A steep decline in the trading volume, however, reflects that investors are awaiting findings of the four committees set up to find out the irritants that have taken steam out of the market for the last couple of weeks.

The KSE 100-share index suffered a fall of 57.06 points at 7,353.85, as compared to 7,410.91 a day earlier, as leading base shares remained under pressure.

There was no immediate positive impact on the export-oriented and industry-friend Trade Policy 2005-06, envisaging an export target of $17 billion and import of $21.75 billion, showing a trade deficit of $4.75 billion.

Auto shares were, however, an exception which fell sharply under the lead of Indus Motors and Pak-Suzuki Motors on reports that the import of three-year-old cars has been allowed. Both fell by Rs4 and Rs5.50, respectively.

Earlier in the session, the market showed a good recovery on reports that the two committees set up to find out the market’s current ills have submitted their reports to the higher authorities.

Investors are awaiting the findings of other two committees on the badla-related issue before chalking out their future buying strategy.

Analysts said the big supply gap needed to be bridged by various sources, including badla and bank margin financing, to put the market back on the rails and revive investors’ interest in the share business.

Floor brokers predict that the next week could witness a major change in the current market psychology as by that time the probe committees may redefine the financing sources backed by official approval.

“Indications are that the current tussle between the brokerage houses and regulators will considerably soften after the official intervention and investors’ will to do business rather than taking sides,” they said.

Minus signs again dominated the list partly because of slack demand and partly to weekend selling, major losers being EFU General, Javed Omer, Shell Pakistan, Century Papers, Lakson Tobacco, United Sugar, and Mari Gas, off Rs4.90 to Rs8.

Most of the gains were fractional barring Ahmed Hassan Textiles, Premier Sugar, Abbott Lab, Ghani Glass, Artistic Denim and Colgate Pakistan, up Rs2.50 to Rs9.70.

Trading volume again fell to 133m shares from the previous 181m shares as losers maintained a fair lead over gainers at 131 to 87, with 36 shares holding on to the last levels.

Fauji Fertilizer Bin Qasim again topped the list of actives, off 55 paisa at Rs30.05 on 21m shares, followed by OGDC, easy Rs1.30 at Rs103.70 on 16m shares, DG Khan Cement, lower 65 paisa at Rs57.75 on 14m shares, PTCL, off 85 paisa at Rs61.70 on 11m shares, Pakistan Petroleum, up 45 paisa at Rs184.45 on 10m shares and National Bank, easy 25 paisa at Rs107.55 on 8m shares.

Other actives were led by MCB, off 35 paisa on 6m shares, Bank Alfalah, higher 80 paisa on 5m shares, Pakistan Oilfields, off Rs2.60 also on 5m shares and PSO, steady by 40 paisa on 4m shares.

FORWARD COUNTER: Pakistan Petroleum led the list of actives, steady by 15 paisa at Rs184.95 on 26m shares,

Fauji Fertilizer Bin Qasim, lower 60 paisa at Rs30 on post-dividend selling, OGDC, lower Rs1.60 at Rs103.85 on 10m shares, PTCL, easy 90 paisa at Rs61.90 on 7m shares, and PSO, off 20 paisa at Rs378.80 on 5m shares.

DEFAULTER COUNTER: Trading activity remained dull as investors kept to the sidelines owing to week considerations. Prices moved both ways amid alternate bouts of buying and selling but ended on a mixed note on light volume.

DIVIDEND: PICIC Growth Fund, cash final 35 per cent; PICIC Investment Fund, cash final 20 per cent; Fauji Fertilizer Bin Qasim, interim 12.5 per

cent; Fayzan Modaraba, second interim 2.4 per cent; and Al-Meezan Mutual Fund, cash final 7.5 per cent, 10 per cent cash and 10 per cent bonus shares already paid.