KARACHI, Oct 10: The stock market finished the weekend session on a dull note as investors played on both sides of the fence but did not take long positions on any of the counters amid modest turnover.

Analysts said the market remained in the grip of conflicting rumours about financial health of some of the banks despite official denial, which in turn had a negative impact on the share trading.

But reports that the leading economic managers hope to line up credit lines for about $5 billion from the US during their visit to Washington shortly failed to generate fresh buying as investors were pre-occupied by the law and order situation in the backdrop of suicide attacks, they added.

However, the immediate worry of the investors appears to be the ‘floor’ under the KSE 100-share index which, they fear, could prove a doubled-edged weapon.

There was a loud whispering that the market would witness fresh price erosions on panic foreign selling, but some others said rebound may be around at the lower levels attained by most of the leading shares during the current sell-off.

“But how the market sans floor will behave would depend on the liquidity position of the proposed market support funds and how will the financial institutions and banks support it,” they added.

Much of the stray activity again confined to the low-priced shares, notably those ruling well below their face values suggesting that investors were not inclined to take even calculated risks at this stage, they said.

Meanwhile, reports from the money market indicate that the central bank intervention has, to a certain extent, restored sanity on the open market where the rupee showed a measure of strength.

But fresh sharp surge in the gold prices at Rs23,200 per 10 grams reflects that the outflow of more funds from the share market, some brokers said.

The interesting feature was that the KSE 100-share index did not show any either-way movement and remained static at the overnight close of 9,181.35 as investors apparently awaited official word on the removal of floor possibly by the next week.

The KMI 30-share index also followed it and was held unchanged at 11,224.18 for the second session in a row.

The KSE 30-share index was, however, traded fractionally lower at 10,042.85, off 0.56 points as some of the leading base share eased from the previous levels.

Leading gainers were led by National Foods, which was marked up by another Rs3.82 for the third session in a row, followed by Al-Khair, Gharibwal Cement, Pak Elektron, Wah Nobel Chemicals, M. Farooq Textiles, and Shakarganj Sugar, which rose by 20 to 66 paisa.

Losers were led by Pak Datacom and Standard Chartered Bank, off by 85 and 68 paisa followed by Data Textiles, Al-Zamin Leasing, Elite Modaraba and Fidelity Leasing, which were marked down by 10 to 17 paisa.

Trading volume showed a modest rise at 1.833m shares from the previous 1.792m shares as gainers held a small lead over the losers at 12 to 10, with 48 shares holding on to the last levels.

Nimir Resins led the listed of actives, static at Rs5.30 on 0.618m shares followed by NIB Bank, also steady at Rs8.45 on 0.268m shares and Southern Electric, firm by two paisa at Rs3.92 on 0.200m shares.

Sitara Energy, up by 25 paisa at Rs22.30 on 0.139m shares, UDL Modaraba, up by 13 paisa at Rs4.33 on 0.102m shares, KESC, unchanged at Rs3.80 on 0.77m shares and Gharibwal Cement, up 49 paisa at Rs17.99 on 0.65m shares.

Pak Elektron followed them, up by 45 paisa at Rs37.50 on 0.56m shares, UTP Large Fund, lower nine paisa at Rs5.50 on 0.52m shares and D.S. Industries, static at Rs14.85 on 0.49m shares.

FORWARD COUNTER: Trading remained suspended on this counter owing to technical reasons.

DEFAULTER COMPANIES: Barring Al-Qaim Textiles and Al-Asif Sugar, which fell by 25 and 55 paisa at Re1 and Rs4.20 respectively on 4,000 and 500 shares, others were traded at the last levels under the lead of Mukhtar Textiles, Dewan Auto, Haydery Constructions, Indus Polyester and Service Textiles.

But National Asset leasing showed a fractional gain of two paisa at 44 paisa on 1,500 shares.

DIVIDEND: Sapphire Textiles, cash 7.5 per cent, Kohinoor Energy, bonus shares at the rate of five per cent, Sapphire Fibres, eight per cent, Security Leasing Corporation 9.1 per cent, Haji Dossa, 20 per cent and Indus Dyeing, 10 per cent.