KARACHI, Oct 8: Stocks on Wednesday ended further lower on renewed selling in the leading blue chips but most of the low-priced shares came in for active short-covering at the lower levels and finished modestly higher. The KSE 100-share index shed another 11.15 points at 4,186.84.

Investors seem to be opting for low-risks areas for the near-term fearing law and order situation in the backdrop of assassination of a leading religious leader.

Low volumes also reflect the absence of speculative activity even on the most liquid counters barring some leading cement shares, which continue to attract strong support under the lead of D.G Khan and some others on reports of higher exports.

The market’s terrible volatility was also well-reflected in highly erratic movements of the KSE 100-share index. It virtually repeated its overnight performance as after early rising by about 50 points it ended with a modest decline of 11.15 points at 4,186.84.

“An attractive bait of a partial sell-off of some mega state-owned units is there but negative external factors did not allow investors to take long positions,” analysts said.

But the delay in the announcement of final bidding date of PSO do worry investors who buy and sell its shares on positive and negative news, which in turn keeps investors at their toes all the time.

After steep rise in its share during the last couple of sessions, it came in for active selling today amid fears that its sell-off may not be possible during the current year owing to negative press comments on the sale of strategic and profitable asset such as the PSO.

Moreover, investors may not be in a sound financial position to fully participate in its sale proceeds after the partial sell-off of National Bank and OGDC shares.

Although the market has digested a good part of the immediate negative fallout of the assassination of Azam Tariq, fears still lurk in the minds of investors about a possible violence or retaliation by his followers, they fear.

In the backdrop of an ambitious privatization programme during the current month leading analysts expect a robust rally as the proposed disinvestment will give the needed depth to the market but that may come after sanity returns to the political scene.

Floor brokers said negative performance of market leaders, notably PTCL, Hub-Power and some others also worried investors but shifting of buying interest to low-priced shares, which ensure handsome capital gains did raise hope of better days ahead.

Low-priced shares, notably Pak PTA, Fauji Cement, FFC-Jordan Fertilizer and many others attracted good support and rose modestly.

Leading gainers were led by IGI Insurance, Mari Gas, EFU Insurance, Murree Brewery, Noon Pakistan, Yousuf Textiles and Clariant Pakistan, up Rs3 to Rs8. Losers were led by Fateh Textiles, Grays of Cambridge,

Unilever Pakistan and Javed Omer, off Rs13.25 to Rs23. Other prominent losers included Gatron Industries, Pakistan Refinery, PSO, packages, Pakistan Paper Products, Shezan International, Al-Ghazi Tractors and ICI Pakistan, which suffered fall ranging from Rs2.85 to Rs5.45.

Trading volume rose to 346.626m shares from the previous 296m shares but losers held a comfortable lead over the gainers at 184 to 109, with 48 shares holding on to the last levels.

D.G Khan Cement, topped the list of most actives, up Rs1.55 at Rs44.65 on 89m shares, followed by PSO, off Rs5 at Rs293 on 44.295m shares, Pak PTA, higher by 50 paisa at Rs13.20 on 37m shares, PTCL, firm by 10 paisa at Rs37.95 on 25m shares, FFC-Jordan Fertilizer up 20 paisa at Rs17.35 on 14m shares.

Other actives were led by National Bank, up 20 paisa on 14m shares, Chakwal Cement, firm 15 paisa on 13m shares, Fauji Cement, lower 15 paisa on 12m shares, Sui Northern Gas, easy 25 paisa on 10m shares and hub-Power, higher by 75 paisa on 8m shares.

FORWARD COUNTER: PSO failed to hold on to their previous gains and fell by Rs3.25 on active selling at the higher levels, at Rs294 on 17m shares, followed by Pak PTA, up 40 paisa at Rs13.20 on 4m shares, Hub-Power, higher 80 paisa at Rs36.40 on 4m shares, PTCL, unchanged at Rs37.90 on 3m shares and ICI Pakistan, sharply lower by Rs3.35 at Rs79.65 on 2m shares.