KARACHI, Nov 17: Trading on the stock market on Monday failed to pick up as investors were not enthused by the IMF rescue package of $7.6 billion and were apparently awaiting the removal of the ‘floor’ before resuming normal activity. The KSE 100-share index remained static at 9,184.09 points.

“It appears to be a silent investor protest against delay in lifting of the ‘floor’ from under the index,” said analyst Hasnain Asghar Ali.

No one could deny the fact that the conditions linked to the IMF package may be terribly harsh, but the fund’s team monitoring disbursements will have a strict check on “royal spending linked to lavish living of few at the top,” he added.

However he hoped that the floor might be lifted in couple of days as the KSE board meeting on Tuesday was likely to give its consent depending on the outcome of Friends of Pakistan Group’s meeting in Abu Dhabi on Monday.

Analyst Ashraf Zakaria said the market would adjust itself in line with the objective conditions after the unfreezing despite initial fresh jolt as the tired bulls may not like to miss the current attractively lower levels which ensure huge capital gains.

Although the IMF credit line has allayed fears of a possible default on foreign debt repayments, its fallout on the economy amid further increase in the discount rate and taxes could prove well prove a double-edged weapon both for the financial and the corporate sector, he added.

Ahsan Mehanti thinks the major concern of the market is the ‘floor’ and once it is lifted natural market forces will come into play and could lift prices higher from the current lows.

However, he said the current week could be very crucial for the future direction of the market as some major decisions are expected.

Price changes were mostly fractional and were confined to undervalued shares under the lead of UDL Modaraba, Mukhtar Textiles and Gharibwal Cement, which posted gains ranging from one paisa to 46 paisa.

Losers were led by National Asset Leasing, Habib-ADM and Sitara Energy which were further marked down by six to 25 paisa.

Trading volume on the other hand showed modest rise at 87,200 shares as compared to 57,920 shares on Friday, while gainers outpaced lowers by four to three, with seven shares holding onto the last level.

National Asset Leasing topped the list of actives, easy by six paisa at Rs0.44 on 40,000 shares followed by Gharibwal Cement, up by 46 paisa at Rs16.66 on 13,000 shares, Habib-ADM, lower by 21 paisa at Rs9.99 on 6,500 shares, UDL Modaraba, up by 20 paisa at Rs3.25 on 6,000 shares, Southern Electric, steady by one paisa at Rs3.61 on 5,500 shares, Nimir Resins, static at Rs5.05 on 5,000 shares and Nimir Chemicals, unchanged at Rs2.13 also on 5,000 shares.

NIB Bank followed them, static at Rs8.45 on 2,000 shares, Pak Datacom, unchanged at Rs46 on 1,000 shares and Mukhtar Textiles, steady by one paisa at Rs0.55 also on 1,000 shares.

DEFAULTER COUNTER: National Asset Leasing and Mukhtar Textiles came in for modest trading on this counter and mixed amid alternate bouts of buying and selling.