KARACHI, July 7: Stocks on Monday maintained their downward drift as the turmoil on the currency markets did not allow investors to make fresh commitments owing to financial risks involved but a sizable expansion in the volume figure indicates a major change in the investor’s perception of the future trend.

Trading, however, resumed on an easy note as investors were in no mood to cover positions at the current attractively lower levels owing partly to the continued weakness of the rupee and an uncertain political outlook.

The KSE 100-share index maintained its creeping decline and shed another 83.28 points at 11,878.38, which was incidentally the session’s lower, reflecting the general absence of investors. Its junior partners, the KSE 30-share index was off 123.98 points at 13,728.54.

On the open market, the Pakistani rupee hit a new low at 70.70 and 71.10 for buying and selling, respectively, as investors seeking safe havens continued to build-up long positions in dollar, analyst Hasnain Asghar Ali said.

Investors are awaiting the proposed meeting of the KSE on July 15, to review the current changes in upper and lower circuit- breakers amid hopes that the previous lower lock of five per cent is expected to be restored to push the turnover figure from the current lows, he added.

“Why should investors put money in stocks amid a phenomenon of depreciating value of the rupee, they have other safe havens where their investment is safe and could appreciate,” he added.

But analyst Ahsan Mehanti said the increase in the turnover figure at 17m shares after several lean sessions and an all-time fall in volume figure to 5.348m shares reflect that a section of investors has already resumed covering purchases on selected counters.

Indications are that the current short-covering at lows could develop into a strong rally any day as the sell-off seems to have overdone its intensity on technical grounds, he said.

The news from the political front and the law and order situation, notably in the backdrop of Sunday’s Islamabad suicide attack, are not that positive, which could lure investors back in the market, some others said.

Prices changes both sides were, however, modest but minus signs held a strong lead over the gainers under the lead of JS & CO and PSO, off by Rs5.08 and 4.16. They were followed by Arif Habib Ltd, MCB Bank, Adamjee Insurance, Mari Gas, Pakistan Oilfields, Pakistan Petroleum, Millat Tractors, Engro Chemical, BOC Pakistan and Clariant Pakistan, off by Rs2.10 to Rs3.50.

But on the other hand some second-liners managed to finish higher by Rs9.77 and Rs8 for Dadex Eternit and Al-Abbas Sugar, respectively, followed by Askari Leasing, Shakerganj Sugar, Gillette Pakistan and Dynea Pakistan, up by Rs1.10 to Rs2.03.

Trading volume rose to 16.879m shares from the previous 5.348m shares as gainers trailed far behind the losers at 18 to 125, with 23 shares holding on to the last levels.Bank AlFalah led the list of actives, lower by 41 paisa at Rs39.46 on 5m shares, followed by National Bank, off Rs1.43 at Rs141.70 on 3m shares, D.G. Khan Cement, easy by 64 paisa at Rs63.87 on 2m shares, PACE Pakistan, unchanged at Rs28.06 also on 2m shares, Sui Southern Gas, lower by 24 paisa at Rs26.71 on 0.800m shares, OGDC, off Rs1.20 at Rs119.52 on 0.506m shares, Dynea Pakistan, higher by Rs2.03 at Rs22.85 on 0.500m shares and NIB Bank, easy by 10 paisa at Rs10.83 on 0.323m shares.

Other actives were led by Dandot Cement, lower by 21 paisa at Rs21.27 on 0.558m shares, and Nishat Mills, off 22 paisa at Rs81.78 on 0.384m shares.

FORWARD COUNTER: Crescent Investment Bank led the list of actives on the cleared list, steady by 11 paisa at Rs10.86 on 0.585m shares, followed by KASB Securities, off Rs3.30 at Rs62.72 on 0.399m shares, and Nishat Mills, and unchanged at Rs84.56 on 0.300m shares.

OGDC followed them, easy by Rs1.22 at Rs120.81 on 0.294m shares and Pakistan Oilfields, off Rs3.56 at Rs353.41 on 0.161m shares.

DEFAULTER COS: The activity on this counter was also slow as investors stayed away fearing further decline in prices. Price changes were mostly fractional amid light ready off-take.

Amin Fabrics was an exception, which came in for modest support at the previous rate of Rs8.91 on 0.114m shares.

DIVIDEND: BMA Asset Management Company, cash 77 paisa, Faysal Balanced Growth Fund, Rs1.80 per unit of par value of Rs100, Faysal Income & Growth Fund, Rs3.34 per unit, Faysal Saving Growth Fund, Rs3.39 per unit, Atlas Asset Management, final bonus shares at the rate of Rs22.50 per unit, or 4.50 per cent on the face value of Rs500, Pak-Oman Asset Management Co, cash dividend at the rate of 3.095 per cent for cash unit holders and bonus share of Rs3.095 for growth unit holders, Unity Money Market Fund, cash 3.0281 per cent, United Growth Fund, 2.9794 per cent and United Stock Exchange Fund, 3.01 per cent.