KARACHI, Nov 19: Stocks on Wednesday passed through a listless session as prices showed fractional either-way changes in the absence of strong buying support from any quarter. The KSE 100-share index was up 2.60 points at 3,888.40.

Trading volume shrank to new lows as leading investors were not inclined to make fresh commitments, signalling the setting in of a pre-Eid holiday mood.

“Investors withdrew to the sidelines in the absence of some stimulating news, but there was all quiet both on the privatization and corporate fronts,” brokers said.

The KSE 100-share index recouped in part the overnight loss and was marked up by 2.60 points at 3,888.40 as compared to 3,885.80 a day earlier as some of the leading base shares managed to finish higher.

The trading in the ready section may remain insipid during the sessions preceding the Eid holidays as a formidable section of leading investors, including genuine ones, will again opt for “green shoe option” for the remaining 107m shares of OGDCL being offered to the general public, brokers said.

“The OGDCL phobia is still not over,” says a leading analyst. “Investors are lining up fresh funds to participate in the OGDCL green shoe option.”

It was perhaps in this background that the OGDCL share made its debut on the forward counter on Tuesday at Rs41.20, but encountered an active bouts of buying and selling between Rs40.50 and Rs39.15 on a volume of 34m shares.

Some of the investors took profits, while the others sold to line up funds for its next issue as all eyes remained focused on OGDCL and for good reasons to on the perception that it is expected to assume the role of market trend setters in the coming weeks owing to its massive capital base.

The persistent decline in the turnover figure for the last couple of sessions was partly caused by the outflow of huge amounts from the share business to the OGDCL issue and partly to slack demand from the institutional traders.

Owing to technical problems, notably extended settlement period during the post-Eid holidays and risks involved in the intervening holidays, investors made selective buying mostly on the safe havens.

Much of the stray buying was confined to low-priced shares as well as some risk-free high profile issues in the energy and fertilizer sectors in addition to cement scrips.

Plus signs dominated the list, major gainers being Din Textiles, IGI, Muslim Insurance, Nishat Chunian, Bosicor Pakistan, PSO, Noon Sugar, up Rs1.50 to Rs2.25. But leading among them were EFU General Insurance, HinoPak Motors, Pakistan Services and Clover Pakistan, which posted gains ranging from Rs4 to Rs7.10.

Losses on the other hand were fractional barring Mehmood Textiles, JWD Sugar, Crescent Steel, International Industries, BOC Pakistan, Aventis Pharma and Siemens Pakistan, off Rs2 to Rs5, but the largest decline of Rs30 was noted in Wyeth Pakistan.

Trading volume fell further to 64m shares from the previous 84m shares but gainers maintained a fair lead over the losers at 137 to 110, with 42 shares remaining unchanged at the last levels.

Bosicor Pakistan, a newly set up oil refinery in the private sector topped the list of actives on reports that it has started delivery of petroleum products to PSO, up Rs1.85 at Rs26.70 on 8m shares. Prior to the current general correction its share value was ruling around Rs50 against its face value of Rs10. It is the third scrip beyond the list of leading volume leaders, which topped the list of actives. The other two being FFC-Jordan Fertilizer and D.G. Khan Cement.

Other actives were led by FFC-Jordan Fertilizer, up 20 paisa at Rs18.75 on 8m shares, followed by D.G.Khan Cement, easy by 10 paisa at Rs39 on 7m shares, PSO, higher by Rs1.90 at Rs262.10 on 6m shares and Maple Leaf Cement, higher by 40 paisa at Rs24.50 on 4m shares.

Other actives included Lucky Cement, up 70 paisa on 3m shares, Sui Northern Gas, steady by 25 paisa also on 3m shares, Hub-Power, lower 10 paisa on 2.486m shares and Dewan Motors, up 55 paisa on 2m shares.

FORWARD COUNTER: OGDCL came in for strong support at the overnight lower levels and rose by 95 paisa on a large volume of 20m shares followed by PSO, higher by Rs2.10 at Rs262.60 on 3m shares, FFC-Jordan Fertilizer, lower 20 paisa at Rs18.40 on 2m shares.