KARACHI, Sept 3: The stock market on Wednesday lacked normal trading interest as investors played on both sides of the fence indulging mostly in jobbing activity and did not take long positions on any of the counters owing to uncertainty ahead of the presidential election.

The KSE 100-share index managed to finish with an extended gain of 9.64 points at 9,239.15, but on the other hand its junior partner KSE 30-share index fell by 21.73 points at 10,178.38. The 30-share KSE-Meezan Bank index (KMI) also showed a fall of 18.93 points at 11,201.91.

The increase in benchmark index was attributed to the strength of leading base shares, notably some leading oil shares under the lead of OGDC despite the weakness of the MCB, which holds a greater weightage in it.

The entire activity appears to be a day’s affair amid alternate bouts of buying and selling on small margins of gains and losses as was reflected by mostly fractional price changes.

But a leading stock analyst Hasnain Asghar Ali hears a bull roar steadily marching towards the trading arena and may sweep everything, which comes in its way but when he is not clear.

He may not be wrong as the market’s basic fundamentals, including higher payouts and its highly oversold position could be an envy of any prospective investor, another leading analyst Ashraf Zakaria said adding that it should accompany by some official confidence-building steps.

But some other said the market is expected to be back on the rails possibly by the next week after the presidential election and the lifting of price freeze on the KSE index.

Indications are that the price freeze is expected to be lifted by the next Monday as it has certainly saved the investors from further losses, although it took a greater toll in the daily volumes.

National Foods, which came out with a massive bonus issue of 500 per cent a couple of sessions earlier came in for fresh active support and rose by Rs13.47 followed by IGI Insurance on an identical ground up Rs8.91.

Other good gainers included Allied Bank, Thal Industries, Indus Motors, Clover Pakistan, Tri-Pack Films, which rose by Rs2 to 8.01, Shell Pakistan and Clover Pakistan, being leading among them.

Losers were led by Sapphire Fibre, which eroded a good part of gains netted during the last two sessions, off Rs10.70 and Central Insurance, down by Rs3.30 followed by MCB, New Jubilee Insurance, Highnoon Lab and Glaxo-SKF, which tended lower by Rs1 to 3.30. Others fell fractionally.

Trading volume showed a modest rise at 12,631 shares as compared to 8.882m shares a day earlier as gainers held a lead over the losers at 50 to 41, with 114 shares holding on to the last levels.

PTCL led the list of actives, unchanged at Rs31.50 on 1.013m shares followed by OGDC, static at Rs97.93 on 0.769m shares, Fauji Fertiliser Company, lower by 51 paisa at Rs103 on 0.688m shares, NIB Bank, unchanged at Rs.8.45 on 0.552m shares, Hub-Power, easy by 66 paisa at Rs21.58 on 0.540m shares, Pak PTA, unchanged at Rs3.18 on 0.517m shares, and United Bank, static at Rs68.25 on 0.511m shares.

Nishat Mills followed them, unchanged at Rs46.71 on 0.485m shares, MCB, off Rs1.24 at Rs242.71 on 0.449m shares and Pakistan Cement, unchanged at Rs4.90 on 0.446m shares.

FORWARD COUNTER: Engro Chemical came in for stray selling and fell by 35 paisa at Rs183.15 on 0.132m shares, followed by Fauji Fertiliser Bin Qasim, lower by 12 paisa at Rs22.98 on 0.128m, PTCL, up 20 paisa at Rs31.70 on 0.120m shares.