KARACHI, Nov 26: Trading on the stock market on Wednesday was insipid as all eyes remained focused on the removal of the ‘floor’ which analysts hope will lead to normal activity after three months terrible sluggishness.

The notable feature of the session was a sharp decline of Rs5.538 billion in market capital at Rs2,820.623 billion for the first time since the KSE 100-share index was chained on Aug 27. It hereto had been showing either-way changes in line with the activity in the ready section.

All the indexes including the benchmark 100-share index remained again dormant barring the KSE all-share index which suffered a fractional fall of 0.25 points at 6,641.71.

“The ‘floor’ seems to have assumed the role of a silent killer of both the daily volumes and the price movements as investors are not inclined to take even calculated financial risks owing to an uncertain price outlook,” they said.

But resumption of trading in the futures contracts raised hopes that the trading in ready section may pick up any time during the next couple of sessions, they said.

“A loud whispering about the lifting of floor on Nov 17 and then 24, passed without any official word on the status quo,” said a leading floor broker. “The rumoured Dec 1 could be final as the KSE high-ups may not like to test the investor patience anymore.”

“The approval of IMF credit line preceding two per cent hike in discount rate could avert any major post-floor trading.” He hoped that tired bulls may not miss the current levels and are expected to ride bandwagon led by the bulls, they added.

But some others are still sceptical about the future market trend on the ground that investors may not re-enter the market until prices are stabilised at a certain level backed by the market support fund and leading institutional investors.

However, the resumption of trading on the forward counter could well prove a prelude of hedging facilities for the investors against their positions in the ready section to avert fresh fall in prices, they said.

Trading volume showed a modest rise at 47,100 shares from the previous 44,600 shares. The number of active shares shrank to seven of three fell and four stayed unchanged.

The prominent losers included Standard Chartered Modaraba, Habib-ADM and Gharibwal Cement, which were quoted lower by nine to 51 paisa respectively.

Flying Cement led the list of actives, static at Rs4.32 on 22,000 shares, followed by Standard Chartered Modaraba, easy by nine paisa at Rs8.61 on 10,000 shares, Habib-ADM Sugar, lower by 51 paisa at Rs9.39 on 8,000 shares and TRG Pakistan, static at Rs3.82 on 3,500 shares.

UDL Modaraba followed them, unchanged at Rs3.06 on 2,000 shares, Gharibwal Cement, off Rs0.36 at Rs17.63 on 1,500 shares and Gatron Industries, unchanged at Rs44.10 on 100 shares.

FORWARD COUNTER: Shares which came in for trading on the cleared list were mostly down fractionally in the absence of support from any quarter. Among the leading shares, which came in for trading Allied Bank was on the top, easy by three paisa at Rs58, followed by Bank of Punjab, lower by one paisa at Rs24.83, Fauji Fertiliser Company, off five paisa at Rs100.20, ICI Pakistan, off by seven paisa at Rs127.24 and Pakistan Oilfields and OGDC, lower by eight and nine paisa at Rs142.02 and Rs94.62, lower five paisa. No business was noted in any of them.