KARACHI, Oct 31: Stocks on Friday ran into deeper recession as both leading buyers and sellers maintained a status quo and did not indulge in hasty selling or buying apparently in an effort to keep the market within the current levels at least for the near-term.

Trading volume, therefore, fell to a record lower figure of 83m shares, sending signals to the jobbers and short-term dealers to stay away as future outlook of the market is unclear.

The big question apparently being debated among the big market players is to seek further lower levels or to put a stop to further price erosions and that appears to be the message in the lower Friday turnover figure.

The KSE 100-share index, which showed a modest recovery overnight, again suffered a decline of 15.45 points at 3,781.03 as compared to 3,796.48 a day earlier as leading base shares, including PTCL, failed to hold on to the previous gains.

The terribly low volume of 83m shares far below a single session tally of active scrips such as PTCL and Hub-Power signals an unwritten status quo between the bulls and the bears to keep the market at the current levels, brokers said, adding “but as the previous record tells, both are defaulters on their part if the situations suit them.”

However, the absence of financial traders, which step in such situations to keep the wheels moving, is intriguing and create doubts among the small investors about the future share outlook, they said.

“No one could dispute the fact that physical activity in shares do shrink during Ramazan but not to the prevailing extent,” analysts said. “Big ones may be planning whether or not to push the market up from the current lower levels.”

There is a loud whispering in the rings that big bears have set the next target for the index at 3,000-point level and what next will be decided after the target is hit, they said.

“There in no change in the basic market fundamentals, both on the corporate and economic fronts, and the current confidence-building measures between Pakistan and India should reinforce the investors’ perceptions about a robust market rather than bearish one,” brokers said.

Higher corporate announcements pouring in each sessions, the current being from Muslim Commercial Bank, which showed 37 per cent growth in its earning, should keep investors busy in the share business rather than seeking exit route, they said.

Leading shares, notably PSO, ICI Pakistan, Sui Northern Gas, Dewan Salam and Pakistan Oilfields managed to attract modest support at the rise, while banking and textiles, auto and chemical shares remained under pressure and led to the market decline.

Prominent gainers were led by Bannu Woollen, Thal Jute, Pakistan Oilfields, Shell Pakistan, Pak-Suzuki Motors, Tri-Pack Films and PSO, which posted gains ranging from Rs3 to Rs7.95, while Unilever Pakistan was marked up by Rs30.

Losers were led by Zulfiqar Industries, Fauji Fertilizer, Berger Paints, Al-Ghazi Tractors, National Refinery, 13th ICP, Lakson Tobacco and Javed Omer, off Rs2 to Rs6.75.

Trading volume fell to 83.377m shares from the previous 147m shares as losers maintained a strong lead over the gainers at 114 to 63, with 26 shares holding on to the last levels.

PSO led the list of actives, up Rs7.95 at Rs250.45 on 18m shares followed by PTCL, off 45 paisa at Rs33.55 on 16m shares, D.G. Khan Cement, up 40 paisa at Rs36.60 on 8m shares, Pakistan Oilfields, higher by Rs4.60 at Rs178.95 on 6m shares and Hub-Power, steady five paisa at Rs34.30 on 5m shares.

Other actives included Dewan Salman, higher by 45 paisa on 4m shares, Maple Leaf Cement, up 55 paisa also on 4m shares, National Bank, lower 30 paisa on 3m shares and FFC-Jordan Fertilizer, easy 10 paisa also on 3m shares.

FORWARD COUNTER: PSO was again actively traded on the higher side, thanks to active short-covering at the lower levels, up Rs8 at Rs250 on 2.306m shares, followed by PTCL, off 45 paisa at Rs33.50 on 2m shares, Hub Power, up 15 paisa at Rs34.40 also on 2m shares, FFC-Jordan Fertilizer, easy 10 paisa at Rs16.50 on 1.674m shares.