KARACHI, Oct 13: The KSE 100-share index on Monday managed to finish with a modest rise of about three points in a mixed trading session where bulk of the transactions were carried out off-the floor at a discount of 15 to the 20 per cent, analysts claimed.

Trading resumed on a cautious note after the authorities refused to oblige the lobby seeking shutdown as alternate bouts of buying and selling remained confined to most of the undervalued share for obvious reasons.

The KSE 100-share index rose by 2.89 points at 9,184.24, reflecting the relative strength of some leading base shares but its junior partner was again held unchanged and so did KMI at 10,042.85 and 11,224.18, respectively.

The trading in stocks is certainly in turmoil for various reasons, including the financial crisis in the US and European markets but the local crisis appears to be of a “Wakhry type”, and the victim of raising by some non-issues and then crying for their solution, said a leading broker who is apparently not trapped in the badla financing.

“Why should the market be closed,” ask a leading stock analyst adding: “There had been ups and downs in stock trading, which is the part of its ethics but no one cries for the shutdown.”

The Mombai Stock Exchange, which has a massive foreign exposure on last Friday, was battered by a hefty figure of 10 per cent but no player pleaded for its closure and so did Wall Street after continued panic sell-off, he added.

“Money may not be that short as being claimed but it may not be safe as it goes where it could be appreciated, said a leading analyst Tabish H. Rajabali.

“But from where the money originated to absorb the unloading of 15m shares or who finance the major bailout package indicate that the reported pressure on the money supply appears to be not that real,” he said. “Investors have the money but have no confidence in the share market”.

The exit operations by some of the leading investors, notably by the foreign ones, continued for the fourth session in a row. They are forced to sell to meet their payments obligations in the parent countries, a leading stock analyst Hasnain Asghar Ali said.

But he fears another crisis may be in the offing on the badla market owing to higher rates after the banks have refused to resume fresh financing and may ask some of the borrowers to adjust difference against the pledged shares, he said.

Leading gainers were led by Pakistan Services, which was quoted higher by Rs24.25 followed by Wah Noble, up 55 paisa, Sakarand Sugar, Gharibwal Cement, and Taj Textiles followed them, up by 14 to 25 paisa.

Losers were led by Pakistan Datacom and National Foods, off by Rs2.39 and 4.01. Other prominent losers were led by Standard Chartered Bank, Frontier Ceramics, Sitara Energy, and Pak Elektron, off by 30 to Rs1.50.

Trading volume shrank to slight above a million shares at 1.091m shares as compared to previous 1.833m shares at the last weekend but losers topped gainers by 11 to six , with 42 shares holding on to the last levels.

UTP Large Fund led the list of actives, unchanged at Rs5.50 on 0.538m shares followed by Southern Electric, unchanged at Rs3.92 on 0.107m shares, Baig Spinning, unchanged at Rs1.50 on 0.83m shares, Pakistan Commercial Leasing, easy by two paisa at 57 paisa on 0.69m shares, Gharibwal Cement, up 15 paisa at Rs18.14 on 0.65m shares, Sitara Energy, lower by Rs1.11 at Rs21.19 on 0.37m shares, and Fidelity Leasing, easy by four paisa at Rs4.14 on 0.26m shares.

Habib ADM Sugar followed them, lower by four paisa at Rs8.85 on 0.18m shares, Nishat Chunnian, unchanged at Rs12.78 on 0.16m shares and Bank AlFalah,unchanged at Rs34.14 on 0.15m shares.

DEFAULTER COS: Trading on this counter remained slow as most of the shares were traded at the previous levels and did not show any change amid light turnover.

Taj textiles and National Asset Leasing were, however, an exception, with the former rose by 25 paisa at Rs1.25 on 500 shares, the latter fell by four paisa at 40 paisa on 12,000 shares.

DIVIDEND: Punjab Oil, bonus shares at the rate of 50 per cent, first Prudential Modaraba, cash three per cent, Pakistan Modaraba, cash three per cent, Bank Islami, right shares at the rate of 23.366 per cent.