KARACHI, May 11: Stocks on Thursday gave another lacklustre performance as leading investors kept to the sidelines most of the time apparently awaiting the return of leading bulls in an oversold market.

Trading activity remained terribly insipid as leading shares, which ensure handsome capital gains around the current levels were neglected as was reflected by light turnover.

The opening was, however, a bit encouraging as a section of investors extended active support to low-priced bank and oil shares, lifting the index modestly higher. But the mid-session witnessed the reversal of initial positive start after the news of Quetta bomb blast reached the market.

After having fallen at one stage to the session’s low of 11,386.01, the KSE 100-share index managed to finish well above it at 11,531.37 on late short-covering in some of the leading oil and cement shares, notably in OGDC, which significantly limited the index loss.

Continued weakness of some market trend-setters including National Bank, which again shed Rs5, PTCL and some other index-heavy shares, was keeping both bargain-hunters and speculators at their toes all the time and could not precisely decide how to take a united stand to pull the market out from the current impasse, most analysts say.

Leading stock brokers are also worried over the developing situation and could not guide their clients ‘whether to take a plunge at the current lows or to leave’.

But the general perception is that leading investors may keep to the sidelines awaiting the return of foreign buying on the oil and bank sectors at the prevailing lower levels.

The volatility of the index as it showed either-way movements of 225 points reflects that investors are unsure about the future direction of the market and playing safe until the situation stabilises, floor brokers said.

Heating up of the political scenario and worries about the law and order situation, notably in Balochistan is not allowing investors to actively participate in the daily proceedings, they said, adding “in normal situation the current attractively lower levels could have been a safe haven for any investor”.

Leading gainers were led by Unilever Pakistan and Wyeth Pakistan, up by Rs24.95 and Rs30, followed by Honda Atlas, Pakistan Resource Company, Pakistan Hotels, EFU Life, Bolan Casting, Pakistan Electron, Siemens Pakistan and Rafhan Bestfoods, up by Rs4 to Rs16.80.

Prominent losers included HinoPak Motors and Gillette Pakistan, off Rs7.50 and Rs10.90 respectively. Others, which posted sharp decline, were led by Arif Habib Securities, JWD Sugar, Premier Sugar, Attock Petroleum, PSO, Pak-Suzuki Motors, PNSC, Bata Pakistan, Hinopak Motors, National Refinery and Gillette Pakistan, off Rs4 to Rs10.90.

Traded volume fell further to 205m shares from the previous 230m shares but gainers trailed far behind the losers at 113 to 224, with 42 shares holding on to the last levels.

D.G.Khan Cement topped the list of actives, up by Rs2.25 at Rs122.75 on 32m shares followed by OGDC, unchanged at Rs157.25 on 31m shares, National Bank, off Rs271.15, on 24m shares, Pakistan Petroleum, higher by Rs1.90 at Rs271.90 on 18m shares, Lucky Cement, firm by 60 paisa at Rs118.85 on 15m shares, PTCL, lower 90 paisa at Rs57.60 on 8m shares and MCB, up by 90 paisa at Rs251 on 7m shares.

Other actives included Fauji Cement, unchanged on 7m shares, Bank of Punjab, easy 30 paisa on 6m shares and Al-Abbas Cement, lower 50 paisa on 5m shares.

FORWARD COUNTER: D.G. Khan also led the list of actives on this counter, up by Rs2.15 at Rs123.45 on 20m shares followed by OGDC, firm by 20 paisa at Rs158.10 on 18m shares and National Bank, off Rs3.90 at Rs2.90 at Rs272.60 on 14m shares.