “By restoring the previous lower cap of 5 per cent, the trading volume will rise after due adjustment in values in one-go,” they think.

The KSE 100-share index breached through the barrier of 12,000 points and was last quoted at 11,961.66, off 73.55 points as leading shares, notably OGDC, National Bank, MCB Bank, PSO and some others fell sharply lower.

Never before in the trading history of the KSE, investors faced such a dilemma and could not precisely decide how to brave the threat to its very physical existence sans official patronage.

“Why not the higher-ups at the Securities and Exchange Commission of Pakistan end this joke with the investors who have already lost billion of rupees in the market’s creeping decline as the index during the week lost about 400 points,” a leading analyst asks.

“Even during 1971 war (including a brief shutdown) and after the fall of Dhaka, the market had not passed through such a lean period amid hopes the worst will at last over,” another analyst observed.

“However, now everyone seems to be in an agony and could not tell his inner grief over the developing situation on the country’s premier stock market,” he remarked.

Although the KSE had also previously witnessed lower single session turnover figures of, for instance, 0.361m shares on April 23, 1979, 1.023m shares on Oct 2, 1985 when the number of listed companies was too small and it was not opened to foreigners. But, now it has no relevance to the market of beyond the year 2,000 both in number of listed companies and the market capital as well as higher corporate payouts.

However, the figure was too low viewed in the backdrop of its previous single session all-time high record of 1.122 billion shares on April 16, 2004.

Minus signs again dominated the list, although some of the leading shares, notably Colgate Pakistan and Shell Pakistan managed to finish higher by Rs55.21 and Rs41.50, respectively, followed by Al-Mal Securities, N.P. Spinning, Pakistan Tobacco and Mehmood Textiles, up by Rs1.70 to Rs12.90.

However, losers were led by Attock Petroleum and PSO which fell by Rs4.23 and Rs4.20 respectively. They were followed by MCB Bank, Adamjee Insurance, Attock Refinery and National Refinery, Dawood Hercules, Engro Chemicals, BOC Pakistan, National Foods, Shezan International, Pakistan Oilfields and Millat Tractors which suffered a fall ranging from Rs2.43 to Rs4.23.

Turnover fell to a record of 5.349m shares as compared to previous 11.117m shares as losers held a fair lead over the gainers at 151 to 28, with 19 shares holding on to the last levels.

OGDC led the list of actives, off by Rs1.21 at Rs120.72 on 1.204m shares followed by National Bank, easy by Rs1.44 at Rs143.13 on 0.526m shares, NIB Bank, lower by 11 paisa at Rs10.93 on 0.289m shares and Fauji Cement, easy by 9 paisa at Rs9.74 on 0.179m shares.

Hub Power, easy by 27 paisa at Rs27.49 on 0.170m shares, Bank of Punjab, off 30 paisa at Rs29.92 on 0.142m shares and Saudi Pak Bank, lower 15 paisa at Rs15 on 0.140m shares.

Other actives were led by Pak Elektron, easy by 55 paisa at Rs54.94 on 0.150m shares, Zeal-Pak Cement easy by two paisa at Rs2.66 on 0.168m shares and S.S. Oil, easy by 10 paisa at Rs10.08 on 0.135m shares.

FORWARD COUNTER: Crescent Investment Bank led the list of actives on this counter,easy 16 paisa at Rs10.75 on 0.940m shares, Engro Polymer off Rs1.24 at Rs23.60 on 0.822m shares and KASB Securities, lower by Rs3.47 at Rs66.02 on 0.563m shares.

OGDC despite a new gas recovery fell by Rs1.23 at Rs122.03 on 0.159m shares and PSO, off Rs4.23 at Rs419.28 on 0.158m shares.

BONUS SHARES: Pakistan International Element Islamic Fund, 3.49 per cent, Pakistan Income Fund, 2.89 per cent, Pakistan Stock Market Fund 20.22 per cent, Pakistan Capital Market Fund 2.59 per cent, KASB Liquid Fund, cash 2.75 per cent, KASB Stock Market and KASB Liquid Fund, both nil.

---------------------------------------------------------------------------

July 4, 2008

Market at a glance

TONE:bearish,total listed 652,actives 198,inactives 454,plus 28,minus 151,unc 19

KSE 30-SHARE INDEX;previous 13,973.72,Friday’s 13,852.52,minus 121.20 points

KSE 100-SHARE INDEX:previous 12,035.21,Friday’s 11,961.66,minus 73.55 points

MARKET CAPITAL;previous Rs.3,712.704bn,Friday’s 3,690.300bn,minus 22.404bn

TOP TEN;gainers Colgate Pakistan Rs.55.21,Shell Pakistan 41.50,Mehmood Textiles 12.90,Pakistan Tobacco 2.60,N.P.Spinning 2.20

LOSERS:Attock Petroleum Rs.4.23,PSO 4.20,National Foods 3.78,Dawood Hercules 3.77,Shezan International 3.55

TOTAL VOLUME:5.349m shares

VOLUME LEADERS:OGDC 1.204m,National Bank 0.526m,NIB Bank 0.289m,Fauji Cement 0.179m,Hub-Power 0.170m shares.