KARACHI, June 27: Trading volume on the Karachi Stock Exchange on Friday fell to a seven-year low at 30m shares as investors kept to the sidelines owing to political uncertainty and the absence of leading brokers who remained busy with the formalities of the rollover week after the expiry of the matured June settlements.

The KSE 100-share index was off by 99 points at 12,353.19.

However, it was not the lowest total as an all-time single-session low was recorded at 15.141m shares on Sept 3, 2001 after the full implementation of T+3 trading system. The second lowest figure was hit at 16.565m shares on Oct 8, 2001 after the US attacked Afghanistan and the highest so far at 1.122 billion shares on April 16, 2004 owing to heavy buying in OGDC, PTCL at the time of their debut.

Some analysts also attributed the steep fall in the volume figure to the rollover week as the matured June settlements were rung off the board and the July contracts assumed the role of ruling deliveries. Clearing problem faced by some of the brokers was another aiding negative factor, they added.

“The share business appears to be in a real trouble as investors are not inclined to put fresh money in stocks owing to an uncertain future outlook,” brokers said.

The shares market suffered fresh pruning as a section of investors indulged in profit-selling on a number of counters at the inflated levels amid light trading but there were not many willing buyers.

Analysts said it was the extension of Thursday’s late selling as investors were not inclined to hold onto their long positions even on the blue chip counters due to law and order situation in the tribal areas and negative US comments on the prevailing conditions in the border areas.

The KSE 100-share index finished with a fall of 98.89 points at 12,353.19 as compared to 12,452.08 a day earlier, reflecting the weakness of the leading base shares. Its junior partner the 30-share index was marked down by 134.16 points at 14,459.14.

Minus signs held a strong lead over the plus ones under the lead of United Sugar and Siemens Pakistan, off Rs16.67 and Rs14.20. Other ended modestly lower under the lead of EFU General, JS & Co, Attock Petroleum, PSO, Shell Pakistan and Pakistan Services, which fell by Rs4.13 to Rs5.40.

Bata Pakistan and Ferozsons Lab managed to finish higher by Rs75 and Rs14.04, respectively, followed by Haseeb Waqas Sugar, Shahtaj Sugar, Agriautos, Indus Motors, Chaudhry Textiles and EFU General, up by Rs5 to Rs9.09.

Trading volume fell to a new low at 30m shares as compared to 146m shares a day earlier as losers maintained a strong lead over the gainers at 190 to 66, with 28 shares holding on to the last levels.

KESC came in for modest support and was marked up by 19 paisa at Rs5.24 on 3m shares followed by MCB Bank, off Rs3.33 at Rs329.67 also on 3m shares and EFU General, higher by Rs9.09 at Rs364.50 on 2m shares.

Bankislami lower by 10 paisa at Rs14.94 also on 2m shares, Arif Habib Securities, easy by Rs1.64 at Rs163.11 on 1m shares, OGDC, lower by Rs1.26 at Rs125.61 also on 1m shares and NIB Bank, easy by 11 paisa at Rs11.48 on 1m shares.

Other actives included JS & Co, off by Rs5.40 at Rs535.50 on 1m shares, Dominion Stocks, lower by six paisa at Rs6.07 on1m shares and D.G. Khan Cement lower by 68 paisa at Rs67.81 on 0.853m shares.

FORWARD COUNTER: Engro Polymer came in for stray selling and fell by 41 paisa at Rs29.55 on 4m shares, Habib Bank, lower by Rs2.17 at Rs215.54 on 3m shares and PTCL, easy by 39 paisa at Rs39.21 on 2m shares.