KARACHI, Nov 22: Trading volume on the stock market on Thursday fell to a low ebb of 24m shares as investors withdrew to the sidelines after the suspension of dealings in the shares of Hub-Power pending the outcome of official probe ordered in the fake fax message issue about the approval of final dividend.

However, it was not all-time low for a single session as the lowest figure hit so far is 16m shares some three months back linked with the introduction of the T+3 trading system and brokers protest against the system on the ground that the market is not ripe for the system owing to weak economy.

After early falling by 10 points, the KSE 100-share index later recovered from the day’s lows and was last quoted at 1,353.58, off 5.15 points as compared to 1,358.73 a day earlier.

The KSE on Tuesday received a fake fax message on behalf of the Hubco management that its lenders have approved the recently announced final dividend of 22 per cent. The KSE released the announcement to the members and the press but it proved fake after the denial of the Hubco management.

The KSE board has ordered a probe to nab the persons behind the sinister move and till then trading will remain suspended in its shares. Its share value has risen to Rs.20.25 after the news from Rs.19.25 but it reacted sharply after the company denial. It finished at Rs.19.45 on Wednesday.

“It was a big joke both with the KSE high-ups and the general investors and needs a thorough probe and punishment to the guilty under the law,” most stock analysts demanded.

Other leading shares also lacked normal trading interest as everyone was busy to know about the mind who made a new record of false information in the trading history of KSE. Never before any member, outsider or the company managements, has inspired such false information to push prices of some scrips higher or to bail-out the blank sellers.

“The absence of investors from the market may well be had from the fact that the turnover figure fell to a record low of 24m shares as no one is inclined to make fresh commitments,” floor brokers said.

Most of the price changes were again fractional, reflecting the absence of leading buyers and jobbers and day traders played on both sides of the fence indulging in alternate bouts of buying and selling.

Some of the shares, however, managed to put on good gains on active support based on higher sales and posted gains ranging from Rs.1.50 to 3.50 for Burewala Textiles, Biafo Industries, Clover Pakistan and Ghani Glass.

Among the losers, Colgate came in for active selling from the last three sessions in a row, eroding Rs.14 from its high-profile shares.

Other prominent losers were led by Shell Pakistan, Pakistan Oilfields. Dawood Hercules, Lever Brothers and Pak Reinsurance, off by Rs.1.25 to 15.

The range of stocks, which came in for trading was also narrow as out of 152 actives, 66 shares fell, while 44 rose, with others remaining unchanged.

PTCL was modestly traded, unchanged at Rs.17.65 on 11m shares, a half of the total volume followed by ICI Pakistan, lower 70 paisa at Rs.44.60 0n 3m shares, Sui Northern, easy five paisa at Rs.11.20 on 1.230m shares, Japan Power, lower 15 paisa at Rs.3 on 1.210m shares.

Other actives included Sui Northern Gas, up 10 paisa on 1.584m shares, MCB, unchanged on 1.432m shares, Fauji Fertilizer, easy five paisa on 0.987m shares, Lucky Cement, firm by 15 paisa on 0.915m shares and Nishat Mills, steady five paisa at Rs.15.60 on 0.811m shares.

FUTURE CONTRACTS: Dull conditions were also witnessed on the forward counter where shares generally followed the lead of the ready section.