KARACHI, Sept 16: Trading activity on the stock market on Tuesday failed to pick up as investors were not inclined to make fresh commitments even on the blue chips counters as was reflected by fractional either-way price changes mostly on the lower side.

Chained by the price freeze and the index being under floor, the market did not show violent price movements and behaved in line with the local factors despite a rout on the global markets which plunged after the fourth biggest US bank, Lehman Brothers, declared bankruptcy despite massive rescue operations carried out by the leading central banks, analysts said.

The KSE 100-share index lost another 9.44 points at 9,223.77, but on the other hand its junior partner the KSE 30-share index rose by 3.04 points at 10,121.42 and so did the KMI-30 share index up by 2.90 points at 11,245.63.

“There is a strong rumour that the Securities and Exchange Commission of Pakistan (SECP) is advising the KSE board to remove the price freeze and return to lower and upper local regime to give free hand to the investors, notably the trapped ones and to boost daily volume,” analysts said.

However, the KSE high-ups are expected to stick to its review date of Sept 25 and indications are that it may accept the SECP advice to restore normalcy to stock trading, they added.

“The price freeze or floor on the index was not that a bad rule,” says a leading floor broker, adding “it has protected the interests of both the small investors and most of the brokers”.

“If it was not in place, the current war-like situation in Fata after the US air raids, it should have crashed below the current resistant levels,” he added.

Trading volume fell further to 9.966m shares from the previous 10.532m shares as a section on investors played safe and mostly in low-priced shares where the risk of price decline was not that high.

But unlike the previous sessions some of the high-profile issues came in for active support under the lead of MCB Bank and Engro Chemical limiting the index fall.

Leading losers were led by Atlas Battery and Pakistan Paper Products, on post-dividend selling, off by Rs5.75 and Rs5 respectively, followed by PICIC Insurance, Hajra Textiles, National Refinery, Indus Motors, Pak Elektron, Mitchell’s Fruits and National Foods, which suffered fall ranging from Re1 to Rs3.91.

Clover Pakistan and Pakistan Tobacco topped the list of gainers, up by Rs3.99 and Rs3.11, followed by Engro Chemical, up by Rs1.70, while other rose by 50 paisa.Out of the total 138 actives, 18 scrips rose and 38 fell while 82 firmly held onto their last levels.

Ansari Sugar topped the list of actives, up by 22 paisa at Rs8 on 2.260m shares followed by Engro Chemical, higher by Rs1.70 at Rs184.70 on 1.843m shares, MCB Bank, unchanged at Rs235.75 on 0.993m shares, Al-Abbas Sugar, up by 13 paisa at Rs7 on 0.573m shares, Pak PTA, unchanged at Rs3.18 on 0.545m shares, Fauji Fertiliser, easy one paisa at Rs100 on 0.453m shares and PICIC Energy, unchanged at Rs4.45 on 0.241m shares.

The KESC followed them, unchanged at Rs3.80 on 0.233m shares, Pakistan Cement, unchanged at Rs4.90 on 0.214m shares and Maple Leaf Cement, also unchanged at Rs7.44 on 0.210m shares.

FORWARD COUNTER: Engro Chemical led the list of actives on this counter, up by 76 paisa at Rs184.57 on 0.527m shares followed by PTCL, lower by 30 paisa at Rs31.15 on 0.39m shares and Hub-Power, easy by 69 paisa at Rs20.91 on 0.14m shares.

Netsol Technologies followed them, lower by 94 paisa at Rs55.06 on 0.10m shares and NIB Bank, unchanged at Rs8.50 on 0.8m shares.

DEFAULTER COMPANIES: With the exception of Zeal-Pak Cement, which came in for modest support at the overnight rate of Rs1.16 on 0.101m shares, all others showed fraction changes barring Bawany Sugar, which fell by Re1 at Rs3.40.

DIVIDEND: Pakistan National Shipping Corporation (PNSC), cash 31 per cent, Gatron Industries, cash 15 per cent, Siddiqsons Tinplate, 15 per cent.