KARACHI, Aug 20: Trading on the share market on Monday resumed on a higher note as a section of investors covered positions on selected counters, but the early run-up could not be sustained owing to late profit-selling. The KSE 100-share index shed another 6 points at 12,692.17.

However, the turnover figure plunged to five-year low at 123m shares which reflected fading investor interest at least for the near-term despite attractively lower levels.

Cash dividend plus bonus shares by some of the MNCs notably Colgate Pakistan, Clover Pakistan and Attock Petroleum were on the higher side of the market expectations and were well received barring Attock Petroleum which suffered post-dividend pruning.

“The entire trading appears to be jobbing affair,” said Ahsan Mehanti, adding “investors covered positions at the early lows and bailed themselves out after selling at the intra-day highs”.

The KSE 100-share index in early trading rose by 106 points, but finished with a fractional decline of 5.87 points at 12,692.17 as compared to 12,698.04 at the last weekend.

Fresh heavy selling in PTCL, Bank Alfalah and some other leading base shares pulled it down from the session’s high of 12,806.01 to close lower but well above the bottom of the day.

Active short-covering in some of the leading bank shares, notably National Bank, MCB and Bank of Punjab allowed the boarder market to finish with limited fall.

“In the absence of leading financial institutions and foreign investors, locals are playing safe and are not inclined to go beyond certain limits of financial risks and that has taken steam out of the market,” Hasnain Asghar Ali said, adding “the trading will remain insipid until political irritants are there”.

Most leading analysts believe the current lower levels attained by most of the liquid shares ensure higher capital gains but who will bell the cat is a question being debated, said a leading broker.

In the prevailing political situation and in the absence of market trend-setters it appears pretty difficult to talk of a turnaround at this stage. But the market could regain its lost glory on the strength of higher corporate dividend and bonus shares depending on national reconciliation on the political front, some others said.

Leading gainers were led by Siemens Pakistan and Colgate Pakistan, one of the leading MNCs, up by Rs19 and Rs24.70, followed by New Jubilee Insurance, PSO, Shell Gas, Pakistan Engineering, HinoPak Motors, Clover Pakistan, Gillette Pakistan, Packages, Fazal Textiles and EFU Life, which rose by Rs6 to Rs17.05.

Top losers included Mirpurkhas Sugar and AKD Capital, off by Rs9.10 and Rs9.50. Thal Jute, IGI Insurance, Shell Pakistan, Atlas Honda, Javedan Cement, Dawood Hercules, Rafhan Maize, Attock Petroleum and Javed Omer followed them, off by Rs4 to Rs8.80.

Trading volume shrank to a new low at 123m shares as compared to 196m shares at the last weekend as losers maintained a fair lead over the gainers at 177 to 131, with 27 shares holding on to the last levels.

TRG Pakistan led the list of actives, up by 45 paisa at Rs12.40 on 10m shares followed by Fauji Fertiliser Bin Qasim, higher by 90 paisa at Rs43.55 on 7m shares and PTCL, off by Rs2.20 at Rs50.45 also on 7m shares.

National Bank, higher by Rs3.25 at Rs234 on 6m shares, Sui Southern Gas, up by Rs1.45 at Rs31.20 also on 6m shares, Bank of Punjab, firm by Rs1.30 at Rs91.10 on 5m shares and Bank Alfalah, lower by 35 paisa at Rs49.10 on 4m shares.

Other actives were led by Bosicor Pakistan, lower 30 paisa on 6m shares, Arif Habib Securities, up by Rs1.20 on 4m shares and Javed Omer, off Rs8.80 on 2m shares.

FORWARD COUNTER: PTCL led the list of actives on this counter, off Rs2.30 at Rs50.60 on 3m shares followed by D.G. Khan Cement, off Rs1.55 at Rs96.95 also on 3m shares and National Bank, up by Rs2.85 at Rs235 also on 3m shares.