KARACHI, July 11: The share market maintained its downward drift on Friday as the current market stabilisation measures, including the proposed Rs50 billion equity fund seem to have failed to enthuse investors at least for the near-term in the backdrop of political uncertainty, analysts said. The KSE 100-share index was off by another 77.30 points at 11,695.82.

However, all eyes are now focused on the crucial brokers meeting called by the KSE chief to moot a way out from the current crisis next week and to put the market back on the rails. Revision of circuit-breakers, among other things, may be on the top of the meeting agenda, said a leading analyst.

Stocks again closed the weekend session with an extended fall as investors did not express any optimism about the outcome of crucial SECP-KSE meeting to end the current market impasse.

The KSE 100-share index shed another 77.30 points at 11,695.82 as leading base shares remained under pressure under the lead of oil and banking giants. The 30-share index on the other hand was quoted lower by 112.46 points at 13,405.35.

Analysts are unsure about its future direction in the prevailing political scenario and some of them predict that it could breach the barrier of 10,000 points depending on the background news and then would bounce back. It has, since June 27, lost about six per cent in value.

Low daily volumes and fractional price changes that, too, mostly on second-liners reflects that investors have no appetite at least for the near-term to have them even at the attractively lower levels, said a floor broker.

What investors at this crucial time need are confidence building measures both political and financial to lure them back in the fold of investing public, he added.

“The setting up of the proposed Rs50 billion Equity Market Opportunity Fund during the next couple of weeks after the funding nod by the financial institutions to boost stock trading also failed to lure investors back in the arena,” analysts said.

They said it is not a single depressant but a combination of them, which ail the market and the irony is that no one is inclined to address them.

The recent corrective moves by the State Bank to put the rupee back on the track did work as was reflected by its strength during the post-corrective steps dealings but the news from the economic front are not that encouraging, they said.

Minus signs again dominated the list but unlike the previous sessions gains and losses were mostly fractional and in paisa.

KSB Pumps and United Brands were leading among the gainers, up by Rs11 and Rs6.59, followed by Askari Leasing, Gadoon Textiles, BOC Pakistan, Clariant Pakistan, and Wah Noble Chemicals, up by Rs3 to Rs3.82.

JS & Co, and Shell Pakistan were leading among the losers, off by Rs4.88 and Rs4.51. Other prominent losers included MCB Bank, Arif Habib Ltd, Attock Refinery, National Refinery, Attock Petroleum, Mari Gas, Pakistan Petroleum, Pakistan Oilfields, Engro Chemical Ferozsons Lab and PSO, off by Rs2.32 to Rs4.10.

Among the actives, NIB Bank was leading, steady by seven paisa at Rs10.60 on 5m shares followed by Fauji Cement, lower by nine paisa at Rs9.29 also on 5m shares, Sui Southern Gas, easy by 25 paisa at Rs25.69 on 3m shares, D.G. Khan Cement, off 61 paisa at Rs.61.38 on 1m shares, Bank Alfalah, easy by 39 paisa at Rs39.21 on 0.859m shares, PTCL, off 36 paisa at Rs36.39 on 0.463m shares, OGDC, off by Rs1.17 at Rs116.15 on 0.269m shares and Attock Refinery, lower by 33 paisa at Rs.231.18 on 0.222m shares.

Other actives were led by Pak PTA, up 39 paisa at Rs4.32 on 0.775m shares, and First Prudential Modaraba, easy four paisa at Rs4.13 on 0.200m shares.

FORWARD COUNTER: Engro Polymer again came in for modest support and rose by Rs1.18 at Rs25.98 on 6m shares followed by Crescent Investment Bank, lower by 37 paisa at Rs10.52 on 0.337m shares, and D.G. Khan Cement, easy by 64 paisa at Rs63.99 on 0.261m shares.

Azgard Nine followed them, unchanged at Rs62.99 on 0.190m shares and Pakistan Petroleum, off by Rs2.30 at Rs228.31 on 0.152m shares.

DEFAULTER COS: Barring Zeal Pak Cement, which came in for alternate buying and selling and fell fractionally by two paisa at Rs2.56 on 0.116m shares, all other scrips followed the lead of their counterparts in the ready section and showed modest either-way changes amid slow activity.

DIVIDEND: Pakistan Hotels Developers, interim cash, 40 per cent, AMZ Plus Income Funds, cash at the rate of Rs10.22 per unit at par value of Rs100.