KARACHI, Nov 6: Stocks on Tuesday finished with an extended fall as technical correction engulfed all the sectors in the absence of strong support from any quarter including the financial institutions. The KSE index fell by another 20 points at 1,341.00 amid light turnover.

What worried bulls was the breach of the resistance level of 1,350.00, which in their perception could prove a launching pad for a grand rebound in the sessions to come. Indications are that the market may encounter fresh pruning at least during the current week, and where the index settles is unclear.

But the falling daily volumes reflect there is a resistance at each dip by some leading bulls as is evident from the performance of trend-setters, the PTCL and Hubco, which, though ended lower, were well above the day’s lows.

The KSE 100-share index ended further lower by 20.02 points at 1,340.88, breaching the resistance level of 1,350.00 point amid another low trading session, reflecting the absence of leading buyers.

“Unlike the overnight session, the technical correction was extended to the broader market as jobbers and short-term dealers, who have taken positions in them at the lower levels followed the institutional traders”, floor brokers said.

The market may not hit the 1,300-point index level as the reports from aid front could lure investors back in the market possibly by the next week, they added pointing to latest extended credit line of $950m from the Asian Development Bank.

The market is also partially weighed down as fears about the law and order situation during the Friday’s wheel jam strike by the religious parties to protest against the US bombing on Afghanistan further intensified, dealers said.

Reports from the Line of Control in Kashmir are also disturbing, as counter threats by both the countries keep weakholders at their toes all the time.

“Investors are also awaiting the outcome of Musharraf-Bush meeting and play mostly safe until something positive leading to boost stock trading emerges,” says a leading KSE member.

There was, however, no overnight scare as both the market leaders, PTCL and Hubco performed well, although finished fractionally lower. But some other high-profile shares, notably Engro Chemical and PSO came in for renewed selling, and were ended sharply lower .

Minus signs again dominated the list, major losers being the PSO, Pakistan Oilfields, Millat Tractors, and Shell Pakistan, which suffered fall ranging from Rs.3 to 9, largest fall being in Shell Pakistan.

Adamjee insurance, EFU Life, Al-Ghazi Tractors, BOC Pakistan, ICI Pakistan, Lever Brothers and Engro Chemical were others among the prominent losers, falling by Rs.1.80 to 4.

Some of the textile shares came in for active support despite increase in lint prices and were quoted higher by Rs.1.50 to 1.70 for Faisal Spinning, Al-Jadeed Textiles, Modern Textiles and Shadman Cotton, followed by National Tanneries, Knoll Pharma and International Industries, up Rs.1.50 to 4.

But the largest rise of Rs.20 was recorded in Siemens Pakistan, which soared to Rs.150 on active support ahead of its board meeting on Nov 22.

Trading volume fell to 72m shares from the previous 96m shares as losers held a strong lead over the gainers at 110 to 33, with 39 shares holding on to the last levels.

The most active list was again topped by the PTCL, lower five paisa at Rs.17.25 on 38m shares followed by Hub-Power, easy 10 paisa at Rs.21.95 on 9m shares, PSO, sharply lower by Rs.4.70 at Rs.101.30 on 5m shares, Engro Chemical, down Rs.2.25 at Rs.54.50 on 3m shares and MCB, lower 95 paisa at Rs.22.30 on 2m shares.

Other actives were led by ICI Pakistan, off Rs.2.35 at Rs.44.85 on 5m shares followed by Fauji Fertilizer, lower 60 paisa on 0.959 shares and Dewan Salman, easy 65 paisa on 0.854m shares.

FUTURE CONTRACTS: PSO came in for active selling in sympathy with its ready shares and fell by Rs.5.25 at Rs.98.25 on 0.254m shares,followed by Engro Chemical, off Rs.2.30 at Rs.52.20 on 0.182m shares. PTCL fell 20 paisa at Rs.17.40 on 0.802m shares.