May 01, 2008	Thursday	Rabi-us-Sani 24, 1429

KARACHI, April 30: Stocks posted a fresh widespread fall on Wednesday on hasty selling by all and sundry on the perception that the deadlock on judges issue between the PPP and PLM-N could again lead to political uncertainty.

All eyes, therefore, remained focused on news from Dubai after Nawaz Sharif’s visit amid fears of a collapse of the coalition government in the centre.

The market’s negative reaction to the deadlock is evident from the fresh sharp fall in the Karachi Stock Exchange (KSE) 100-share index, which shed another 194.83 points or 1.27 per cent at 15,122.47, the cumulative loss during the two sessions being 357 points or 2.32 per cent.

At one stage, it fell as low as 15,079.13 points.

The 30-share index also fell by 297.59 points at 18,159.41 as leading base shares fell further on renewed selling.

Leading base shares and most of MNCs, notably Indus Motors, Pakistan Oilfields, Engro Chemical, National Bank, Bank of Punjab and some others received heavy battering, but MCB managed to finish modestly higher.

For the second session in a row, the market is dancing to the tune of news from Dubai and yearning for good news as all, including financial institutions, investors and brokers, wish a consensus formula to end the impasse on some of the core issues, said an analyst.

There was a loud whispering in the corridors of Pakistan’s premier bourse that all is not well with the national perceptions of top political leaders in the backdrop of objective conditions, said a broker.

“Both disagree on the issue whether the hen or the egg is first,” he said jokingly, and added: “both agree judges must be restored but the approach is different.”

It could well prove a no-win situation for the both in the ultimate analysis if they err at this stage as the situation is fraught with high national risks, some others said.

Minus signs again dominated the list under the lead of JS & Co and EFU General Insurance, off by Rs27.30 and 25.00, followed by IGI Pakistan, JS Global, Thal Industries, Mari Gas, Indus Motors, Dawood Hercules, Engro Chemical, Ferozsons Lab, Colgate Pakistan, BOC Pakistan and Clariant Pakistan, off by Rs8.40 to Rs19.45.

But on the other hand, Wyeth Pakistan and Pakistan Engineering managed to finish with good gains of Rs104 and Rs18.50, respectively.

They were followed by Pakistan Reinsurance Co, Sapphire Textiles, Lakson Tobacco, National Refinery, Pakistan Refinery, Service Industries, and Attock Petroleum, which rose by Rs5.90 to Rs15.

Trading volume fell further to 219m shares from the previous 225m shares as losers held a strong lead over the gainers at 210 to 123, with 24 shares holding on to the last levels.

Bank of Punjab led the list of actives, off Rs2.35 at Rs60 on 31m shares, followed by Arif Habib Securities, steady by 25 paisa at Rs183.25 on 10m shares, Nishat Mills, off Rs2.25 at Rs131 on 8m shares, MCB Bank, higher by Rs3 at Rs415 also on 8m shares, National Bank, off by Rs4.85 at Rs225.05 on 7m shares, Pakistan Oilfields, lower by Rs4.30 at Rs418.60 on 6m shares, and Engro Chemical, sharply lower by Rs14.35 on 3239.05m shares.

Other actives were led by Pervez Securities, off Rs4.23 at Rs94.65 on 13m shares.

D G Khan Cement, lower by Rs1.20 at Rs109.20 on 7m shares and Attock Refinery, up by Rs3.50 at Rs305.50 on 6m shares.

FORWARD COUNTER: Bank of Punjab also led the list of actives on the cleared list, lower by Rs3.15 at Rs59.75 on 16m shares, followed by MCB Bank, higher by Rs2.80 at Rs418.10 on 5m shares and Nishat Mills, off Rs1.96 at Rs132.80 on 4m shares and Pakistan Oilfields followed them, lower by Rs4.40 at Rs423.10 also on 4m shares.

DEFAULTER Cos: Active trading was witnessed on this counter as some of the shares came in for strong support and finished higher under the lead of Norrie Textiles, firm seven paisa at Rs2.30 on 0979m shares, followed by Taj Textiles, higher by 45 paisa at Rs2.50 on 0.665m shares and Japan Power, up 95 paisa at Rs7.35 on 0.654m shares.

S S Oils, on the other hand, came in for selling and fell by 90 paisa at Rs15.50 on 0.290m shares, Unity Modaraba, easy two paisa at Rs1.15 on 0.218m shares and National Asset Leasing, up 30 paisa at Rs1.63 on 0.209m shares.