KARACHI, March 12: Trading on the stock market on Monday resumed on a cautious note as leading investors kept to the sidelines amid fears of brewing political uncertainty after suspension of Chief Justice of Pakistan on allegations of misconduct.

After having fallen early by 131 points, the KSE 100-share index managed to finish well above the session’s low of 11,324.00 at 11,407.87 as compared to 11,413.12 last week, showing a fractional fall of 5.25 points. The KSE 30-share index also fell by 73.17 points at 14,404.15 points.

“Investor apprehensions that the issue could take a political turn kept them away from taking fresh positions even on the blue chip counters apparently to have an overview of the developing situation,” analysts said.

The legal battle that would follow the government action could take steam out of the market and negative developments during the proceedings of the presidential reference against the chief justice could work against the underlying sentiment, they fear.

But some others attributed the pause as psychological and hoped investors would be back in the market by even tomorrow as basic fundamentals pointed to a bull-run.

There were no signs of extension of strong weekend rally as leading investors and institutional traders stayed on the sidelines awaiting the general reaction about the last weekend happenings but the mid-session witnessed stray covering purchases on selected counters under the lead of cement and some leading oil shares.

Among the leading gainers, Wyeth Pakistan and Nestle Pakistan were leading, higher by Rs75.60 and Rs69, followed by J.S. & Co, EFU Life, Thal Industries, Pakistan Refinery, Indus Motors, Bata Pakistan and Arif Habib Securities, which posted gains ranging from Rs6 to Rs11.15.

Losers were led by IGI Insurance and Treet Corporation, off Rs18 and Rs11. They were followed by MCB, Pakistan Oilfields, Dawood Hercules, J.S. Global, HinoPak Motors, National Bank and MCB, off by Rs4.10 to Rs8.50.

Trading volume suffered a sharp fall at 195m shares from the previous 315m shares as leading investors were conspicuous by their absence. Losers held a modest edge over the gainers at 166 to 156, with 51 shares holding on to the last levels.

Lucky Cement topped the list of actives on active support aided by higher exports, up by Rs3.80 at Rs80.25 on 21m shares followed by Bank Alfalah, firm by 60 paisa at Rs57.75 on 20m shares and D.G. Khan Cement, up by Rs1.20 at Rs92.50 on 15m shares.

OGDC, lower by Rs1.60 at Rs1.60 at Rs119.05 on 11m shares, Pakistan Petroleum, higher by Rs1.75 at Rs261.25 on 10m shares, Kot Addu Power, up by Rs2.50 at Rs55.20 on 8m shares.

J.S. Bank made debut at its face value of Rs10 and ended to close higher at Rs17.85 on 9m shares.

Other actives were led by Fauji Fertiliser Bin Qasim, steady 10 paisa on 8m shares, Maple Leaf Cement, higher by 80 paisa on 7m shares and Nishat Mills, up by Rs1.40 on 6m shares.

FORWARD COUNTER: Bank Alfalah was actively traded after being ex-bonus, and was quoted higher by 16 paisa at Rs45 on 9m shares, followed by Lucky Cement, up by Rs3.80 at Rs80.30 on 5m shares and D.G. Khan Cement, higher by Rs1.40 at Rs93.20 on 5m shares.