KARACHI, Sept 15: The stock market on Monday passed through a terribly lean session as leading investors kept to the sidelines awaiting the advent of fund buying to stimulate sympathetic support from the other quarters but institutional traders remained conspicuous by their absence.

The KSE 100-share index shed another 20.71 points at 9,233.21 points.

The negative fallout of the reported bankruptcy of a leading US brokerage house, Lehman Brothers, echoed in the market but failed to have any negative impact on trading as investors have some other pressing worries both on economic and political front, analyst Ahsan Mehanti said.

The mounting tension between Pakistan and the United States on the Fata incursions was viewed by investors a negative development amid fears that it could take an ugly turn any moment in the backdrop of rigid positions taken by the both countries, stock analyst Tabish Hassan fears, adding “the fall of the turnover figure to 11m shares reflects the investor concerns”.

The benchmark KSE 100-share index posted a fresh fall of 20.71 points at 9,233.21 as compared to 9,253.92 on the last weekend, reflecting the weakness of the leading base shares.

The KSE 30-share and KMI indices also fell by 10.13 and 25.70 points at 10,118.38 and 11,242.73 points respectively.

Leading base shares came in for stray support under the lead of PTCL, Engro Chemical, Fauji Fertiliser, OGDC, MCB Bank and United Bank mostly at their previous levels amid modest turnover.

Analyst Hasnain Asghar Ali said the buy-back of treasury stock by the National Bank was a positive initiative for the ailing market, but the lengthy process involved in seems to have disappointed investors.

“The decision to mop up the free float came at a time when the market needed positive news to boost the investor morale and initially it did evoke modest buying in NBP scrip, but the lengthy process kept them away to make covering purchasing at the current level of Rs93,” he added.

There is a loud whispering in the market that a strong group of leading brokers is mooting an idea to set up a private equity fund, to absorb both the local and foreign free float at the current levels to restore sanity to stock trading, he adds.

All eyes are now focused on the Sept 25 meeting in which the KSE high-ups will review the current price freeze and the floor whether to extend it or remove it to free the market from the official curbs, some others said.

Leading gainers were led by National Foods and Pakistan Paper Products, up by Rs19.19 and Rs5 followed by Indus Motors and Michelle’s Fruits up by Rs1.54 and Rs2.50.

Unilever Pakistan and Attock Petroleum led the list of losers, off by Rs33 and Rs8.50, respectively, followed by Royal Bank, National Refinery, Pak Datacom, Searle Pakistan, Clover Pakistan and IGI Pakistan, off by Rs1.50 to Rs4.73.

Trading volume fell to 10.532m shares as losers held a strong lead over the gainers at 47 to 17, with 95 shares holding on to the last levels.

The most active list was topped by Descon Oxychem, sharply lower by Rs2.13 at Rs9.74 after it was shifted to the ready counter from the cleared list on 1.477m shares, followed by NIB Bank, easy by eight paisa at Rs8.45 on 1.421m shares, Fauji Fertiliser Bin Qasim, off Rs1.49 at Rs100.01 on 1.232m shares, Engro Chemical, unchanged at Rs183 on 1.118m shares, PTCL, also unchanged at Rs31.50 on 0.706m shares, OGDC, static at Rs97.93 on 0.482m shares and PACE Pakistan, also static at Rs19.24 on 0.316m shares.

MCB Bank followed them, unchanged at Rs235.75 on 0.296m shares, United Bank, steady at Rs68.25 on 0.258m shares and Southern Electric, unchanged at Rs3.65 on 0.234m shares.

FORWARD COUNTER: Engro Chemical led the list of actives on the cleared list, up by 41 paisa at Rs183.81 on 0.420m shares, followed by NIB Bank, easy by 10 paisa at Rs8.50 on 0.258m shares and Fauji Fertiliser, off Rs1.30 at Rs100.70 on 063m shares. Pakistan Petroleum followed them, easy by 81 paisa at Rs190.30 on 0.55m shares and PACE Pakistan, lower by 41 paisa at Rs19.19 on 0.33m shares.

DEFAULTER COMPANIES: Dull trading prevailed on this counter as only nine shares came in for alternate bouts of buying and selling on small margin of profits but there was no major deal in any of them in the absence of leading investors.

DIVIDEND: J.S. Investment, cash final 10 per cent, interim 15 per cent already paid.