KARACHI, Sept 12: The share market finished the weekend session on an easy note on Friday as leading investors remained conspicuous by their absence apparently because of tension between Pakistan and the United States on cross border intrusions by the Nato forces and tough stand taken by Pakistan on the issue.

The KSE 100-share index shed another 9.47 points at 9,253.92 as compared to previous 9,263.39, reflecting the weakness of leading base shares, notably National Bank, Fauji Fertiliser and Engro Chemical.

Light turnover figure of 12m shares reflects that investors just marked their time. Weekend considerations also weighed against the sentiment.

However, some leading analysts think the market being in a highly oversold position is ripe for a grand rebound and it may manifest itself in a bigger way on selected counters possibly by the next week.

The trading was dominated by fears of the further deterioration in the Pak-US ties on the issue as the latter insists on hot pursuit of militants inside Pakistan, while Pakistan warned against the repeat of such incidents.

“Good sense should prevail on the mad actions of the Nato forces in an alien land and that too with heavy death toll but stand taken by Pakistan on this issue must have sent tough message in the relevant quarters,” some analyst said.

But worried over the developing situation, investors have decided to have an overview of the situation before resuming normal activity, they added.

Dividend news from some of the companies, notably Netsol Technologies, 20 per cent bonus and 10 per cent cash, 40 and 21 per cent cash by Imrooz and Habib Modaraba, respectively, were on the higher side of the market and were well received.

Unilever Pakistan and National Foods were leading among the gainers, up by Rs105 and Rs18.95, followed by Pakistan Tobacco, Mitchell’s Fruits and IGI Pakistan, up by Rs2.49 to Rs4.73 respectively.

While losers were led by Millat Tractors and Clover Pakistan, off by Rs5.05 and Rs3 respectively. Other prominent losers included Royal Bank, Berger Paints, Clover Pakistan, National Refinery and Indus Motors, Capital Securities and some others, off by Rs1.74 to Rs3.

Trading volume was maintained at the overnight level of about 13m shares, but losers held a lead over the gainers at 47 to 33, with 86 shares holding on to the last levels.

National Bank led the list of actives, easy by four paisa at Rs93.02 on 2.324m shares followed by Fauji Fertiliser, up by 50 paisa at Rs101.50 on 2.019m shares, NIB Bank, easy by nine paisa at Rs8.53 on 1.637m shares, Engro Chemical, off Re1 at Rs183 on 0.510m shares, Pakistan Container Terminal, up by 30 paisa at Rs62.01 on 0.236m shares and Sitara Peroxide, lower by 23 paisa at Rs27.77 on 0.236m shares.

Other actives were led by Eye Television, up by 24 paisa at Rs39.95 on 0.228m shares, Pak PTA, unchanged at Rs3.18 on 0.217m shares and Nishat Mills, lower by 57 paisa at Rs46.71 on 0.182m shares.

FORWARD COUNTER: NIB Bank led the list of actives on the cleared list, lower by nine paisa at Rs8.60 on 0.439m shares, followed by Engro Chemical, off by Rs1.10 at Rs183.40 on 0.158m shares and Fauji Fertiliser Bin Qasim, steady at Rs22.98 on 0.150m shares.