KARACHI, Oct 24: The stock market finished the last session with downside capped on Friday on a dull note as investors kept to the sidelines awaiting the removal of the ‘floor’ from under the KSE 100-share index on Monday amid fears of an avalanche of foreign selling and its fallout on price trend.

The KSE 100-share index, however, managed to close unchanged at 9,182.88 points.

Although the market regulators had taken various corrective measures to keep the price trend orderly sans any speculative selling, but the big question being debated is “whether or not the proposed fund buying in select scrips could absorb the foreign free-float,” analyst Hasnain Asghar Ali said.

The changing global business norms have forced investors to opt for available cash rather than holding onto their portfolios and that could trigger massive selling in a free market, he fears.

The current fresh massive plunge taken by the leading Asian markets including Mumbai, which tumbled by 10 per cent, suggest that all may not be well with the bourses the world over and the KSE could hardly be an exception.

But, currently it appears to be pre-occupied with the post-floor removal perceptions and would not react that bearishly to depressing news from the world markets.

“The storm on the local financial market is still not over,” analyst Tabish H. Rajabali believes. “The Rs20 billion support fund is too small and may not pull the market out of the current impasse”.

He said back up support steps are also needed to sustain any snap rally and the financial sector could play a pivotal role in sustaining it after having joined hands with the fund managers.But many analysts fear that the weak economy, fears of debt default, falling value of the rupee etc., may still keep general investors out of the market. Trading activity was confined to about two dozen scrips, most of them closing on the lower side under the lead of Pak Datacom and Shifa International, off by Rs2 and Rs1.08. Southern Electric, Fidelity Leasing, Gharibwal Cement and Sitara Energy followed them, lower by five to 82 paisa.

But on the plus side, only three changes were noted in BMA Fund, up by Re1 followed by National Asset Leasing and UDL Modaraba, up by two and five paisa respectively.

Trading volume rose to 0.279m shares from the previous 0.121m shares, but losers held a modest edge over the gainers at seven to three, with 16 shares holding onto the last levels.

Trust Modaraba led the list of actives, static at Rs1.35 on 0.101m shares followed by United Bank, unchanged at Rs68.25 on 75,000 shares, Fidelity Leasing, lower five paisa at Rs4.15 on 13,500 shares, Al-Zamin Leasing, static at Rs2.20 on 11,500 shares, Zeal Pak Cement, static at Rs1.16 on 10,000 shares, Unicap Modaraba, static at 40 paisa also on 10,000 shares, and Gharibwal Cement, lower by 32 paisa at Rs17.23 on 7,500 shares.

Shifa International Hospital followed them, unchanged at Rs20.58 on 7,500 shares, Flying Cement, static at Rs4.32 on 5,000 shares and Pakistan Cement, unchanged at Rs4.90 on 5,000 shares.

FORWRARD COUNTER: Trading on this counter is expected to be resumed by Monday after removal of the floor and how prices will move will be determined by news from the CFS sector and the settlement of leveraged positions.

DEFAULTER COUNTER: Unicap Modaraba and Zeal Pak Cement came in for stray support at the overnight levels and were held unchanged at 40 paisa and Rs1.16 on 10,000 shares each.DIVIDEN: MCB Bank, interim at the rate of 30 per cent, JS Venture Fund, interim 10 per cent, KASB Income Fund and KASB Liquid Fund, interim three per cent each.