KARACHI, June 29: The share market on Wednesday lacked normal trading interest as investors played on both sides of the fence and did not take positions even at the falling prices on the blue chip counters.

The KSE 100-share index, however, posted a modest rise of 60.86 points at 12,423.30 as compared to previous 12,362.44 as some of the leading base shares came in for modest short-covering and ended higher amid two-way activity.

Barring Dawood Hercules, which remained dormant for the last couple of sessions, while Fauji Fertiliser rose and Engro remained under pressure, it along with Attock Refinery, National Bank and some others boosted the benchmark in an effort to lead it to a better year-end close, most analysts believe.Selective support on a number of counters, however, generated sympathetic buying on other shares, although hopes of a major year-end breakthrough was no where in sight

“Unlike the previous years when the market had witnessed a flurry of covering purchases there was no indication that some of the leading players intend to push the benchmark to a new high to pave the way for robust new year opening,” said a leading analyst Ahsan Mehanti.

But he hoped the vicious circle of low daily volumes may be broken during the new year opening on the strength of higher corporate earning on some sectors, notably fertilizer and some others.

Analyst Samar Iqbal said the perception that the fading sessions of the financial year ending June 30, could spring some pleasant surprises on those counters, which are still in the buying range and ensure higher capital gains.

But no such thing happened even on those counters where chances of capital gains were fairly promising as in the absence of foreign investors everyone played safe, he said.

Plus signs dominated the list under the lead of Nestle Pakistan and Wyeth Pakistan, up by Rs206.19 and Rs43.43, while PSO and Salfi Textiles led the list of major losers, off Rs5.89 and 3.17, respectively.

Traded volume fell to 61.588m shares from the previous 67m shares but gainers held a lead over the losers at 148 to 99, with 88 shares holding on to the previous levels.

The active list was topped by Fatima Fertiliser, up 40 paisa at Rs16.08 on 5m shares followed by Nimir Chemicals, steady by 26 paisa at 2.87 on 4m shares, Byco Petroleum, steady by three paisa at Rs9.09 on 4m shares, Dawood Hercules, higher by Rs2.94 at Rs63.98 on 3m shares, Fauji Fertiliser, off Rs2.63 at Rs152.33 on 2m shares, National Bank, firm by 35 paisa at Rs50.03 on 2m shares, and Engro Corporation, easy by 33 paisa at Rs160.88 also on 2m shares.

They were followed by Arif Habib Corp, up 61 paisa at Rs26.62 on 2m shares, Lotte Pakistan, easy by two paisa at 13.99 also on 2m shares and Nishat Mills, off Rs1.34 at Rs50.60 on 1.715m shares.

FUTURE CONTRACTS:

Engro Corp again led the list of actives, easy by 54 paisa at Rs162.74 on 0.730m shares, followed by Lucky Cement; steady by up 52 paisa at Rs71.51 on 0.640m shares and Fauji Fertiliser, off Rs3.07 at Rs153.90 on 0.309m shares.

They were followed by Attock Refinery, higher by Rs1.85 at Rs125.56 on 0.303m shares and Pakistan Oilfields, lower by 71 paisa at Rs362.75 on 0.300m shares.

DEFAULTER COS:

Japan Power came in for active support and ended with a modest rise of 17 paisa a Rs1.30 on 82,820 shares followed by Ravi Textiles, easy by three paisa at 0.92 on 43,516 shares and Bawany Sugar, off 99 paisa at Rs7.51 on 6,224 shares.