KARACHI, Nov 5: Stocks on Wednesday passed through another cheerless session as leading investors remained conspicuous by their absence apparently awaiting some positive developments from the president’s Saudi visit, notably widely-rumoured aid package and oil on deferred payments.

But there were no immediate cheers about Obama’s election as next president of the United States, analysts said.

“The obvious reason behind the market’s dull response appears to be Obama’s policies in regard war on terror and an economic bailout package for Pakistan,” they added.

The volume figure, which rose to 0.622m shares from the overnight’s 0.247m shares, reflected that the market would watch his financial policies in the backdrop of the current US recession and bankruptcy of some major banks and leading companies, some others said.

“Investors are awaiting some good news about the advent of buying by the newly-established Rs20 billion support fund and removal of floor before resuming normal activity,” some analysts said, adding “but indications are that there is no immediate positive news on this front”.

There was, therefore, no special feature in physical trading as investors played on both sides of the fence amid fractional price changes.

Meanwhile, off-the-floor transactions were again reported at discount as those who are not inclined to hold unsold stocks in an uncertain market are willing sellers at the lower rates.

The benchmark KSE 100-share index was again held unchanged at 9,183.14 and so did its junior partner the KSE 30-share index at 10,003.99, but the KSE all-share index showed a fractional rise of 0.01 point at 6,339.26.

For the third session in a row plus signs held a modest edge over the minus under the lead of Pak Datacom at eight to five, with 18 shares holding on to the previous levels.

Apart from Pak Datacom, which rose by another Rs1.30, other prominent gainers included Taxila Engineering, Sitara Energy, Habib-ADM, UDL Modaraba, Muhammad Farooq Textiles and Fidelity Leasing, which were quoted higher by five to 28 paisa.

Losers were led by Al-Zamin Leasing, Al-Noor Modaraba, Southern Electric and Gharibwal Cement, which fell by one to 20 paisa.

Muhammad Farooq Textiles, led the list of actives, up by eight paisa at Rs2.24 on 0.474m shares followed by JS & Co, static at Rs96.67 on 51,400 shares, Tri-Star Power, static at Rs164 on 11,000 shares, UDL Modaraba, up by 10 paisa at Rs3.31 on 10,000 shares and Sitara Energy, up by 28 paisa at Rs21.05 on 8,000 shares.

Al-Noor Modaraba followed them, lower by 15 paisa at Rs3.50 on 6,500 shares, Habib-ADM, up by 18 paisa at Rs10.34 on 6,000 shares and Al-Zamin Leasing, easy 20 paisa at Rs2 on 5,000 shares.

DEFAULTER COMPANIES: Half a dozen shares came in for active trading under the lead of Taxila Engineering, which was quoted higher by 55 paisa at Rs4.45 on 500 shares, followed by Amazai Textiles, higher by 18 paisa at Rs0.98 on 2,000 shares and National Asset Leasing, easy by four paisa at Rs0.40 on 14,500 shares.

Indus Polyester, Zeal-Pak Cement and Dewan Auto were held unchanged at Rs0.74, Rs1.16 and Rs1.45 on 11,500, 1,000 and 5,000 shares respectively.