KARACHI, Sept 29: Trading activity on the stock market on Monday remained terribly sluggish as leading investors kept to the sidelines in view of the long Eid holiday weekend ahead, however some jobbers were active on a number of counters.

Dividend announcements by some of the leading companies, notably Millat Tractors which came out with a cash payout of 200 per cent plus bonus shares of 25 per cent on post-tax profit Rs810.458 million was on the higher side of the market expectations but was neglected as was reflected by a sharp post-dividend fall of Rs11.04 in its share value.

Hundred per cent cash by Shezan International and 40 per cent bonus shares by Thal Ltd also failed to find positive investor response, reflecting the general investor apathy to make fresh commitments.

Another dozen payouts were also neglected and seem to have passed out as an isolated event rather than a market pusher.

The market’s trading mood was well-reflected in the daily turnover figure which fell to single-session lowest at 1.668m shares as leading shares were lightly traded. The previous lowest record was 2.477m shares on last weekend.

The general perception was that the volume figure would fall further in the coming sessions if the floor was not removed as no one is willing to invest money in an uncertain market.

The KSE 100-share index posted a fresh fractional decline of 1.35 points at 9,182.80 points, while KSE 30-share index was held unchanged at the previous level of 10,064.44.

Stock brokers said the trading figures reflected the plight of the stock market and investors intentions at least for the near-term, signalling that no one among them was inclined to take even a calculated risk and apparently awaiting the removal of the ‘floor’ immediately after Eid.

“The talk of a bailout package of $15 billion by Friends of Pakistan, which will meet possibly next month in Dubai, fails to impress many,” analysts said, adding “no one will commit such a big amount in a country which faces problems both on law and order and economic fronts”.

No less a person than the Pakistan finance minister also holds the same view about the foreign funding at this stage, but hoped some local emergency steps aided by foreign donors could ease the current alarming situation on the economic front.

Leading gainers were led by National Foods, which rose by Rs10.55, followed by Network Leasing, Gharibwal Cement, Chashma Sugar and Reliance Insurance, up by 25 paisa to Re1.

Losers were led by Al-Ghazi and Millat Tractors, off by Rs4.91 and Rs11.04, followed by Meezan Bank, Agriautos and Eye TV, which were quoted lower by 30 paisa to Rs1.94.

Trading volume fell to a record low of 1.668m shares as compared to previous 2.477m shares as losers topped gainers by 15 to nine with 82 shares holding on to the last levels.

Engro Chemical topped the list of actives, unchanged at Rs180.44 on 0.421m shares followed by Nishat Mills, also unchanged at Rs46.71 on 0.200m shares, OGDC, unchanged at Rs94.43 on 0.160m shares UTP Large Fund, lower 25 paisa at Rs6 on 0.114m shares, Millat Tractors sharply lower by Rs11.04 at Rs225.10 on 0.98m shares, Gharibwal Cement, up Re1 at Rs18 on 0.79m shares, Southern Electric, unchanged at Rs3.90 on 0.60m shares.

Other actives were led by Hub-Power, static at Rs21.46 0.60m shares, Colony Sugar, static at Rs48 on 0.50m shares and Pak Datacom, up higher by Rs1.18 at Rs47.05 on 0.46m shares.

FORWARD COUNTER: Engro Chemical also led the list of actives on this counter, off 90 paisa at Rs181.60 on 0.021m shares followed by Sui Northern Gas, unchanged at Rs31.59 on 0.02m shares and J.S. & Co, unchanged at Rs96.67 on .01m shares.

DEFAULTER COMPANIES: National Asset Leasing and Dewan Auto came in for stray selling and ended lower by 12 and 30 paisa at RS0.41 and Rs1.45 on 10,000 and 500 shares respectively. Others were held unchanged amid light turnover.

DIVIDEND: Pak Datacom, final cash 40 per cent, interim of 20 per cent already paid, B.F. Modaraba, cash 7.5 per cent, Karam Ceramics, cash 12.5 per cent, Sui Southern Gas, 12.5 per cent, Noon Pakistan, 12 per cent on preference shares, nil on ordinary shares, Fateh Textiles, 10 per cent, Al-Abid Silk, 7.5 per cent, Sui Northern Gas, 35 per cent, ADM Artistic Denim, 20 per cent, Dawood Mutual Fund, 2 per cent, Dreamworld, Prosperity Weaving, Nagina Cotton, Standard Chartered Bank, Crescent Textiles, Sajjad Textiles, all nil.