KARACHI, Nov 19: Trading volume on the stock market on Wednesday expanded modestly from the recent lows as a section of investors covered positions in some of the undervalued shares paving way for the others to join them to put the market back on the rails.

But the decisive breakthrough still appears to be far away as the institutional traders failed to provide the much-needed lead to the mauled investors, some of them could re-enter the market with a vengeance to settle pre-floor scores, some analysts fear.

“There could be many reasons behind the current plight of the country’s premier bourse but all roads will finally converge on the one point that is lack of support amid fears of fresh massive shakeout after the floor is removed,” they said.

A fractional rise of 0.33 points in the KSE all-share index at 6,639.51 also reflects that the tired bulls may stage comeback ahead of the lifting of the ‘floor’ from under the KSE 100-share index, which remained static at 9,184.09.

Unlike the previous analyst predications about the lifting of the floor, there was none during the current week but a loud whispering in the corridors indicates that the next Monday could be decisive about the future market trend, said a broker.

Who lifted 0.107m shares of National Asset Leasing, currently ruling at 42 paisa as compared to its face value of Rs10 did not reflect panic selling, but a pointer for the others to follow to give the market some sort of respectability at least in terms of turnover, said a leading analyst.

No one denies the fact that floor and circuit breakers are there to forestall further price erosions but what halts them to come out of the self-imposed buying barriers in the blue chips, he asks.

“Liquidity problem in the face of high cost of borrowing is there but the market has dozens blue chips where investors could make risk-free covering purchases at lower levels,” said another analyst.

Everyone is awaiting the removal of the floor holding onto their long unsold positions, as the general perception is that the market could rebound from the current lows after absorbing fresh selling by the weakholders, he said.

Fractional price changes were evenly matched as among the top gainers, Gharibwal Cement was leading, up by 62 paisa followed by Habib-ADM, Pak Commercial Leasing and M. Farooq Textiles, which were quoted higher by one paisa at 20 paisa respectively.

Losers were led by Mukhtar Textiles, National Asset Leasing, UDL Modaraba and Pak Datacom, lower by two to 25 paisa.

Turnover figure rose to 0.182m shares and gainers and losers evenly matched at four, with five shares holding on to the last levels out of 13 actives.

National Asset Leasing led the list of actives, easy by two paisa at Rs0.42 on 0.107m shares followed by Gharibwal Cement, higher by 62 paisa at Rs17 on 0.035m shares, Mukhtar Textiles, easy by two paisa at Rs0.53 on 0.017m shares, Habib-ADM, steady by one paisa at Rs9.70 on 0.012m shares, UDL Modaraba, lower by 19 paisa at Rs3.06 on 5,000 shares and Pak Datacom, off 25 paisa at Rs45.75 on 1,200 shares and Invest Bank, static at Rs5.01 on 1,000 shares.

Zephyr Textiles followed them, static at Rs2.55 on 1,000 shares, M. Farooq Textiles, up 20 paisa at Rs2.20 on 1,000 shares and Abbott Lab, unchanged at Rs110 on 1,000 shares.

DIVIDEND: East-West Insurance Company, interim cash 10 per cent, Nishat Chunnian, right shares 50 per cent.