KARACHI, Nov 8: Stocks on Friday turned lower as investors took profits at the inflated levels in the absence of strong demand from the genuine investors and the institutional traders.

The second session of the holy month of Ramazan literally reflected its advent in the form of low trading volumes associated with it for the last several decades as speculative force and bargain-hunters generally play safe as a mark of respect for the holy month.

Never before in the trading history of the KSE there have been instances of unbridled speculative activity during the holy month, brokers said.

Trading volume, therefore, fell to a lowest ebb during the last couple of months at 65m shares as bulls and bears maintained a status quo apparently under an unwritten agreement in a bid to fight pitched battles after the holy month.

The market’s relative dullness was also reflected in the fractional change of 1.20 point on the lower side at 2,227.34 as compared 2,228.54 points a day earlier.

Analysts said sudden decline in the trading volume was intriguing as it could well mean more than one thing for market, which was humming with an unprecedented activity despite a political standoff and conflict of interests among the contenders of power.

“The recent developments in the Muttahida Qaumi Movement and its chief’s warning to its dissenting faction seems to have been taken by investors as a prelude of law and order situation in the city”, they said “but leading among them are still undecided how to react the new situation”.

On the top of it is the political standoff and putting off the National Assembly session by a week is being interpreted by a number of analysts as a “bad omen” both for the country’s political and financial health.

In the backdrop of the developing scenario, investors thought it fit to go slow rather than play with the fire and hence the terribly low volume far below a single-session tally of an active scrip such as PTCL or Hub-Power.

All was not, however, bad with the broader market as some of the leading shares managed to post modest to good gains under the lead of General Tyre, Al-Ghazi Tractors, Gul Ahmed Textiles, Unilever Pakistan and Pakistan Reinsurance Co, up by Rs2.40 to 20.70.

Other good gainers were led by 5th ICP, Dadex Eternit, Dawood Hercules, ICI Pakistan, Cherat Papers and Wazir Ali Industries, off Rs1.30 to 1.95.

Prominent losers were led by Shell Pakistan, Mehmood Textiles, Hinopak Motors, Atristic Denim and Abbott Lab, off Rs2 to Rs3, followed by Blessed Textiles, Kohat Textiles and Al-Abid Silk, fell by Rs1.45 to 1.90.

Out of 258 actives, losers led the list topping gainers by 108 to 84, with 66 shares holding on to the last levels.

PTCL was actively traded, lower 10 paisa at Rs21.60 on 11m shares followed by Hub-Power easy five paisa at Rs26.40 on 10m shares, National Bank, off 40 paisa at Rs25.40 on 9m shares, ICI Pakistan, higher by Rs1.30 at Rs45.05 on 7m shares, Engro Chemical, off Rs1.25 at Rs72.60 on 6m shares, PSO, lower 15 paisa at Rs191.25 on 5m shares and ICP SEMF, easy five paisa at Rs35.25 on 1.288m shares.

Other actives were led by Dewan Salman, up by 25 paisa on 3m shares, KESC, easy five paisa on 1.801m shares and Sui Northern Gas, steady five paisa on 1.204m shares.

FORWARD COUNTER: Bulk of the activity on this counters was again confined to the volume leaders under the lead of PSO, off 10 paisa at Rs192.90 on 4m shares followed by Hub-Power, unchanged at Rs26.60 on 2.132m shares.