KARACHI, Sept 2: Trading volume on the Karachi Stock Exchange fell to a record low of 112 million shares, on Thursday, as leading investors kept to sidelines in the absence of new guiding factors.
The entire activity appeared to be a jobbing affair as weak holders and jobbers played on both sides of the fence in the absence of leading investors. Barring a few, the price changes were mostly fractional and reflected lack of strong buying or selling from any quarters.
In early session, the KSE 100-share index fell by 19 points but the late covering purchases in some pivotals allowed it to finish well above the day's lows at 5,327.53 as compared to 5,320.38 a day earlier, up 7.15 points.
The market is now within a buying range both for genuine investors and speculative forces but no one is coming forth to make fresh commitments, although most blue chips and those having potential of capital gains ensure good return.
The question widely raised in the corridors of the KSE is "why did the bourses fail in giving positive response to Shaukat Aziz after he assumed the post of Prime Minister", analysts said.
"They want a waiver on the Capital Value Tax (CVT) which has taken the steam out of a bullish market just in one go", they said adding "the PM who is the chief exponent of the CVT knows it fully well".
Many analysts attribute the market's current volatile performance as a "silent protest against the CVT" hoping the Premier will withdraw it once he settles down". Both, the ICI Pakistan and the Pakistan PTA shares were traded higher after Wednesday's decline caused by the reports that the former has sold all its holding.
It was perhaps in this background that the minus signs again dominated the list under the lead of Berger Paints, Arif Habib Securities, Feroz sons Lab, Javed Omer, International Industries, Nestle Milk pak, off Rs3.50 to 23. The largest decline of Rs60 was noted in Wyeth Pakistan.
Other prominent losers included the Atlas Honda, Cherat Papers, Abbott Lab, and the Berger Paints which suffered fall ranging from Rs2 to 3.50. However, all was not bad with the broader market as a good number of blue chips, as well the second-liners managed to finish higher, notable gainers among them being the Gillette Pakistan, Pakistan Refinery, Aventis, National Refinery and the Atlas Battery up by Rs5.10 to 13.
The Suhail Jute, Pakistan Oilfields, Pakistan Paper Products, Unilever Pakistan, Pakistan Hotels and the Pakistan Refinery followed them up by Rs2.15 3. Trading volume fell to 112 million shares from the previous 180 million as leading buyers and sellers kept to the sidelines. Losers maintained a fair lead over the gainers at 185 to 138, with 47 shares remaining pegged at the last levels.
The National Bank was actively traded up by 70 paisas at Rs71.35 on 11 million shares, followed by the Fauji Fertilizer Bin Qasim lower 30 by paisas at Rs21.50 also on 11 million shares, the D.G. Khan Cement firm by 25 paisas at Rs57.90 on 10 million shares, the Pak PTA up 50 paisas at Rs14.10 on 9 million shares, the ICI Pakistan steady 10 paisas at Rs91.70 on 6 million shares, the Hub-Power firm by five paisas also on 6 million shares.
Other actives were led by the Bank of Punjab easy 15 paisas on 5 million shares, the Sui Northern Gas up 40 paisas also on 5 million shares, the PTCL easy five paisas on 4 million shares and the OGDC unchanged also on 4 million shares.
FORWARD COUNTER: The Pakistan Petroleum again came in for modest support and was up by 75 paisas at Rs108.90 on 16 million shares, followed by the OGDC, steady by 10 paisas at Rs64.80 on 2 million shares, the F.F. Bin Qasim, and the Hub-Power, lower 25 paisas and up 10 paisas at Rs21.65 and 31.125 on 2 million shares each, and the National Bank, off 30 paisas at Rs71.55 also on 2 million shares.
DEFAULTER COS: Dull trading conditions were witnessed on this counter in sympathy with the ready section. However, the Pangrio and Al-Asif sugar came in for active support and rose by 55 paisas and Rs1.50 at Rs4.15 and 6.10 on 0.155 and 0.280 million shares, respectively.
BOARD MEETINGS: Habib Adam on September 7, Ecopack on September 8 and Dadex Eternit on September 15.