KARACHI, July 15: After several lean sessions, trading volume on the stock market on Tuesday soared to a respectable total of 155 million shares amid active either-way activity as investors fully utilised the revised lower and upper circuit breakers to bail them out under the revised exit mechanism.

The Karachi Stock Exchange 100-share index broke the barrier of 11,000 at 10,959.87, off 217.44 points.

However, the exit involved heavy losses, to both the local as well as foreign investors as most of them were inclined to get away at any cost and to keep to the sidelines until sanity returns to stock trading.

Instances of revival of demand after a protracted bearish spell on selected counters at the attractively lower levels initiated by some leading financial institutions were, however, not wanting as was reflected by ready absorption of all the sale offers both at the rise and the fall, floor brokers said.

The KSE 100-share index breached through the barrier of 11,000 points at 10,959.87 as leading base shares in the oil and banking sectors finished with an extended fall amid active selling.

The KSE 30-share index was off by 355.69 points at 12,416.70.

The breach of the barrier is very significant and market sources said further pruning may be on the card but a leading analyst said the worst may be over and there could be some improvement both in values and turnover in the coming sessions.

They said exit process appears to have been completed after a fresh galore of lower locks in about two dozen leading shares. But there is a loud whispering in the market that bulls may not sit idle and will resume normal activity under MK-2, which ensures any amount of credit lines one wishes to build up long positions at the current lower levels.

The selling was, however, a part of exit mechanism for the trapped leveraged investors on the forward counter after the restoration of previous lower and upper circuit breakers, analysts said, adding “unlike the previous sessions there were buyers at the dips.”

“Steep rise in the turnover figure to 155 million shares after last couple of weeks terribly low single-session volumes, including the lowest ever (5.385m shares) reflects that the local institutional traders are back in the market and there can a be lot of activity at the current lower levels,” said a leading analyst.

But some others said the situation on the Afghan border is said to be tense amid reports of fresh movement of the Nato forces along the Pakistan borders and may not allow the consolidation forces to put the market back on the rails soon.

Although minus signs dominated the list, gainers cut short the strong lead held by the losers during the last couple of weeks under the lead of Unilever Pakistan and Shell Pakistan, which were quoted higher by Rs11.68 and 9.94, followed by Millat Tractors, Indus Motors, PSO and Shell Pakistan on reports of fresh hike in petroleum prices, up by Rs6 to 9.94.

Among the top losers, Siemens Pakistan and JS & Co were leading, which fell by Rs50 and Rs22.98, respectively. Habib Bank, MCB Bank, Arif Habib Ltd, Adamjee Insurance, IGI Insurance, Attock Refinery, Mari Gas, Attock Petroleum, Engro Chemical, Dawood Hercules, EFU Life and EFU General, Packages, Abbott Lab, BOC Pakistan and Clariant Pakistan suffered fall, ranging from Rs8.25 to Rs19.33.

Trading volume soared to 155.031m shares after several lean trading sessions but losers held a strong lead over the gainers at 78 to 169, with 16 shares holding on to the last levels.

Lucky Cement topped the list of actives, off by Rs4.43 paisa at Rs82.41 on 13m shares followed by Arif Habib Securities, sharply lower by Rs6.49 at Rs137 on 10m shares, OGDC, higher by Rs2.05 at Rs. 112.50 on 8m shares, Fauji Fertiliser Bin Qasim, lower Rs1.56 at Rs29.71 also on 8m shares, D G Khan Cement, off Rs2.91 at Rs55.41 on 7m shares, Attock Refinery, off Rs11.02 at Rs208.65 on 6m shares, National Bank, lower by Rs6.51 at Rs122.88 on 5m shares and Engro Chemical, sharply lower by Rs12.43 at Rs236.25 also on 5m shares.

Other actives included NIB Bank, steady by two paisa at Rs9.70 on 8m shares, and Zeal Pak Cement, unchanged at Rs1.80 on 7m shares.

FORWARD COUNTER: Engro Polymer came in for active alternate bouts of buying and selling but finally ended lower by 36 paisa at Rs24.34 on 4m shares followed by OGDC, up by Rs1.46 at Rs112.50 on 2m shares and Fauji Fertiliser Bin Qasim, off Rs1.55 at Rs29.80 also on 2m shares.

NIB Bank followed them, lower by 28 paisa at Rs9.63 on 1m shares and Pakistan Petroleum, off Rs2.90 at Rs214 on 0.850m shares.

DEFAULTER COs: Unlike the previous lean sessions, some of the current actives came in for alternate bouts of buying and selling. While Norrie Textiles, fell by 18 paisa at Rs2.02 on renewed selling on 0.661m shares, Japan Power rose by one rupee at Rs5.50 on 0.352m shares. Others showed fractional changes amid light volume.

DIVIDEND: Dawood Islamic Fund, cash 10 per cent per 100 unit, Dawood Money Market Fund, bonus shares 10.25 per cent.