KARACHI, Oct 14: The single-session volume on the stock market on Tuesday set another all-time low record at 0.585m shares as banks are reluctant to go for fresh financing aggravating the crisis on the CFS counter where unsettled positions still stand at Rs11 billion, a big figure for the liquidity-starved market.

The chief factor of disagreement among the badla position holders appears to be the demand to freeze the rate at 24 per cent, which last week had touched the peak of 90 per cent and now is being quoted around 50 to 60 per cent, analysts said adding the meeting of contenders on the issue is continuing.

Owing to prolonged floor some more fresh records both in terms of volume and index may be set in futures. The maiden could be the current one in the series in the KSE 100-share index.

It made a trading history after remaining pegged at the overnight level of 9,184.24, without showing any either-way movement. Its junior partner followed suit and was quoted at the last level of 10,042.85 for the third session in a row.

The previous single session all-time low turnover figure was recorded at 0.985m shares on Sept 30, after the plunge of the US markets followed by reports of bankruptcy of some major US investment banks.

There were no signs of the liquidity, which was reportedly promised by the financial institutions, including banks in Monday’s KSE-SECP meeting to be injected in the share business to boost the general investor morale, share values fell further though fractionally.

The chief worry of investors is the unsettled positions held by some of the brokers on the badla market around Rs11 billion and until they are settled the talk of any rescue package or banking funding may continue to haunt investors, floor brokers said.But some others said the market appears to be now, though a bit belated, is in the tight grip of the media and keeps investors at their tenterhooks each after reading conflicting reports about the bank funding in marathon meetings, they jokingly said.“The money may not be the only problem of the market,” analyst Ashraf Zakaria thinks, “its recovery is linked to the state of the economy, law and order situation sans suicide attacks and official confidence measures for massively mauled investors”.

“The banks seem to be following the mark to market principle but are reluctant to call margins from the clients on the shares in terms of floored prices being sold off-the-floor at a discount of 15 to 20 per cent,” said analyst Tabish H. Rajabali adding: “Fresh financing by them appears to be a distant possibility at this stage.”

The money is out flowing from the share market to other investment avenues, notably the US dollar, which on Tuesday soared to Rs82 on the open market.

“The share market needs liquidity but let the government banks come to its aid and resume funding, others will follow,” analyst Ahsan Mehanti said.

Prominent gainers were led by Regent Textiles, up one rupee followed by Sitara Energy, Al-Zamin Leasing and UDL Modaraba, up by six to 25 paisa.

National Foods again led the list of losers, off Rs3.81 followed by Fecto Sugar, which fell by one rupee. Gharibwal Cement, Wah Noble, Chashma Sugar, and Capital Asset Leasing fell by 15 to 80 paisa.

Trading volume fell to 0.585m shares from the previous 1.091m shares as losers topped gainers by nine to four, with 48 shares holding on to the last levels.

Regent Textiles led the list of actives, up one rupee at Rs26 on 0.239m shares followed by Al-Zamin Leasing, steady by 20 paisa at Rs2.10 on 0.56m shares, Golden Arrow Fund, static at Rs4.35 on 0.55m shares, Fidelity Leasing, easy by one paisa at 4.13 on 0.28m shares, Southern Electric, lower by two paisa at Rs3.90 also on 0.28m shares, National Asset Leasing, unchanged at 40 paisa on 0.23m shares, and UTP Large Fund, static at Rs5.50 on 0.17m shares.

Gharibwal Cement followed them, lower 15 paisa at Rs17.99 on 0.14m shares, Southern Network, static at Rs3.19 on 0.12m shares.