KARACHI, July 13: Stocks on Wednesday lacked normal trading as leading investors adhered to the sidelines most of the time, allowing jobbers and short-dealers to play on both sides of the fence amid fractional price changes.

Echoes of heavy human losses in the collision of three trains in an upper Sindh railway station were received with sorrow and grief by both the investors and the brokers having negative impact on the daily turnover figure, which fell by a modest proportions.

Investors seem to be still in two minds about the modes of financing and could not precisely decided whether to go for bank margin financing, while badla financers say “let the dust on the issue raised by the high-ups settles down before we resume normal lending operations.”

But unlike the previous sessions, broader market performed well, indicating some improvement in the trading pattern possibly by tomorrow.

On the blue chip counter, fresh heavy selling in Pakistan Petroleum for the third session in a row again dragged down the entire market along with it as it evoked an active profit-taking in other oil giants.

The KSE 100-share index suffered a fresh setback of 30.77 points at 7,481.17 as compared to 7,511.94 a day earlier as leading shares remained under pressure.

Earlier, it has soared to Rs224 (face value Rs10)on rumours of off-shore oil discovery in its exploration concession area but as the rumour proved false, profit-hunters cashed in on the available margin of profits.

Other leading oil shares, notably OGDC also fell in sympathy and so did some others but the PSO managed to finish modestly higher aided by short-covering at the lower levels.

Over the last three sessions its share value plunged by Rs30 from Rs224 to Rs194. Being one of the leading base share, it has a negative impact on the KSE 100-share index.

Floor brokers said some of the leading banks, notably National Bank has announced that margin-financing facility is available with it and brokers and investors are welcome to avail it.

Bank margin facility is available between nine and 14 per cent apparently depending on the client but KSE sources said the rate is on the higher side, they said.

There is, however, a loud whispering in the market that some leading brokerage houses are availing this facility at cheaper rates and re-lending it to their clients at much higher rates, they added.

“Liquidity problems will persist for the next couple of sessions until badla financers resume normal lending operations side by side the bank margin financing,” analysts said.

Plus signs have a modest edge over the losers, leading gainers being Century Papers, Dawood Hercules, Indus Motors, United Sugar, Atlas Honda, and Nestle MilkPak, up Rs4 to Rs16.50.

Losers were led by Lakson Tobacco, Mari Gas, Pakistan Petroleum, Island Textiles and Siemens Pakistan, which suffered fall ranging from Rs10 to Rs29.75, Indus Dyeing Artistic denim and Bhanero Textiles also fell by Rs4 to Rs5.

Trading volume fell further to 148m shares from the previous 182m shares but gainers managed to force a slight edge over the losers at 145 to 139, with 36 shares holing on to the last levels, reflecting the recovery of the broader market.

Fauji Fertilizer Bin Qasim was again actively traded, up 95 paisa at Rs30.60 on 26m shares followed by the PTCL, lower 15 paisa at Rs64.65 on also 26m shares, OGDC, easy 55 paisa at Rs106.45 on 17m shares, PICIC Growth Fund, higher by Rs1.95 at Rs56.45 on 14m shares and Pakistan petroleum, off Rs10.20 at Rs194.05 on 10m shares.

Other actives included PSO, up Rs2.90 on 8m shares, Hub-Power, firm by 15 paisa on 5m shares, National Bank, lower 45 paisa also on 5m shares, Pakistan Oilflields, easy one rupee on 4m shares and Nishat Mills, higher by Rs1.25 also on 4m shares.

FORWARD COUNTER: Pakistan Petroleum again on the top of the list of actives on renewed selling, off Rs10.25 at Rs195.05 followed by OGDC, easy 80 paisa at Rs107 on 10m shares, and Fauji Fertilizer Bin Qasim, up Rs1.05 at Rs30.90 also on 10m shares.