KARACHI, Sept 10: Stocks on Tuesday fell further followed by renewed profit-selling in most of the pivotals at the higher levels in the absence of strong support from any quarter. KSE 100-share index was off 19.28 points at 1,961.89.

The market decline was led by the energy sector followed by most of the MNCs on other counters but Shell Gas LPG and Thal Jute were an exceptions, which came in for active support and rose sharply by Rs.7 and one rupee respectively.

The KSE 100-share index shed another 19.28 points at 1,961.89 as all the leading base shares suffered further pruning under the lead of PTCL, PSO and Hub-Power.

“I don’t think the market took a dive in sympathy with US bourses to mourn the death of Sept 11 victims of the WTC,” says a leading stock analysts. “It has its own compulsions to find its real direction.”

They said the reaction is widely termed as technical in an overbought market “but I feel the index level of 2,000 appears to be artificial and not backed by all the positive basic factors and the consequent snap reversal.”

The general perception was that drying of fresh inflow of funds was overshadowed by the selling from the badla volumes and that process could continue until the index finds its realistic level.

But some others say much has changed on the financial front since the last couple of months and the index could resume its journey beyond the 2,000 levels after passing through technical correction.

“Heavy selling in Hub-Power and PSO on the forward counter was claimed to be one of the most destabilizing factors and until bulk of it was absorbed the ready section will remain subdued,” says a broker.

Leading gainers were led by Artistic Denim, Clover Pakistan, Lawrencepur Woollen, Nestle MilkPak, Kohinoor Weaving, Shafiq Textiles and Rafhan Maize, which posted gains ranging from Rs.2 to 5.

Losses on the other hand were mostly fractional barring Ferozsons, BOC Pakistan, Treet Corporation, PSO, Pakistan Oilfields and Unilever, which fell by Rs.2 to 17.

However, the falling volume figures indicate an unwritten deals between the bulls and the bears to go slow until the market finds its sustainable level.

Trading volume was maintained at the overnight level of 113m shares as losers extended their lead over the gainers at 174 to 81, with 68 shares holding on to the last levels.

Hub-Power again led the list of actives, off 35 paisa at Rs.27.30 on 28m shares, PTCL, easy 15 paisa at Rs.19.80 on 28m shares, PSO, off Rs.3.35 at Rs.195.60 on 22m shares, MCB, unchanged at Rs.26.60 on 7m shares, National Bank, off 50 paisa at Rs.23.25 on 5m shares, ICP SEMF, lower 65 paisa at Rs.26.50 on 1.085m shares.

Other actives were led by D.G. Khan Cement, lower 25 paisa on 3m shares, Adamjee insurance, off 95 paisa also on 3m shares, ICI Pakistan lower 65 paisa on 2m shares and Sui Northern, easy 15 paisa on 1.574m shares.

CLEARED LIST: PSO came in for fresh strong selling and was marked down by Rs.3.05 at Rs.196.55 on 7.166m shares followed by PTCL, easy 15 paisa at Rs.19.95 on 4.448m shares.