KARACHI, Oct 16: The KSE 100-share index on Thursday remained static at the previous level of 9,184.24 for the third session in a row as investors were still in two minds how to behave prior to the removal of the floor on Oct 27, analysts said.

Never before in the trading history of the KSE, had the market ever witnessed the investors’ apathy as the current one, they said adding: “An attractive bait of the rising dollar appears to be the villain of the game, which at Rs84 is heading for new highs”.

Bulk of the alternate bouts of buying and selling remained confined to the undervalued shares, including the defaulted ones as no one is inclined to take a calculated risk at this stage.

“Why should one put money in stocks because of their current plight,” they ask, “Why not in dollar, which is virtually galloping to some speculate to Rs100 parity.

But some other leading analysts, notably Tabish H. Rajabali, Hasnain Asghar Ali and Ahsan Mehanti say the modest increase in the turnover figure well above a million shares from half million shares a day earlier reflects that official money may have made a modest debut.

An interesting feature was that off-the-floor transactions again remained on the higher side as those, who found cue for safe exit in some of the shares even at a loss, are bailing them out, they added.

The market needs billion of rupees to be pumped into it, notably from the official financial institutions under the lead of NIT before other investors could be lured in a big way, they added.

No one could deny the fact that the current lower levels ensure massive capital gains on most of the counters but the problem is that no one is inclined to bell the cat apparently in the backdrop of international financial crisis and plunge of major markets.

“Investors are awaiting the injection of officially promised money into the market before the removal of cap on the index but there are no signs of its presence as yet,” analyst Ashraf Zakaria said, adding: “Until its presence is sufficiently reflected in system others may stay out”.

Over a dozen shares came in for fractional price changes under the lead of Fecto Sugar, Wah Noble Chemicals, which were marked up by Rs1 to Rs2, followed by Pak Datacom, Punjab Modaraba and Gharibwal Cement, which were marked higher by 14 to 59 paisa.Losers were led by English Leasing, Kohinoor Mills, and National Foods, off by one rupee to Rs3.62, respectively. Southern Electric, UDL Modaraba and Sitara Energy followed them, falling by 30 to 50 paisa.

Trading volume rose to 1.307m shares from the previous 0.500m shares as losers topped gainers by eight to six, with 33 shares holding on to the last levels.

UTP Large Fund led the list of actives, unchanged at Rs5.50 on 0.616m shares followed by Southern Electric, also unchanged at Rs3.60 on 0.212m shares, Fidelity Leasing, lower 10 paisa at Rs4.15 on 0.116m shares, Cherat Cement, unchanged at Rs15.90 on 0.64m shares, WorldCall Telecom, static at Rs7.80 on 0.61m shares, Elite Modaraba, static at Rs3 on 0.52m shares and UDL Modaraba, lower 45 paisa at Rs4 on 0.34m shares.

Gharibwal Cement followed them, higher by 59 paisa at Rs18.09 on 0.29m shares, Punjab Modaraba, up by 30 paisa at Rs6 on 0.20m shares and Siddiqsons Tin, unchanged at Rs12.93 on 0.13m share.

DEFAULTER COMPANIES: With the exception of National Asset Leasing, which came in for stray support and rose by three paisa at 45 paisa on 9,500 shares, other three shares, which also attracted stray support, ended unchanged under the lead of Unicap Modaraba, Ashfaq Textiles, and Zeal Pak Cement at 40 paisa, Rs3.50 and Rs1.16, respectively, on 5,000 and 2,000 shares, respectively.