KARACHI, Jan 16: Stocks fell across a broad front on Wednesday on nervous selling prompted by security concerns, notably on reports that all political leaders are under terrorist threat.

An idea of the nervousness in a perfectly stable market may well be had from the fact that the KSE 100-share index plunged by 208.60 points breaching two consecutive barriers of 14,000 and 13,900 points at 13,846.67 points.

All leading base shares, notably OGDC, PTCL, Arif Habib Securities, Engro Chemical and MCB finished lower on active selling.

“The law and order situation is not that ideal for the last couple of months amid suicide and terrorists attacks,” says a leading analyst Hasnain Asghar Ali “but what seems to have proved a last straw on the camel’s back was reported terrorist threat to all political leaders.”

If political leaders, despite massive security cordons around them, are not safe where the general investor or a broker stands indulging in daily business of billion of rupees, said a leading broker.

But another leading stock analyst thinks in the deteriorating law and conditions, investors think twice before making fresh commitments even at the falling price and that appears to be the chief problem of the market for the near-term.

“There is no long-term investment buying by any quarter, including the institutional traders, and everyone is playing on short-term basis for obvious reasons,” he said.

“It is more secure to buy stocks at the opening, and sell them towards the close, irrespective of gain or loss on the day, but keep clear,” said another analyst.

Highly erratic price fluctuations may remain the hallmark of trading until elections, he said, but he ruled out the possibility of any major shakeout at this stage.

Wyeth Pakistan and Adamjee Insurance were leading among gainers, up by Rs89 and 11, followed by IGI Insurance, Dawood Lawrence, National Refinery, United Sugar, Shell Gas, Pak-Suzuki Motors, BOC Pakistan, National Foods, Grays of Cambridge and AKD Securities, which fell by Rs3.05 to 11.

Nestle Pakistan and JS & Co were prominent losers, off by Rs75 and 66.15, respectively. Other leading losers included Mirpurkhas Sugar, EFU General, Pakistan Resource Co, Attock Refinery, Al-Ghazi Tractors, Dawood Hercules, Packages, and EFU Life which were marked down by Rs7 to 21.30.

Trading volume rose to 275 million shares from the previous 228 million shares owing to active selling as losers held a strong lead over gainers at 244 to 87, with 39 shares holding on to the last levels.

NIB Bank topped the list of actives, off by Rs1.10 at Rs21.85 on 32 million shares, followed by JS Value Fund, easy by 10 paisas at Rs17 on 25m shares, PTCL, lower by one rupee at Rs40 on 14m shares, OGDC, easy by Rs1.80 at Rs119.25 on 11m shares, Arif Habib Securities, off Rs4.55 at Rs166.90 on 10m shares, Engro Chemical, lower by Rs3.35 at Rs268.05 on 8m shares, and Javed Omer & Co, up 80 paisas at Rs124.00 on 6m shares.

Other actives were led by Nimir Chemicals, up 60 paisas at Rs 6.40 on 28m shares, followed by Pace Pakistan, off Rs1.65 at Rs31.50 on 10m shares, and Norrie Textiles, up 20 paisa at Rs2.35 on 7m shares.

FORWARD COUNTER: Arif Habib Bank again led the list of actives, by 40 paisas at Rs32.35 on 17m shares, Lucky Cement, off Rs4.40 at Rs114.10, on 5m shares, and D G Khan Cement, lower by Rs1.50 at Rs91.75 on 4m shares.