KARACHI, Oct 22: Stocks on Wednesday remained under pressure and fell further as a section of investors tried to liquidate in part their long positions but failed to find any willing buyer even at a discount.

Turnover figure fell to a new low of 0.124m shares, while the KSE 100-share index shed 3.16 points at 9,183.74.

Although fears of a possible debt default in the backdrop of loud whispering were dispelled as the IMF has agreed to line up credit lines of $6 billion on tough conditions, the general health of the economy and higher cost of inputs do worry investors, analysts said.

They said fresh hike in the interest rates may be on the card as demanded by the IMF, which will have negative impact on the economy on more than one ways.Investors are just marking time apparently awaiting the resumption of normal activity after the removal of the floor on Oct 27, and are not inclined to make fresh commitments until the post-floor trading pattern is known, they said.

Leading among them are also inclined to have an overview of the price trend in a special trading session to be held by the National Clearing Company to sell shares of leveraged member at a discount of 15 per cent who failed to clear their outstanding dues against exposures before the lifting of the floor from under the index, they added.

Meanwhile, off-the-floor transactions have given a fair idea “how prices of certain scrips will move, which have been sold at discount of 15 to 20 per cent during the last couple of sessions.

On Tuesday, the turnover figure in these transactions stood around 22m shares, bulk of which went to the credit of Zeal Pak Cement at an average rate of Rs1.16 per share, said a leading analyst.

An idea of the falling demand may well be had from the fact that out of the total 26 shares, which came in for alternate bouts of buying and selling, none of them finished even fractionally higher, a new record in the trading history of the share business.

Trading volume fell further to a new all-time single-session low of 0.124m shares from 0.238m shares a day earlier, reflecting the general investor apathy.

Among the price changes witnessed on the ready counter, there was no gainer but seven shares came in for stray selling and fell under the lead of Pakistan Services and Shifa International Hospital, off by Rs26.50 and Rs1.20.

UDL Modaraba, Habib-ADM, Pak Datacom and Kohinoor Mills followed them, which were quoted lower by eight paisa to Re1.

Gharibwal Cement led the list of actives, static at Rs17.90 on 0.38m shares, followed by MCB Bank, also static at Rs235.75 on 0.20m shares, National Asset Leasing, lower by 17 paisa at Rs0.43 on 0.14m shares, Bank Al-Habib, unchanged at Rs34.14 on 0.10m shares, Haydery Construction, unchanged at Rs1.03 on 7,000 shares, Southern Electric, unchanged at Rs3.65 also on 7,000 shares and UDL Modaraba, lower by eight paisa at Rs4.35 on 5,000 shares.

Habib Modaraba followed them, unchanged at Rs5.44 on 3,500 shares, Habib-ADM, off 36 paisa at Rs8.59 also on 3,500 shares and KESC, static at Rs3.80 on 3,000 shares.

DEFAULTER COMPANIES: National Asset Leasing came in for stray selling and fell by 17 paisa at Rs0.43 on 13,500 shares but Indus Polyester and Haydery Construction were held unchanged at Rs0.74 and Rs1.03 on 500 and 7,000 shares respectively.

DIVIDEND: Pakistan Tobacco, third interim at the rate of 20 per cent, two interims of 37.50 per cent already paid by the management.