KARACHI, Nov 13: Stocks on Tuesday again fell across the board on panic selling in sympathy with world bourses triggered by reports of New York air crash killing all the 246 persons onboard and the consequent scare.

The KSE 100-share index though ended off the day’s lowest level on late covering purchases at the dips, was still nervous and shed another 31.07 points or 2.27 per cent at 1,337.96, eroding Rs.6.448bn from the market capitalization.

“It appears to be a belated psychological reaction to the New York air crash but may have no relevance to the typical Pakistani conditions,” floor brokers say. “Though the selling in part originated from some of the foreign funds and leading shares of MNCs under the lead of Hubco and ICI Pakistan.”

However, investors were certainly concerned over the developing situation in Afghanistan amid reports of escalation of fighting between the warring groups, they added.

“The chief worry of investors was that whether peace will be restored in the troubled Afghanistan after the defeat of the Taliban,” says a leading stock analyst and “how will Pakistan will cope with the fallout of the post-Afghan war era.”

Analysts said negative news in quick succession did not allow the consolidation forces to play their due role, although worries about the economic recovery are still there.

Dividend announcements for the year ended June 30, by most of the leading companies including the ICP Mutual Funds and General Tyre were well above the market expectations but they are coming in at such a time when the external negative factors work against the underlying sentiment keeping investors away from taking new positions.

Price changes were mostly fractional and reflected lack of support at dips rather than large selling. However, pivotals such as Kohinoor Weaving, EFU Life, Gatron Industries, PSO, General Tyre — despite a good dividend of 60 per cent— Millat Tractors, Berger Paints, and Lever Brothers were leading among the losers falling by Rs.1.10 to 8.50.

Advancing shares were led by Adamjee Insurance, MFMY Industries, 19th and 9th ICP Mutual Funds, and Al-Jadeed Textiles, which rose by Rs.1.05 to 2.50.

Trading volume fell sharply to 122m shares from the previous 166m as losers held a strong lead over the gainers at 102 to 48, with 42 shares holding on to the last levels.

Hub-Power came in for renewed heavy selling, off 95 paisa at Rs.18.65 on 53m shares followed by PTCL, easy 70 paisa at Rs.17.25 on 42m shares, Sui Northern Gas Company, lower 55 paisa at Rs.11.15 on 7m shares, ICI Pakistan, sharply lower by Rs.2.25 at Rs.43.65 on 3m shares and Adamjee Insurance, up Rs.1.05 at Rs.34.85 on 2.555m shares.

Other actives were led by PSO, off Rs.1.75 on 4.339m shares, Engro Chemical, lower 55 paisa on 2.389m shares, MCB, lower 80 paisa on 1.489m shares and Fauji Fertilizer, easy 35 paisa on 1.350m shares.

FUTURE CONTRACTS: Forward counter also followed the lead of the ready section where seven shares fell, while others were held unchanged. The largest decline was of one rupee was again noted in Hub-Power, which came in for renewed post-dividend selling and fell to close at Rs.18.70 on 1.782m shares.