KARACHI, Feb 11: Stocks remained unsettled throughout the session on Wednesday as negative rumours followed in quick succession never allowing investors a breathing space to take fresh positions, but larger fall was averted on support at dips.

The market’s high volatility was also well-reflected in erratic movements of the KSE 100-share index which at one stage hit the session’s peak level at 5,563.57, up 108 points and the lowest at 5,325.42, but finally closed with a clipped loss of 26.24 points at 5,429.43.

The KSE 30-share and KSE All Share indexes also finished modestly lower at 5,433.55 and 4,041.13, off 51.34 and 17.88 points respectively on renewed selling in some of the pivotals.

“The market remained in the tight grip of conflicting rumours,” said a equity analyst Ahsan Mehanti. ”The index fell from the peak level on selling after the rumours of increase in Capital Value Tax and Capital Gains Tax and the prevailing confusion on the new accounting standards”.

But again it recovered on strong fund buying and good bit of bargain-hunting at the lower levels and finally finished well above the session’s lows, he added.

It was pretty difficult to predict about the future direction of the market as speculative forces were out to circulate negative rumours to keep bulls at their toes all the time, he said.

Analyst Tabish H. Rajabali said that all the technical factors pointed to a recovery despite some negative news from the political front aided by reports of higher corporate earnings and dividends.

He said a final cash dividend at 60 per cent making the total together with an interim of 80 per cent already paid by Tri-Pack Films could well be a prelude of the upcoming announcements by some of the leading companies and may keep the market in good shape.

Although losers managed to extend their lead over the gainers but most of the gains and fall were modest and reflected ready absorption of selling at the dips.

Leading gainers were led by PECO and Pakistan Services, up by Rs3.78 and Rs8.75 followed by Attock Cement, Indus Motors, ICI Pakistan and Pakistan Refinery, which were also quoted higher by Rs2.17 to Rs2.81.

Losers were led by Bhanero Textiles and Shell Pakistan, off by Rs7.94 and Rs8.54, followed by JS Global, Shahtaj Sugar, New Jubilee Insurance, Mari Gas, Packages, Murree Brewery, National Foods, Abbott Lab, Ferozsons Lab, Unilever Pakistan and Sitara Chemical, which suffered fall ranging from Rs3.29 to Rs7.18.

Trading volume showed a modest expansion at 164.272m shares from the previous 130m shares but losers held a modest lead over the gainers at 124 to 116, with 15 shares holding onto the last levels.

OGDC topped the list of actives, up 41 paisa at Rs49.32 on 16m shares followed by JS & Co, off Rs1.57 at Rs32.27 on 9m shares, Arif Habib Securities, lower 37 paisa at Rs22.86 also on 9m shares, NIB Bank, unchanged at Rs4.92 on 7m shares and National Bank, off by Rs2.57 at Rs57.61 on 7m shares.

TRG Pakistan followed them, up by 14 paisa at Rs1.34 on 7m shares, Nishat Mills, lower 43 paisa at Rs25.60 on 5m shares and United Bank, easy 57 paisa at Rs37.03 also on 5m shares.

FORWARD COUNTER: Easier conditions prevailed on the cleared list where all the leading shares suffered fresh fall barring Pakistan Refinery and some others which managed to finish modestly higher on stray support but there was no deal.

Leading bank shares including Habib Bank, National Bank and Allied Bank remained under pressure and fell further lower and so did Fauji Fertiliser and some others.

DEFAULTER COMPANIES: Zeal Pak Cement again led the list of actives, easy by three paisa at Rs0.35 on 8.068m shares followed by Japan Power, up nine paisa at Rs1.65 on 0.399m shares and S.S. Oils, steady four paisa at Rs2.24 on 11,000 shares.

Unity Modaraba and Libaas Textiles were also traded modestly unchanged and higher by 41 paisa at Rs0.20 and Rs0.48 on 10,500 shares each. But on the other hand Nazir Cotton fell by 0.02 paisa at Rs0.20 on 11,000 shares.

DIVIDEND: Tandlianwali Sugar, bonus shares at the rate of five per cent, Haseeb Waqas Sugar, nil.