KARACHI, March 19: Pakistani stocks on Monday resumed trading on a higher note on active follow-up support but failed to sustain the early run-up on late selling linked to negative political developments in the wake of judicial battle of wits.

The market’s confusion was also well reflected in the erratic movements of the KSE 100-share index which finished lower by 232.74 points or 2.05 per cent at 11,141.29 points after having early touched the session’s peak level of 11,454 points. The market capital also fell by Rs65.143bn at Rs3,037.745bn.

But the KSE 30-share index suffered a massive fall of 407.20 points at 13,845.38 points on renewed selling in leading base shares.

All the leading shares fell in unison, some of them around their lower locks, major losers among them being Pakistan Petroleum, PSO, followed by OGDC and D.G. Khan Cement.

What seems to have worried investors was changing statements by the government on the suspension of the chief justice of Pakistan as they could not precisely decide how to plan on long-term basis, analysts said.

Some of the leading foreign investors are also toeing the same line of perception about the future market direction and are keeping mostly on the sidelines, they said.

Opinions about the future market direction are divided. Some say it will stay until the current legal impasse is over. Some others said there could be snap flutters here and there but the underlying sentiment will remain bearish.

“In similar situations as the prevailing one, investors think twice to put money in the share business,” some others said “even the speculative traders and bargain-hunters are inclined to miss an attractive bait of capital gains at the falling prices”.

Attempted rallies by the some of the leading investors and financial institutions could push the market back on the rail temporarily the major breakthrough could only came if it was backed sanity on the political front, they added.

The persistent decline in CFS rates and investment showed that investors were just marking time rather than indulging genuine trading activity, while day traders and short-term dealers remained conspicuous by their absence.

Although losers forced a strong lead over the gainers, some of the leading shares managed to finish higher under the lead of Rafhan Maize and Wyeth Pakistan, up by Rs8 and Rs12.25, followed by United Bank, higher by Rs4.90, Habib-Metropolitan Bank, Javedan Cement and J.S. & Co, up by Rs2.65 to Rs5.

IGI Insurance, PSO, Nestle Pakistan and Siemens Pakistan fell by Rs20.25 and Rs55 respectively. Other leading losers were led by Allied Bank, MCB, Shell Pakistan, Adamjee Insurance, Mari Gas, Ferozsons, Sitara Chemicals, Bata Pakistan and Pakistan Oilfields, which suffered fall ranging from Rs5 to Rs13.80.

Trading volume fell to 137m shares from the previous 147m shares as losers held a strong lead over the gainers at 247 to 79, with 39 shares holding on to the last levels.

The most active list was topped by Fauji Fertiliser Bin Qasim easy by 65 paisa at Rs30.85 on 16m shares followed by OGDC, off Rs2.15 at Rs115.50 on 9m shares, WorldCall Telecom, lower 20 paisa at Rs11.50 also on 9m shares, Pakistan Petroleum, sharply lower by Rs9.50 at Rs243 on 8m shares, J.S. Bank, off Re1 at Rs15 on 7m shares, Lucky Cement, off Rs3.05 at Rs74.70 on 7m shares and PSO, lower Rs18.50 at Rs352.15 on 6m shares.

Other actives were led by Kot Addu Power, lower 70 paisa on 7m shares, Hub-Power off Rs1.55 on 5m shares and D.G. Khan Cement, off Rs4.25 on 5m shares.

DEFAULTER COS: Active shares on this counter also fell under the lead of Zeal-Pak Cement, which was marked down by 25 paisa at Rs5.35 on 0.208m shares, followed by Crescent Standard Bank, lower 15 paisa at Rs3.65 on 0.189m shares and Japan Power, easy 10 paisa at Rs3.75 on 0.168m shares.Nimir Chemical and Unity Modaraba were quoted lower by five paisa each at Rs2.45 and Rs0.55 on 0.135m an 0.103m shares respectively.