KARACHI, Dec 17: After a higher opening, stocks on Wednesday again turned lower on late selling triggered by fears of law and order situation in the backdrop of MMA anti-government campaign and some problems associated with the new exposure rules.

As there was no indication of summoning of the National Assembly by the president to table the constitutional package as demanded by the MMA, the drive may start from December 18, when the deadline ends.

The KSE 100-share index shed another 38.29 points at 4,239.89 after early gain of 25 points was wiped out by the late selling in the leading base shares.

The ruling elite appears to be in no mood despite last minute efforts to rope in MMA, to table the constitutional package in the Parliament within the deadline set by the MMA.

Instances of selective buying on some blue chip counters were not wanting despite the fact that some of the leading shares managed to finish with fresh gains, investors lacked confidence associated with the bull market.

Some of shares in the textile, auto and cement sectors including Bhanero Textiles, HinoPak, Millat Tractors and some others were, however, an exception, which rose but they failed to prop up the general sentiment, brokers said.

Wyeth Pakistan was top gainer, up Rs95 at Rs1,545 followed by PICIC, Jahangir Siddiqui & Co, EFU Life, Blessed Textiles, Gul Ahmed Textiles, Dawood Hercules, Security Papers and Javed Omer, which posted gains ranging from Rs2 to Rs5.

“Fears that the rigid positions taken by the both could lead to a big showdown of street power worried investors,” analysts said. “Weaker among them preferred to shed extra weight until sanity return to contenders.”

“The government seems to be in a mood to test the street power of the MMA,” some others said. “The MMA drive could well move both ways. Either it will fizzle out or create unmanageable political problems for the government.”

The other inhibiting factor was the new exposure rules for the carryover market and some of the brokers inability to readjust themselves to them within a short time.

A considerable decline in bank operations in the share market owing to year-end closing also worked against the sentiment as their operations in the share market were restricted to portfolio adjustments rather than fresh large buying, dealers said.

“Inspired support from the leading institutional traders, notwithstanding, general investors will think twice to have a bigger stake until the MMA anti-government campaign expected to be launched from Dec 18 ends on some compromise between the two,” says a leading floor broker.

Although losers dominated the list, most of the decline were fractional and reflected lack of support rather than large selling from any quarter. Unilever Pakistan and Siemens Pakistan were prominent losers among them, off Rs.38.90 and Rs8 respectively.

Other losers were led by 13th ICP, Bannu Woollen, Pakistan Refinery, Pakistan Oilfields, Atlas Battery, Clariant Pakistan, Mitchell’s Farms and Tri-Pak Films, which suffered fall ranging from Rs2 to Rs5.

Trading volume rose to 232m shares from the previous 190m shares but losers maintained a fair lead over the gainers at 163 to 137, with 50 shares holding on to the last levels.

The active list was topped by Maple Leaf Cement, up 50 paisa at Rs31.25 on 28m shares, followed by Fauji Cement, firm by five paisa at Rs10.95 also on 28m shares, DG Khan Cement, easy 10 paisa at Rs44.35 on 25m shares, Hub-Power, off 50 paisa at Rs38.80 on 22m shares and PIAC, lower by 40 paisa at Rs20.40 on 17m shares.

Other actives were led by PSO, off Rs1.80 on 13m shares, Dewan Motors, unchanged also on 13m shares, FF Bin Qasim, off 65 paisa on 12m shares, Sui Southern, easy 20 paisa also on 12m shares and Sui Northern Gas, off Rs1.30 on 8m shares.

FORWARD COUNTER: OGDC came in for active profit-selling in line with general trend and fell by Rs2.30 at Rs52.65 on 76m shares followed by PSO, off Rs2.90 at Rs276.45 on 6m shares, Hub-Power, lower 50 paisa at Rs38.95 on 4m shares and PTCL, lower 35 paisa at Rs35.30 on 2m shares.