KARACHI, Sept 17: Trading volume on the stock market on Wednesday fell to a second lowest single-session figure of 5.475m shares as investors played safe apparently awaiting the price freeze review and its expected lifting on Sept 25.

The all-time record lowest volume was recorded on July 4, 2008 after the security forces started the Fata operation against the alleged militants.The KSE 100-share index also maintained its creeping fall and was quoted further lower by 7.54 points at 9,216.23 points, while its junior partner KSE 30-Share index posted a fresh rise of 2.63 points at 10,124.05.

“The falling daily volumes reflect a silent protest of a section of investors against the price freeze who want a free trade as the loss and the gain is determined by the prospective investors and their will to stay in the arena in both the cases,” said a leading stock analyst.

But what would be the fate of the share prices in a floor-free market no one could precisely tell, another analyst said, adding “the huge quantum of blue chips is stalled at the sellers’ end, which provides insight in the developing scenario”.

“There is no compulsion in the share business and the loss and the gain is the part of the game,” another said “the price manipulation is there but there are correction forces also and no one could check the legendary battle of wits between the bulls and bears”.

However, small investors who have too much at stake are not inclined to lift the price freeze until sanity returns to all fronts linked to stock trading, some others said.

They said some of the foreign funds were offering their stocks at much lower prices after the bankruptcy of US investment bank, Lehman Brothers, but there were not many willing buyers.

On the other hand selected stocks such as Engro Chemical, Fauji Fertiliser and Meezan Bank came in for active support at the current levels apparently for long-term investment.

Leading gainers were led by Atlas Battery and Engro Chemical, up by Rs2 and Rs1.44, while others rose by 50 paisa to Re1.

Losers were led by National Foods and Al-Ghazi Tractors, off by Rs20.80 and Rs2 followed by Sapphire Fibre, Royal Bank, Agriautos and Pak Datacom, off by Re1 to Rs1.79.

Turnover figure shrank to a second lowest figure of its career at 5.475m shares as compared to about 10m shares a day earlier as losers maintained modest lead over the gainers at 27 to 20, with 79 shares holding on to the last levels.

Engro Chemical led the list of actives, up by Rs1.44 at Rs186.14 on 1.032m shares followed by Fauji Fertiliser, steady at Rs100 on 0.713m shares, Meezan Bank, up by 50 paisa at Rs28 on 0.428m shares and Pakistan International Container Terminal, unchanged at Rs61.70 on 0.381m shares.

BankIslami also unchanged at Rs10.71 on 0.305m shares, Pak Elektron, lower by 40 paisa at Rs48.99 on 0.226m shares and Maple Leaf Cement, unchanged at Rs7.44 on 0.207m shares.

Southern Electric followed them, easy by four paisa at Rs3.65 on 0.201m shares, Colony Sugar, unchanged at Rs48 on 0.200m shares and NIB Bank, unchanged at Rs8.45 on 0.182m shares.

FORWARD COUNTER: Engro Chemical also led the list of actives on this counter, up by Rs1.33 at Rs185.90 on 0.328m shares followed by MCB Bank, unchanged at Rs238.90 on 0.5m shares and Sui Northern Gas, steady at Rs31.59 also on 0.5m shares.

Netsol followed them, unchanged at Rs55.06 on 0.2m shares and Fauji Fertiliser, unchanged at Rs100.70 on 0.2m shares.

DEFAULTER COMPANIES: Owing to the prevailing sluggishness in the ready section, trading on this counter also remained dull as only five shares came in for modest activity and four of them ended unchanged, while Dewan Auto fell by 30 paisa at Rs1.75.

DIVIDEND: Al-Noor Modaraba, cash 10 per cent for the year ended June 30, 2008.

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Market at a glance

Sept 17,2008

TONE:easy,total listed 657,actives 126,inactives 531,plus 20,minus 27,unc 79

KSE 100-SHARE INDEX:previous 9,223.77,Wednesday’s 9,216.23,minus 7.54 points

MARKET CAPITAL;previous Rs.2,877.047bn,Wednesday’s 2,874.405,minus 2.642bn

KSE 30-SHARE INDEX:previous 10,121.42,Wednesday’s 10,124.05,plus 2.63 points

KMI-30 SHARE INDEX;previous 11,245.63,Wednesday’s 11,252. 05, plus 6.42 points

TOP TEN:gainers Atlas Battery Rs.2.00,Engro Chemical 1.44,Habib-ADM Sugar 1.00,Sally Textiles 0.80,Crescent Steel 0.50

LOSERS: National Food Rs.20.80,Al-Ghazi Tractors 2.00,Royal Bank 1.79,Agriautos 1.74, Pak Datacom 1.25

TOTAL VOLUME:5.475m shares

VOLUME LEADERS:Engro Chemical 1.032m,Fauj Fertiliser 0.713m,Meezan Bank 0.428m,PICT 0.381m,Bankislami Pak 0.305m shares.