KARACHI, July 19: Stocks on Monday lacked normal trading interest as leading investors and brokers remained busy with the IPO of Pakistan Petroleum Limited that has opened for public subscription for four days. The KSE 100-share index shed another 8.91 points at 5,378.93.

A record fall in the volume figure to 136m shares reflects that all roads led to the investment counters in the banks rather than the stock market. In addition to a massive outflow of liquid funds from the share market, general investors as well small savers were also out to try their luck to be part of the mega issue - Pakistan Petroleum Limited (PPL).

After opening higher, stocks came in for stray selling later and finished lower as some of the leading bears manipulated the higher badla volume figure to direct the market trend.

The selling in part was also attributed to the outflow of large amounts of cash to the IPO of PPL that opened for public subscription on Monday and will close on July 22.

It appeared that the issue of PPL would be massively oversubscribed despite some pre-IPO confusion was created by some of the interested parties but later clarified by the KSE high-ups, brokers said.

The KSE 100-share index early rose by 15 points but the subsequent badla-related selling pushed it down to finish with a fall of 8.91 points at 5,378.93 as compared to 5,387.84 a day earlier.

PPL, one of the leading mega issues listed on the KSE, offers 68.5m shares at the rate of Rs55 per share, including a premium of Rs45 on a 10-rupee share. Its shares value on last Friday finished at 113.40 and on Monday it was quoted at around 112.00 toward the close.

With a yield of eight per cent, PPL stands out on all key valuation norms above OGDCL. The government vows to give preference to small applicants of 500 shares. Analysts said the market might remain sluggish during the next couple of sessions as some of the investors would line up funds to buy PPL shares from the open market also as it is billed a "good buy" at the current rates.

However, there is nothing wrong with the market's inherent strength and bulls will be in the market after the IPO of PPL is closed and a good part of the invested money will be back in the share business again, they said.

Minus signs dominated the list, although most of the losses were fractional reflecting lack of support rather than large selling from any quarter. Gul Ahmed Textiles, Javed Omer, Mehmood Textiles, Quetta Textiles, Unilever Pakistan, Pakistan Hotels, Siemens Pakistan and Pakistan Services were exceptions, which suffered fall ranging from Rs3.10 to Rs6.70.

But on the other hand, some of the leading shares put on sharp gains of Rs10, Rs12.95, and Rs13.05, respectively, for Gatron Industries, Packages and Arif Habib Securities, the largest rise of Rs42.95 being in PICIC (right share).

Other good gainers were led by Dewan Group of Industries, Sapphire Textiles, Shell Pakistan, Mari Gas, Pakistan Cables, Rafhan Maize, Al-Ghazi Tractors and Atlas Honda, up Rs3.30 to Rs7.60.

Turnover figure fell to a record low of 136m shares from the weekend 230m shares as losers maintained a comfortable edge over the gainers at 148 to 125, with 43 shares holding on to the last levels.

Lucky Cement led the list of actives, up 60 paisa at Rs40.50 on 13m shares followed by National Bank, lower 40 paisa at Rs71.40 also on 13m shares, D.G. Khan Cement, steady by 10 paisa at Rs57.40 also on 13m shares, PSO, higher by Rs1.25 at Rs271.90 on 10m shares, Bank of Punjab, easy 20 paisa at Rs65.80 on 9m shares and PTCL, lower five paisa at Rs43.10 on 6m shares.

Other actives were led by T.R.G. Pakistan, up one rupee on 7m shares, OGDCL, lower 30 paisa on 6m shares and ICP SEMF, easy five paisa also on 6m shares.

FORWARD COUNTER: Pakistan Petroleum came in for active selling and was marked down by Rs1.25 at 112.15 on 11m shares followed by PSO, higher by 80 paisa at Rs272.30 on 2m shares, D.G. Khan Cement, up 30 paisa at Rs57.65 on 2m shares, OGDC, lower 35 paisa at Rs66.00 also on 2m shares and PTCL, easy 20 paisa at Rs43.20 on 1.412m shares.