KARACHI, Oct 6: The trading on the stock market on Monday resumed on a dull note as investors were worried over the global financial crisis and its possible fallout on the local economy and reports of downgrading of Pakistan’s long-term credit rating by Standard and Poor’s but the chief worry remained the ‘floor’ on the KSE 100-share index.

The volume figure did, however, show a modest rise from the all-time low of 0.985m shares at 1.561m shares as some of the blue chips came in for fresh unloading under the lead of auto shares, notably Millat Tractors and Al-Ghazi Tractors.

“Strange are the operational moods of the investors,” said a leading analyst Ashraf Zakaria. ”On April 16, 2004, they pushed up the single session volume to an all-time high of 1.122 billion shares (with massive buying in OGDC, Fauji Cement and PTCL at 198m, 124m and 118m shares), but on Sept 30, 2008, they traded only 0.985m shares, a new all-time low in the trading history of the KSE”.

The chief investor worry was, however, the freeze on the KSE index, which is said to be the main daily volume eater and keeping investors out of the normal daily trading activity.

The KSE 100-share index showed a fresh fractional of 0.71 points at 9,178.97, while its junior partner the KSE 30-share index remained pegged at the last close of 10,064.44 points.

The KSE high-ups are in talk with the SECP and the Ministry of Finance on the issue and their Sunday’s meeting with the finance minister has raised hopes that the ‘floor’ may be lifted after the money is raised for the proposed market support fund.

“The future outlook still appears to be a bit pessimistic,” analyst Tabish H. Rajabali said, adding “but the news about the fund could generate buying in an unfrozen market”.

He said investors focus was on the proposed Dubai meeting of the Friends of Pakistan Group, which is expected to finalise a rescue aid package of $15 billion for the Pakistan’s ailing economy.

Analyst Ahsan Mehanti feels the weakness of the dollar on the world markets owing to the financial crisis and the law and order situation is keeping foreign investors away from the local blue chip shares for obvious reasons.

Higher badla rates, US missile attacks on the tribal areas and falling foreign reserves are said to be some of the other inhibiting factors, he added.

Dividend announcements by Sitara Chemical, Sazgar Engineering, cash at the rate of 75 per cent and bonus shares of 20 per cent respectively was on the higher side, but were neglected owing to the prevailing sluggishness.

Minus signs again held a fair lead over the plus ones under the lead of Al-Ghazi and Millat Tractors, off by Rs4.50 and Rs1.51 respectively followed by Chashma Sugar, Berger Paints, Fecto Sugar and Berger Paints, off by 26 paisa to Rs1.45.

Pak Datacom and Sitara Energy was leading among the gainers, up by Re1 to Rs2.25 followed by Standard Chartered Bank, Shakarganj Sugar and Habib-ADM Sugar, which rose by 22 to 56 paisa.Trading volume showed a modest rise at 1.560m shares from the previous 0.985m shares as losers maintained a fair lead over the gainers at 15 to nine, with 72 shares holding on to the last levels.

Southern Electric again topped the list of actives, static at Rs3.90 on 0.567m shares followed by IGI Investment Bank, lower by 14 paisa at Rs4 on 0.213m shares, Golden Arrow Selected Stocks, static at Rs4.89 on 0.91m shares and Pak Elektron, off 80 paisa at Rs40 on 0.85m shares.

Sakrand Sugar, unchanged at Rs2.70 on 0.72m shares, Habib Modaraba, unchanged at Rs6.49 on also on 0.72m shares and Pace Pakistan, static at Rs19.24 on 0.60m shares.

Colony Sugar followed them, static at Rs48 on 0.50m shares, Millat Tractors, off by Rs1.51 at Rs227.49 on 0.43m shares and Pak Datacom, higher by Rs2.25 at Rs51 on 0.28m shares.

FORWARD COUNTER: Trading remained suspended on this counter and as a result no shares came in for trading.

DEFAULTER COUNTER: Stray activity was witnessed on this counter as eight shares came in for alternate bouts of buying and selling under the lead of National Asset leasing and Al-Qaim Textiles, which fell by 20 and 25 paisa at 40 paisa and Re1 on 14,000 and 1,500 shares respectively.

Mukhtar Textiles and Hydery Constructions rose by 21 and two paisa at Rs0.74 and Rs1.05 on 500 and 10,500 shares. Others were held unchanged.

DIVIDEND: Meezan Islamic Income Fund, cash interim 2.54 per unit, for those investors who opted for bonus at 2.540 units for each 100 held, Kohat Cement, bonus, 10 per cent, Dawood Investment Bank, bonus 10 per cent, Pak Leather Crafts, Pak Saudi Leasing and Mustehkam Cement, nil.