KARACHI, Sept 30: The trading volume on the Karachi Stock Exchange on Tuesday fell to a new all-time single-session low at 0.986m shares as investors watched the fresh massive plunge on world equity and financial markets after the rejection of Bush’s $700 billion bail-out package by the US Congress rather than making fresh commitments. The world markets have been well on the recovery path following closely the official moves about the passage of the bail-out package, but reports of its rejection by the US House of Representatives sent bearish signals the world over causing the crash of markets, analysts said.

The foreign investors who still long positions in some of the local shares were, however, worried over the rejection of the bail-out package as it will further block their moves to get out of the local market, they added.

However, being under floor, the local market was saved from any massive selling or price crash but the only victim was the daily turnover figure, which maintained its falling trend.

The prevailing turmoil on the world markets could further delay the removal of floor on the index, some analysts said, but some others said the long Eid holiday week ahead may witness some positive developments on the world financial markets and the post-Eid opening of the local market could be positive.

“The positions in MK-2 at Rs15 billion though down by 22 per cent from Rs19 billion after the index was capped on Aug 27, are not on the higher side but investors fear the CFS could be lower than it,” said a leading analyst Tabish H. Rajabali.

The KSE 100-share index shed another 3.12 points at 9,179.68 as compared to 9,182.80 a day earlier but its junior partner the KSE 30-share index was again held unchanged at the previous level of 10,064.44.

The fall of the daily volume below one million shares is the lowest in the trading history of the KSE and reflects investor apathy to take fresh positions at this stage, floor brokers said. They said the current lower levels reached by all those shares, which ensures higher capital gains, were also neglected by those who could take financial risks.

Minus signs again dominated the list in dull trading, under the lead of National Foods, which fell by Rs6.55 at Rs397.

Royal Bank, Capital Asset Leasing, Network Leasing, Habib-ADM Sugar and Al-Ghazi Tractors followed them, off by 55 paisa to Rs1.99.

Leading gainers were led by Millat Tractors and Pak Datacom, up by Rs3.90 and Rs1.70 followed by Escort Bank, Standard Chartered Modaraba and Gharibwal Cement, up by 60 paisa to 99 paisa.

Trading volume fell to record low of 0.985m shares as losers held a modest lead over the gainers at 13 to nine, with 73 shares holding on to the last levels.

Southern Electric led the list of actives, unchanged at Rs3.90 on 0.220m shares, followed by Gharibwal Cement, up by 99 paisa at Rs18.99 on 0.115m shares, Elite Capital Modaraba, lower 50 paisa at Rs3.25 on 0.102m shares, Pak Elektron, easy by 19 paisa at Rs40.80 on 0.79m shares, Standard Chartered Bank, off 31 paisa at Rs10.89 on 0.76m shares, Shakarganj Sugar, unchanged at Rs11.84 on 0.36m shares and Nishat Chunian, unchanged at Rs12.78 on 0.35m shares.

S.S. Oil also unchanged at Rs6.50 on 0.27m shares, Bosicor Pakistan, unchanged at Rs8.70 on 0.25m shares and Millat Tractors, higher by Rs3.90 at Rs229 on 0.23m shares.

FORWARD COUNTER: Engro Chemical came in for stray support and was quoted higher by five paisa at Rs181.65 on 0.232m shares followed by MCB Bank, static at Rs238.26 on 0.01m shares and OGDC, also steady at Rs95.92 on 500 shares.