KARACHI, Jan 2: Stocks on Friday did not make any further headway as leading investors kept to the sidelines most of the time apparently being in the process of evolving new year buying strategy.

The KSE index showed a fresh fractional rise of 0.90 point at 4,473.93.

The undertone was, however, remained uppishly inclined thanks to an improved performance by most of the leading shares, some of which showed fresh sharp gains on active selective support.

"The post-trust vote general lull on the market is intriguing," says a leading broker on the market performance, which should have reacted positively to the event "what worries investors is pretty difficult to fathom at this stage."

But some others said leading investors and financial institutions are planning their new year buying strategy and will be in the rings possibly by the next week to restore normal trading activity based on most of the positive fundamentals.

The perception that half a per cent cut in the interest rates on all the national saving schemes could attract a lot of fresh buying remained an elusive goal at least for the near-term as investors were worried over some negative developments on the other fronts.

Analysts said investors having stake in saving schemes will think twice to get out of them after having an overview of the allied benefits and risks.

"While the return on saving schemes is ensured despite successive cuts since last July in rates on the IMF direction, while investment in stocks is fraught with high risks," they said adding that is perhaps why the latest cut failed to boost the market.

The positive impact of vote of trust by both the houses to the president is still to manifest itself in stock trading as investors are in two minds how to interpret it, brokers said.

The KSE 100-share index failed to hold on to the morning session modest rise as follow-up support remained shy for no apparent bearish reasons and finally finished at 4,473.93, up 0.90 point as compared to 4,473.03 a day earlier.

For the second new year trading session, the market remained featureless without any special feature both in terms of massive individual activity or big rise in the most liquid scrips. But rather some of the second-liners stole the show, while market leaders including Hub-Power and PSO came in for renewed selling and fell modestly.

Plus signs dominated the list under the lead of Pakistan Cables, Millat Tractors, Thal Jute, and Island Textiles, up by Rs6.50 to Rs10.50 followed by Bhanero Textiles, Mehmood Textiles, Clariant Pakistan and Pakistan Gum Chemicals, which posted gains ranging from Rs3.15 to Rs5.15.

Losers were led by Siemens Pakistan, which shed in part the overnight gains, off Rs20 followed by Parke-Davis, lower by Rs25. Other notable losers being EFU Life, BOC Pakistan, Packages, Security Papers and Unilever Pakistan, off Rs3.95 to Rs12.

Trading volume fell to 192m shares from the previous 268m shares as gainers held a fair lead over the losers at 148 to 139, with 55 shares holding on to the last levels.

Sui Northern Gas again led the list of actives, sharply higher by Rs2.05 at Rs44.10 ahead of its sell-off on 57m shares followed by Bosicor Pakistan, higher by 90 paisa at Rs26.20 on 14m shares, Sui Southern Gas, up 80 paisa at Rs29.70 also on 14m shares, PTCL, firm by five paisa at Rs36.65 on 11m shares and Hub-Power, easy 10 paisa at Rs38.40 on 9m shares.

Other actives were led by Engro Chemical, steady by 20 paisa on 8m shares, TRG Pakistan, higher by Rs1.05 on 7m shares, Pakistan Oilfields, up 25 paisa also on 7m shares, Pakistan international Containers higher by 70 paisa on 6m shares and DG Khan Cement, lower 50 paisa also on 6m shares.

FORWARD COUNTER: After a number of lean sessions, OGDC came in for active support and rose by 65 paisa at Rs52.50 on 50m shares followed by Sui Northern Gas, up Rs1.60 at Rs44.10 on 7m shares and PSO, off Rs1.65 at Rs288.10 on 3m shares.