KARACHI, Feb 24: Stocks on Monday fell across a broad front owing to hasty selling triggered by fears of law and order situation in the backdrop of Saturday killings of nine persons and Sunday’s incidents of violence.

The KSE 100-share index remained under pressure throughout the session finishing lower by 39.29 points below the psychological barrier of 2,500 at 2,489.02.

Persistent selling in most of the pivotals, notably PSO kept the market unsettled all through the session, never allowing bulls a breathing space to strike back. Active profit-selling in auto and chemical including leading fertilizer shares further dampened the sentiment.

The situation on the forward counter was more depressing as some of the leading shares attracted sympathetic selling on the ready counter, which in turn caused major dents in the prevailing price structure. Some of them breached through their downward circuit breaker on heavy selling.

There was, however, no matching buying from any quarter as the mid-session reports of an aircrash near Karachi killing eight persons including reportedly two Afghan ministers further accentuated the prevailing panic on the market.

“The pre-Muharram sectarian killings are not a good omen for the market at least for the near-term,” one broker fears. “Incidents of fresh violence could further depress the market in the coming sessions.”

The killings of nine persons just at the heels of PAF aircrash reflects that anti-peace forces are out to destroy the investment climate after scaring away investors, he adds.

But some others predict the market will be back on the rails on the strength of good working results due from some of the leading companies, notably PTCL, Hub-Power, Sui Northern Gas and National Bank during the next couple of sessions.

Indications are that some of them including Hub-Power and PTCL could spring pleasant surprises for the investors in the form of higher final dividend.

However, all was not bad with the broader market as leading energy and chemical shares attracted good support at dips and allowed the market to limit its decline.

Prominent gainers were led by EFU General, Leggler Nafees, Quality Textiles, Atlas Battery, Atlas Honda, Jahangir Siddiqui & Co, Mari Gas after the announcement of an interim dividend at the rate of 20 per cent and Mitchell’s Fruits, up Rs1.50 to 5.25. But the largest rise of Rs9.45 was noted in Pakistan Refinery ahead of its board meeting and expectations of a good dividend.

Losers dominated the list, prominent among them being 4th ICP, Pakistan Oilfields, PSO, Shell Gas, Hino Pak Motors, Abbott Lab, Century Papers and Unilever Pakistan, off Rs2 to Rs80.5. The largest decline of Rs15.95 was, however, recorded in Shell Pakistan on active selling. Trading volume fell to 100m shares from the weekend’s 188m shares as leading investors kept to the sidelines. Losers outpaced gainers by a big margin at 153 to 80 with 45 shares holding on to the last levels.

Hub-Power was actively traded, off 45 paisa at Rs35.15 on 19m shares followed by FFC-Jordan Fertilizer, easy 70 paisa at Rs11.70 also on 19m shares, Pak PTA, off one rupee at Rs7.85 on 14m shares, PSO, down Rs3.70 on 9m shares and ICI Pakistan, lower Rs1.35 at Rs49.25 on 7m shares.

They were followed by the KESC, unchanged on 6m shares, PTCL,easy 30 paisa on 5m shares, Dewan Motors, higher by 95 paisa also on 5m shares, Sui Northern Gas, easy 40 paisa on 2m shares and Pakistan Oilfields, off Rs2.90 also on 2m shares.

FORWARD COUNTER: Speculative issues came in for active selling and fell sharply lower under the lead of PSO, off Rs4.04 at Rs185.66 on 4m shares. Its newcomer March delivery also fell by Rs2.65.