KARACHI, Aug 21: The share market on Thursday remained under pressure as higher corporate announcements by some of the leading companies failed to lure investors back owing to uncertain political outlook.

The KSE 100-share index shed another 2.75 per cent but was held firm well above the barrier of 10,000 points.

The selling in part was also attributed to strong rumours of an imminent downgrading of Pakistan’s sovereign currency rating by the Moody’s and the about two per cent decline in the rupee value against the US dollar at Rs76.50.

The KSE 100-share index was marked down by 289.33 points at 10,236.66 as leading base shares fell further lower under the lead of National Bank, OGDC, Engro Chemical, MCB Bank and leading oil shares. Its junior partner also fell by 395.70 points at 11,755.66 points.

Conflicting reports about the restoration of judges amid fears that all is not well with the perception of major coalition partners on key issues kept investors at their toes all the time leading to renewed selling.

The corporate sector has lent a massive support to the falling market in the form of high dividend and bonus shares but their likely positive impact has faded amid ongoing political maneuvering, brokers said.

“The market or investors are not at a fault, the news-driven market mostly behaves as it is doing now,” said a leading analyst, adding that “give it positive political news and watch its performance just in a day”.

Higher interim dividends by Unilever Pakistan, ICI Pakistan, Pakistan Refinery and some others should have given the needed boost to stock market, but they went as non-event, another analyst said.

“The market will continue to move one step forward and two back until the dust on the political front is not settled down or good sense prevails among the contenders of power as all indicators point to an imminent financial crisis,” he added.

Minus signs again dominated the list under the led of Colgate Pakistan and Pakistan Engineering, off Rs33.25 and Rs17.87 on post-dividend selling, followed by EFU General, Pakistan Petroleum, Pakistan Oilfiedls, JS Global, MCB Bank, Pakistan Engineering, Sapphire Fibres and PSO, which suffered fall ranging from Rs10.15 to Rs17.38.

Dawood Hercules and Unilever Pakistan managed to finish with fresh gains of Rs13.20 and Rs25 respectively. National Equities, AKD Capital, Javed Cement, Ghani Glass and Nestle Pakistan fell by Rs3.28 to Rs10.

Trading volume showed a modest rise at 120m shares from the previous 117m shares, but losers held a strong lead over the gainers at 186 to 88, with 17 shares holding on to the last levels.

OGDC topped the list of actives, off Rs5.86 at Rs111.42 on 14m shares followed by D.G. Khan Cement, lower by 43 paisa at Rs48.20 on 8m shares, National Bank, sharply lower by Rs6 at Rs114.18 on 7m shares, NIB Bank, easy 12 paisa at Rs9.32 on 6m shares, Lucky Cement, Rs3.60 at Rs68.41 on 5m shares, Engro Chemical, higher by Rs1.50 at Rs208.40 also on 5m shares and Bank Alfalah, lower by Rs1.33 at Rs37.29 also on 5m shares.

Other actives were led by Nishat Mills, off Rs2.37 at Rs57.01 on 4m shares, Nimir Chemicals, easy by 10 paisa at Rs2.45 also on 4m shares and JS & Co, off Rs4.47 at Rs408 on 3m shares.

FORWARD COUNTER: OGDC led the list of actives on this counter, off Rs5.86 at Rs111.42 on 3m shares followed by JS & Co, sharply lower by Rs9.32 at Rs408 on 2m shares and Engro Chemical, up by Rs4.05 at Rs209.20 also on 2m shares.

D.G. Khan Cement eased by seven paisa at Rs48.58 on 1m shares and MCB Bank suffered sharp fall of Rs15.05 at Rs286.01 also on 1m shares.

DEFAULTER COMPANIES: Zeal Pak Cement came in for fresh support and was quoted higher by 0.2 paisa at Rs1.49 on 2.481m shares followed by Norrie Textiles, steady by one paisa at Rs1.57 on 0.416m shares and Japan Power, easy by 50 paisa at Rs5 on 0.275m shares.

DIVIDEND: Unilever Pakistan, interim cash 132 per cent, ICI Pakistan, interim 25 per cent, Pakistan Refinery, cash 14.285 per cent, bonus shares interim bonus shares 16.67 per cent, Pak-Oman Advantage Fund, cash nine per cent and AMZ Income Fund, cash Rs10.22 per unit.