KARACHI, Dec 4: The turnover figure on the stock market on Thursday showed a sharp increase at 0.918m shares as some of the blue chips came in for active trading after a three months relative calm.

But there was no panic among the investors and brokers after the IMF refusal to support the proposed market fund amid hopes that the KSE board, which was in meeting, may line up alternate source of funding for the ‘floor-free’ market, some analysts hoped.

All the indexes including the KSE 100-share remained dormant at the last levels, the all-share index showed a fractional rise of 0.01 point at 6,641.67, indicating that prolonged recession period may be close to its logical end as the bourse may opt for self-reliance.

The market capital suffered a fresh fall of Rs264m reflecting the weakness of some high-profile shares on selling.

The increase in the volume figure, however, in no way reflects that the brokers have decided to go alone to instigate the frozen market sans IMF participation, analysts said.

“The brokerage houses, some of whom who had, over the years, built-up empires in various sectors of the economy may not be in a fury after the IMP refusal,” said a leading analyst. “They may be least concerned about the future of the capital market and it would be a wishful thinking to think of any rescue package.”

However, no one could deny the fact that they in unison have, both the resources and the ability to put the market back on the rails if they opt for national cause and save small investors from the impending post-freeze crisis, he added.

He said Rs12.5 billion had already been committed by National Bank, EOBI and the State Bank and some other big ones could easily line up Rs7.5 billion to set the support fund in motion.

Although the on-balance market trend was steady, price changes were mostly fractional and equally matched amid stray alternate bouts of buying and selling. Pak Datacom and Habib-ADM Ltd were notable among the gainers, up by four and 33 paisa, while Sitara Energy and Saritow Spinning led the list of losers, off 17 and 38 paisa respectively.

Turnover figure rose to 0.918m shares from the previous 41,200 shares as out of 10 actives, two each rose and fell, with six shares holding onto the last levels.

Saritow Spinning led the list of actives, lower 38 paisa at Rs1.06 on 0.896m shares. The large volume in a dull market reflects management change or inside support.

Sitara Energy followed it, easy by 17 paisa at Rs20.35 on 5,500 shares, Habib-ADM, up 33 paisa at Rs9.69 on 1,500 shares, Al-Zamin Leasing, static at Rs1.75 on 1,000 shares and Gatron Industries, unchanged at Rs44.10 on 900 shares.

Askari Bank followed them, unchanged at Rs27.98 on 500 shares, Pak Datcom, also unchanged at Rs51.35 on 500 shares and Millat Tractors, static at Rs163.92 also on 500 shares.

FORWARD COUNTER: Dull conditions prevailed on the cleared list as no share came in for trading as brokers awaited the outcome of KSE board meeting.

DEFAULTER COMPANIES: National Asset Leasing came in for modest support at the previous level of Rs0.43 on 10,500 shares followed by Gauhar Engineering, also static at Re1 on 1,000 shares.