KARACHI, Oct 27: Trading on the stock market on Monday resumed on an insipid note as investors were not inclined to make fresh commitments after extension in the ‘floor’ under the KSE 100-share index for indefinite period to forestall possible panic-selling by the foreigners.

The KSE 100-share index was held unchanged at the weekend level of 9,182.88 and so did its junior partner the 30-share index at 10,003.99, reflecting the absence of leading investors, while jobbers played on both sides of the market mostly in the undervalued shares.

A series of the meetings held throughout the last week among the regulators to line up funds before removing the floor, which was to be lifted today (Oct 27), remained inconclusive and the majority opted for its extension to save the market from an imminent crash and in turn small investors.

Many old guards of the KSE may not approve the floor extension for the issue of its removal had been politicised, which is a bad omen for the market and a new phenomenon in the trading history of the KSE. “Let the counter market forces allow play their due role and not chain them for the good of it, they said.

“Isn’t a shame for a hereto best performing market to turn out a volume of 0.120m shares in a

single session as compared to its previous record of 1.122m billion shares in its free market operations?” they ask.

“Hamlet and his proverbial to be or not to be seems to have influenced the majority decision,” analyst Ahsan Mahanti jokingly said. “No one could halt the market’s rise or fall if it likes to behave as such.”

An overview of the economy and the global financial sector reflects that hard times may still be ahead both on the corporate and financial fronts. “How long the inevitable could be averted?” he asks.

“The market seems to have slipped into the hands of some vested interests who have made the entire investing public hostage leaving no room for them to exit or make fresh commitments,” analyst Tabish H. Rajabali thinks.

Heavily leveraged brokers appear to be among the leading decision-makers about the floor and its extension or removal, but a thing is clear that the situation will remain the same whenever they decide to remove the floor, he added.

“The villain of the game is said to be the Rs11.05 billion,” analysts said, and those trapped in the unsettled leveraged positions are calling the shots from behind the scenes”.

It was perhaps in this background that out of total two dozens active shares only two rose, while five fell, with 17 holding onto the last levels.

Gharibwal Cement and Fidelity Leasing managed to close higher by five and 75 paisa, while National Asset Leasing, Saritow Spinning, Punjab Modaraba, Shifa International and Sitara Energy were quoted further lower by two to 93 paisa.

Trading volume fell to 0.250m shares from the previous 0.279m shares at the last weekend owing to absence of leading investors.

Al-Abbas led the list of actives, static at Rs6.55 on 0.150m shares followed by Trust Modaraba, also static at Rs1.35 on 26,000 shares, Gharibwal Cement, up by 75 paisa at Rs17.98 on 16,000 shares, Highnoon Lab, unchanged at Rs39.20 on 10,100 shares, Cherat Cement, unchanged at Rs15.90 on 9,500 shares and Sitara Energy, lower by 93 paisa at Rs18.25 on 7,500 shares.

Standard Modaraba, followed them, unchanged at Rs10.20 on 4,000 shares, Shifa International, lower by 53 paisa at Rs20.05 on 3,000 shares and Service Industries, unchanged at Rs78.70 on 2,000 shares.

FORWARD COUNTER: Trading on this counter remained suspended owing to extension of the floor under the KSE 100-share index for an indefinite period.

DEFAULTER COMPANIES: National Asset Leasing came in for stray selling and was marked down by two paisa at Rs0.43 on 10,000 shares. No other shares came in for trading on this counter.