KARACHI, July 12: Stocks on Friday lacked normal trading interest as investors were not inclined to make further commitments ahead of the president’s speech late in the evening and allied fears linked with political polarization. The KSE 100-share index did not show any change and was held unchanged at the previous level of 1,783.17 points.

Trading volume shrank further to a second lowest single-session figure of 21m shares, the previous all-time low being 16m shares, touched early last year. It appears that investors have in unison decided to resume normal trading operations after the president’s speech to the nation.

Price movements on all counters including the blue chip ones were extremely narrow and reflected the absence of both the financial institutions and the general investors.

The market’s relative calm and investor disinterest may well be had from the fact that the KSE 100-share index ended at the overnight close of 1,783.17, without showing any change.

“It is a historical event in the history of KSE index and the way the market is behaving as well as the future share business outlook,” one broker said. “Where all the bargain-hunters or the institutional buyers have gone, which are supposed to keep the wheels moving.”

Never before in the history of the KSE the index has ever shown such a poor performance that too in the backdrop of some positive news on the economic front.

But a section of leading stock analysts said investors may have been influenced by the negative impact of the constitutional package and its likely impact on the share business in the weeks to come.

“The political polarization is there in more than one form,” they said. “What worries investors whether or not political parties have the will to reverse the trend through the strength of their street power or go along with the government dictates.”

The falling volumes tell all are united on the issue of future outlook and thought it advisable to play safe until most pressing irritants found a pragmatic answer.

The market thus is weighed down by the developing political scenario ahead of the national elections rather than its own fundamentals and they may not be wrong to think on those lines.

Although price movements were slow, some of the shares managed to finish with modest gains, leading among them being Ashfaq Textiles, Murree Brewery, 10th ICP, Nina Industries, IGI Insurance and Pakistan Oilfields, which rose by one rupee to Rs.2.05.

Losers were led by Beema Insurance, Fateh Sports, Legler Nafees, Habib Sugar, Clariant Pakistan and Glaxo-Wellcome, off by one rupee to Rs.1.40.

Trading volume fell further to 21m shares from the previous 31m shares close to an all-time low of 16m shares but gainers managed to cut short strong lead held by the losers at 96 to 105, with 69 shares holding on to the last levels.

Hub-Power netted 7m shares, off 10 paisa at Rs.23.95, PTCL gained five paisa at Rs.17.45 on 4m shares, PSO off 40 paisa at Rs.138.50 on 2m shares, National Bank lower 25 paisa at Rs.19.95 on 1.429m shares and Telecard down 45 paisa at Rs.11.85 on 0.633m shares.

They were followed by ICI Pakistan off 70 paisa on 0.529m shares, Sui Northern Gas unchanged on 0.519m shares, D.G.Khan Cement also unchanged on 0.458m shares and Fauji Fertilizer, easy 15 paisa on 0.386m shares.

FUTURE CONTRACTS: Speculative issues on the forward counter also lacked normal trading activity as investors followed the line of the ready section and played safe.