KARACHI, Sept 19 Trading volume on Friday hit an all-time single-session low of 4.309m shares and analysts say it demonstrates the intensity of silent protest against the prolonged flooring of the index.

The KSE 100-share index showed a fractional fall of 1.71 points at 9,200.60.

The previous all-time single session low volume was recorded at 5.349m shares on July 4, 2008 after the Fata operation launched by the local security forces.

It was the leanest session ever witnessed on the country`s premier capital market both in terms of volume, price changes and the range of stocks which came in for trading, said a leading stock analyst Hasnain Asghar Ali. “The KSE strictly adhered to its known tradition of setting up new record both ways”.

But some others say the review of index flooring on Sept 25 is not that far off and everyone should wait for the official word on the issue as it will directly affect the massively mauled small investors.

The recent negative developments on the foreign bourses and the turmoil on the financial markets should have massively battered the local capital market sans the flooring, they added.

“There is a loud whispering

that a section of foreign investors wants floor-free market so that they can exit the market at any cost to meet their financial demands in badly shattered global markets in the aftermath of

Lehman Brothers` post-bankruptcy financial scenario”, analyst Tabish H. Rajabali said.

“There are strong rumours that off-market transactions are being taken place which is reflected in falling foreign exchange reserves of the country”.

Analyst Ashraf Zakaria said the global recession already had negative fallout on Pakistan and the persistent outflow of liquid funds could further aggravate the situation amid falling value of the rupee against the dollar.

Leading gainers were led by Exide Pakistan and Gul Ahmed Textiles, up by Rs5 and Rs2.01, followed by Habib-ADM Sugar, Gharibwal Cement, Fecto Sugar and Chashma Sugar, which rose by 30 paisa to 49 paisa.

Losers were again led by National Foods and Engro Chemical, off Rs13.94 and Rs2.07, followed by PICIC Insurance, Crescent Steel, Siddiqsons Tin, UTP Large Fund and some others, off by 49 paisa to 50 paisa.

Turnover figure fell to a record low of 4.309m shares but unlike the previous sessions, when losers maintained an edge over the gainers, both were evenly matched at 15 to 16, with 73 shares holding onto the last levels.

Engro Chemical again came in for active selling and hit its lower circuit breaker, off Rs2.07 at Rs180.44 on 0.546m shares followed by Hub-Power, static at Rs21.46 on 0.456m shares, NIB Bank, unchanged at Rs8.45 on 0.315m shares, Netsol also static at Rs57 on 0.315m shares, Cherat Cement, unchanged at Rs15.90 on 0.244m shares, Pak Elektron, steady by five paisa at Rs46.60 on 0.209m shares.

Southern Electric followed them, up by six paisa at Rs3.71 on 0.185m shares, Eye TV, up by 29 paisa at Rs40 on 0.135m shares and WorldCall Telecom, unchanged at Rs7.80 on 0.125m shares.

FORWARD COUNTER

Engro Chemical also came in for active selling on the cleared list and was marked down by Rs2.24 at Rs181.01 on 0.417m shares followed by PTCL, easy five paisa at Rs30.61 on 0.43m shares, Southern Gas, unchanged at Rs22.34 on 0.40m shares and Hub-Power, easy by one paisa at Rs20.90 on 0.24m shares.

DEFAULTER COMPANIES

Dull trading was also witnessed on this counter where five shares came in for trading but all ended at the last levels amid slow ready offtake. Multi Leasing company was most active out of the five, which accounted for 6,000 shares at the overnight rate of Rs3.

DIVIDEND

Bolan Castings, bonus 10 per cent, right shares at the rate of 20 per cent, Cherat Papersack, cash 15 per cent, bonus shares 25 per cent.

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Sept 19,2008

Market at a glance

TONEeasy,total listed 657,actives 104,inactives 553,plus 15,minus 16,unch 73

KSE 100-SHARE INDEXprevious 9,202.31,Friday`s 9,200.60,minus 1.71 points

MARKET CAPITAL;previous Rs.2,868.929bn,Friday`s 2,867.281bn,minus 1.648bn

KSE 30-SHARE INDEXprevious 10,117.12,Friday`s 10,110.52,minus 6.60 points.

KMI-30 SHARE INDEX previous 11,233.96,Friday`s 11,224.42,minus 9.54 points

TOTAL VOLUME 4.309m shares

VOLUME LEADERSEngro Chemical 0.546m,Hub_Power 0.456m,NIB Bank 0.315m,Netsol 0.305m, Cherat Cement 0.244m shares