KARACHI, Sept 18: Stocks on Monday suffered fresh fall across-the-board on active selling but there was no matching buying on the blue chip counters even at the attractively lower levels. Trading volume shrank further to 67m shares.

The KSE 100-share index remained under pressure after higher opening and ended with an extended decline of 108.17 points at 9,876.40 as leading base shares ended with lower under the lead of National Bank, MCB and Pakistan Petroleum. The KSE 30-share index also fell by 152.27 points at 12,248.93 points.

Dividend announcements by some of the leading companies, notably from the textile sector were on the higher side of analysts’ prediction. Artistic Denim was outstanding among them, which came out with massive bonus shares of 400 per cent but failed to generate fresh buying even on their respective counters.

Trading resumed on a higher note on active short-covering at the lower levels but the mid-session witnessed a spate of selling offers from the weak-holders, reversing the initial run-up.

The background news on the political front, notably India’s willingness to resume talks to ease tension and President Musharraf’s proposed meeting with Bush on Sept 22 should have lured investors back into the arena but there were no signs of speculative buying associated with positive news.

“The market appears to be the victim of lack of support from any quarter, notably financial institutions, leading to a massive liquidity crunch,” says stock analyst Zia Javaid, adding “Low volumes are reflective of this phenomenon”.

There are sellers at the lower levels but not many willing buyers deterred partly by negative fallout of the current political developments, said analyst Hasnain Asghar Ali.

But Ahsan Mehanti says the market is apparently preparing itself for the month of Ramazan and leading investors think twice before making fresh larger commitments owing to unloading problems.

Moreover, the dividend season is almost over as most of the leading companies have already announced their payouts and the market needs fresh stimulants to boost investor morale but there are not many, he added.

Nishat Mills early reacted favourably to a cash dividend of 15 per cent and bonus shares of 10 per cent (EPS Rs11.50) and rose to Rs87.10 but later selling pushed it again lower to Rs84.95, reflecting general lack of support.

Leading index shares, notably Pakistan Petroleum, MCB, National Bank, D.G. Khan Cement and PTCL remained under pressure after opening higher as follow-up support turned shy and dragged the entire market along with them into the minus column.

Among the leading gainers, Unilever Pakistan and Arif Habib Securities were prominent, up by Rs23 and Rs25.10, followed by Island Textiles, Javedan Cement, Jahangir Siddiqui & Co, Pakistan Services and Millat Tractors, higher by Rs4 to Rs12.

IGI Insurance and Nestle Pakistan were major losers, off Rs13 to Rs20.05. Other prominent losers were led by Gatron Industries, PSO, Attock Petroleum, Pakistan Petroleum, Engro Chemical, Sanofi-Aventis and Pakistan Oilfields, which suffered fall ranging from Rs5 to Rs6.50.Unity Modataba, led the list of actives, easy five paisa at 60 paisa (face value Rs10) on 7m shares followed by D.G.Khan Cement, lower by65 paisa at Rs.63.35 on 4m shares and National Bank, easy by Rs1.60 at Rs226.70 also on 4m shares.

MCB, easy by 70 paisa at Rs228.25 also on 4m shares, Pakistan Petroleum, sharply lower by Rs6.50 at Rs220.50 on 3m shares and PTCL, off 75 paisa at Rs39.85 on also on 3m shares.

Other actives included Nishat Mills, up by 45 paisa on 3m shares, Fauji Cement, lower 40 paisa also on 3m shares, Zeal-Pak Cement, up by Re1 on 2m shares and Dewan Salman, lower 50 paisa also on 2m shares.

FORWARD COUNTER: National Bank topped the list of actives on the cleared list, off Rs2.05 at Rs227.45 on 2m shares, OGDC, lower Re1 at Rs120.75 on 1m shares and Pakistan Petroleum, off Rs6.20 at Rs221.80 on 1m shares.