KARACHI: Activities on selective low tier stocks accelerated on Wednesday following updates in media about making Rs20 billion market-support fund functional before removing floor on Dec 01 is likely.

Accordingly, some activities took place at Karachi bourse in the day session as compared to yesterday worst performance of generating record low turnover at 19.6 thousand shares in as many as seven companies only.

The foreign investors, however, turned dormant at local bourses in this session, as only one entry of injecting mere $60 was witnessed, according to NCCPL website.

KSE All-share Index inches up by 0.33 point and ended at 6,639.51 points. Earlier, it moved either side of the fence by 0.61 point during the session.

While, all the other three parallel running indices remained flat, as KSE 100-share Index at 9,184.09 points; KSE 30-share Index at 9,981.93 points; and KMI 30-share Index at 11,224.18 points, throughout this session too.

With the news update on activation of funds and removing floor, the day turnover surged to 182,000 shares from 19,660 shares a day earlier - showing a jumped 825 per cent on day-to-day basis. Activities in future market, however, remained nil.

In accordance with that, the overall market capitalisation improve by Rs119 million and stands at Rs2.826 trillion.

Hasnain Asghar Ali at Aziz Fidahusein commented, “While the preparations were underway to register a strong protest by market participants against the extended and unjustified market freezing, the unconfirmed news was yet again published stating the chances of a regular market from December 01, 2008, with optimistic views regarding the availability of market support fund and special session before regular opening. The news, however, failed to get an official backing.” He maintained that the chances of likely development in this regard can not be ruled out too even if the news was only to keep the sensation of the bourses alive.

With the passing days number of participants in the off market transactions have increased, as even those who had some reservations regarding the legality of the off market transactions have joined the band wagon as evident from the underlines through NCCPL system, he further said.

It is therefore recommended to set a date for unfreezing for early next week as further extension in freezing was not justified. With no more developments expected on economic fundamentals, the local bourses should be allowed to revalue itself according to the economy and investment risk associated with the country, he added.

Ahsan Mehanti at Shahzad Chamdia Securities added the falling international markets amid global economic slowdown, and imbalances in the local economy and tight monetary policy remained a few reasons for continuous lull at local market.

Out of total 13 active stocks, five ended the day trading with no change in their share prices, four closed on positive note, while remaining four fell into red region.

Highest volumes were witnessed in National Assets at 107 thousand closing at 42 paisa with a loss of two paisa, followed by Gharibwal Cement at 34.5 thousand closing at Rs17 with a gain of 62 paisa, Mukhtar Textile at 17 thousand closing at 53 paisa with a loss of two paisa, Habib ADM at 11.5 thousand closing at Rs9.70 with a gain of one paisa and UDL Mod at five thousand closing at Rs3.06 with a loss of 19 paisa.