KARACHI, Dec 12: The trading on the share market on Friday remained insipid as the reports of removal of the ‘floor’ from under the KSE 100-share index next week failed to enthuse investors and they did not take any positions on any of the counters.

The benchmark index remained static at the previous level of 9,187.10.

Analysts said the floor was expected to be lifted on Monday as the bosses of the stock exchanges would have to carry out the directive of the Securities and Exchange Commission of Pakistan (SECP) but there was no investor enthusiasm as was widely expected.

“There could still be many a slips between the lip and the cup as the SECP notification is silent on some of the important issues including about those who are trapped in the badla business amounting to about Rs11 billion,” they said.

The KSE board was in the session and how would it carry out the SECP directive would be officially known late in the night on Friday, they said.

Floor brokers said no one was sure how the post-floor market would behave, but the general perception was that investors would try to get out of the market after selling their long positions at a discount.

“There has been a loud whispering in the market some weeks back that bulk of the selling may originate from the foreign investors who still have a massive stake of about $400 million in the local share market,” said a leading analyst, adding but it is too early to speculate about the intensity of selling after lifting of the floor.

It is, however, not clear whether or not the SECP has obtained IMF’s nod on the issue indications are that it has, he added.

The sharp decline of 26.77 points at 9,928.33 in the KSE 30-share index, however, reflected that the opening may not that robust as was being speculated by some and may witness a lot of unloading at the fall, some others said.

The KSE all-share index on the other hand posted a fresh fractional rise of 0.01 points at 6,641.69, while KMI-30 share index again remained pegged at the last level of 11,224.18.

Advancing shares led the list of actives under the lead of UDL Modaraba, Saritow Spinning, National Asset Leasing and Taxila Engineering, which were quoted higher by one paisa to Re1.

Barring Habib-ADM, which suffered a fractional fall of six paisa, all others active shares were quoted unchanged at the last levels.

Trading volume showed a modest rise at 56,000 shares from the previous 41,700 shares. Four shares posted gain with one suffered fall while two held onto the last levels.

Pak PTA topped the list of actives, unchanged at Rs3.18 on 5,000 shares followed by Saritow Spinning, up 14 paisa at Rs1.50 on 6,000 shares, Habib-ADM, lower by six paisa at Rs9.63 on 2,000 shares, JOV & Co, static at Rs21.12 on 2,000 shares and UDL Modaraba, steady by one paisa at Rs3.07 on 1,000 shares.

FORWARD COUNTER: Five shares came in for trading on this counter and fell without finding any buyer even at the falling prices.

OGDC led the list of falling shares, off Rs1.40 at Rs93.03 without any transaction. Engro Chemical, MCB Bank, Pakistan Oilfields, PSO followed them and were marked down by 36 to 53 paisa, while all others were held unchanged.

DEFAULTER COMPANIES: National Asset Leading came in for stray support and was quoted fractionally higher by one paisa at Rs0.41 on 19,500 shares followed by Taxila Engineering, higher by Re1 at Rs5.46 on 500 shares.