Stocks, therefore, again ruled mixed as leading investors kept to the sidelines despite the fact that their major demand in relation to COT phase out and its subsequent suspension was accepted by the Securities and Exchange Commission of Pakistan.

The KSE 100-share index fell by 9.53 points at 7,471.64 after earlier having moved either-way, rising by 50 points, as all the leading base shares suffered fresh fractional fall under the lead of Pakistan Petroleum despite denial of rumours about the dry well in its off-shore drilling concession.

Analysts were expecting the return of leading financial investors in the market at the lower levels, but they too adhered to the sidelines for no apparent bearish reasons.

“There may be some other technical constraints associated with the current sluggishness, but lack of buying interest appears to be on the top,” they said, adding that “stock trading may be leading to another tussle on some other unresolved issues.”

Fractional price changes in most of the pivotals and low volumes point to some big showdown in the coming weeks between the bourses and the regulator.

After having won COT suspension, brokers seem to be now out for another kill, including restoration of original COT list of shares and their reluctance to reduce agreed forward positions by 8.25 per cent each week, analysts said.

“A silent war of wits between the SECP and the bourses to outwit each other appears to be at its peak,” they said. “But it is a no-win position as the SECP may not be a party being a regulator.”

Plus signs again maintained a modest lead, reflecting the shifting of stray buying interest to the broader market. Pak-Suzuki Motors and Unilever Pakistan were among the top gainers, up by Rs5.45 to Rs15, followed by Attock Cement, Premier Sugar, Honda Atlas Cars, Bolan Casting, EFU General, Indus Motors, HinoPak Motors and IGI Insurance, which rose by Rs3.05 to Rs5.

Losers were led by Mari Gas and Atlas Honda, off Rs10.50 and Rs13.15, respectively. Dawood Lawrence, Millat Tractors, Dawood Hercules, Treet Corpo ration, Pakistan Petroleum, United Sugar and Island Textiles also fell by Rs3.50 to Rs7.50 on active selling.

Turnover figure further shrank to 129m shares from the previous 148m shares as gainers led losers by 161 to 140, with 40 shares holding on to the last levels.

PTCL topped the list of actives, lower five paisa at Rs64.60 on 24m shares, followed by Fauji Fertilizer Bin Qasim, up 70 paisa at Rs31.30 on 21m shares, Pakistan Petroleum, off Rs5.55 at Rs188.50 on 12m shares, PICIC Growth Fund, lower 35 paisa on 12m shares, OGDC, easy 10 paisa at Rs106.35 on 11m shares, PSO, lower Rs1.60 at Rs387.50 on 6m shares, and National Bank, up five paisa at Rs107.10 on 4m shares.

Other actives included Pakistan Oilfields, higher by Rs2.75 on 6m shares, Nimir Chemicals, lower five paisa on 5m shares, and Nishat Mills, easy 10 paisa on 2m shares.

FORWARD COUNTER: Pakistan Petroleum came in for renewed selling despite denial of reports about the dry well in off-shore drilling operations, and suffered fresh sharp decline of Rs5.35 at Rs189.70 on 23m shares, followed by PTCL, easy 20 paisa at Rs64.90 on 8m shares, Fauji Fertilizer Bin Qasim, higher by 90 paisa at Rs31.80 also on 8m shares, OGDC, firm by 15 paisa at Rs107.15 on 5m shares and PSO, off Rs2.10 at Rs389.90 also on 5m shares.

DEFAULTER COS: Trading on this counter was also mixed where Al-Asif Sugar, Crescent Board and Asim Textiles posted gains ranging from 60 paisa to one rupee, while Junaid Cotton fell further by one rupee to 50 paisa, followed by Bahawalpur Textiles and Metropolitan Steel, off one rupee each.

BOARD MEETINGS: Mirza Sugar Mills and Pangrio Sugar Mills, on July 19; Rafhan Maize Products, Al-Meezan Mutual Fund, on July 20; PICIC Investment Fund and PICIC Growth Fund, on July 21; Rafhan Best Foods, on July 27.