KARACHI, Sept 11: Stocks fell across-the-board on Thursday on nervous selling triggered by Gen Kiayani’s warning to the United States to keep off the Pakistan borders in an obvious reference to recent air attacks in the tribal areas.

The KSE 100-share index shed 52.29 points at 9,263.39 from the previous 9,315.68 as all the leading base shares ended lower on active selling, but there were not many buyers even at the dips. However, larger decline was averted owing to price freeze and floor on the index.

National Bank, Fauji Fertiliser, Engro Chemical, Hub-Power and leading oil shares led the market decline in the absence of buyers.

“The buy-back euphoria failed to extend itself as was widely speculated and apparently got buried under heat of battle of nerves on the cross-border military actions,” analyst Tabish Hasan said, adding “investors run for safe havens pushing the daily turnover to a low level”.

An idea of investor confusion may well be had from the fact that they preferred to keep to the sidelines rather than making fresh commitments to have an overview of Pakistan-US relations in the backdrop of conflicting views on the war on terror and the latter’s insistence on direct action inside Pakistani territory, analyst Ahsan Mehanti said.

“Finally the COAS comes into picture,” analyst Hasnain Asghar Ali said,” various interpretations of his statement added fresh nervousness among the already shaky investors”.

The new development on the border may not lead to country security risk but there could be political jitters here and there and chief causality could be the share market, he added.

The retention of the floor on the KSE index seems to have saved the market from a major shakeout and price freeze kept bears in chain as was reflected by modest fall.

National Foods and IGI Insurance posted fresh gains of Rs18.05 and Rs5.90, followed by Capital Securities, Pak Elektron, Olympia Spinning, Sapphire Fibre and Millat Tractors, up by Re1 to Rs5.05.

Unilever Pakistan and Thal Ltd were among the leading losers, off by Rs10 and Rs6.71 respectively. Allied Bank, Royal Bank, Attock Petroleum, Indus Motors, Security Papers, Shell Pakistan, Singer Pakistan, Abbott Lab, Berger, Service Industries and National Refinery followed them, off by Rs1.50 to Rs6.

Trading volume fell to 13.840m shares as losers forced a strong lead over the gainers at 79 to 24, with 81 shares holding on to the last levels.

National Bank came in for active selling and fell by 83 paisa at Rs93.06 on 3m shares followed by Fauji Fertiliser Company, off Rs1.06 at Rs101 on 1.347m shares and NIB Bank, lower by 26 paisa at Rs8.62 on 1.111m shares.

Lucky Cement, unchanged at Rs57.77 on 0.985m shares, Engro Chemical, unchanged at Rs184 on 0.947m shares, Hub-Power, lower by 72 paisa at Rs22.46 on 0.893m shares and Nishat Mills, easy by 61 paisa at Rs47.28 on 0.372m shares.Fauji Cement followed them, easy by five paisa at Rs6.90 on 0.360m shares, Sitara Peroxide, lower by 19 paisa at Rs28 on 0.345m shares and Netsol Technologies, unchanged at Rs57 on 0.276m shares.

FORWARD COUNTER: NIB Bank led the list of actives on the cleared list, lower by 21 paisa at Rs8.69 on 0.259m shares, Engro Chemical, off Rs1.29 at Rs184.50 on 0.250m shares, National Bank, easy by 19 paisa at Rs93.86 on 0.149m shares.

Nishat Mills followed them, off 60 paisa at Rs47.50 on 0.99m shares and Sui Northern Gas, down by 50 paisa at Rs32.20 on 0.80m shares.

DEFAULTER COMPANIES: Trading on this counter remained relatively dull as investors adjusted their positions and did not make fresh commitments apparently awaiting the return of buyers in the ready section.

Price changes were mostly fractional and there was no big deal on any of the counters as the current actives, Zeal Pak Cement, Japan Power and Norrie Textiles were also neglected.

DIVIDEND: Pakistan Paper Products, bonus shares at the rate of 50 per cent and Dadex, cash 40 per cent.