KARACHI, Jan 10: Stocks on Thursday failed to extend the overnight run-up partly in the absence of strong follow-up support from the institutional traders and partly to a good bit of profit-hunting by the sundry speculators. The KSE 100-share index was off 3.57 points at 1,383.91.

A considerable decline in the turnover figure reflects that leading investors are not inclined to make bigger commitments ahead of the president’s proposed speech on some major political issues and until its contents are known they preferred to keep to the sidelines.

Adverse statements about the prevailing tension on the borders from the US high-ups signalling the “threat of war between Pakistan and India still exits,” also worked against the sentiment.

The perception that the border situation has eased now may not hold good and if one goes by the external statements there could be war as the troop positions tells.

“Despite some positive economic fundamentals, the direction of the market will largely be guided by the external political developments, notably the US role in defusing the current border tension,” brokers said.

After early rising by eight points, the KSE 100-share index finished with a fall of 3.57 points at 1,383.91 as compared with 1,387.48 a day earlier, reflecting the weakness of some leading shares.

Stock analysts said investors were not inclined to commit themselves in a big way even at the lower levels until the contents of the president’s speech are known.

“The market is rife with conflicting rumours about the major policy statement and investors are in two minds and could not precisely decide how to react to the prevailing uncertainty,” they add.

In the absence of strong demand owing to the prevailing uncertainty, the turnover figure fell sharply to 62 million shares from the previous 98 million shares and losers forced a comfortable lead over the gainers at 89 to 54, out of 194 actives.

Although selling was well-absorbed mostly at the dips, losers held a fair lead over the gainers, major losers being IGI Insurance, Fateh Industries for the second day in a row on some adverse comments of earnings, and BOC Pakistan, which fell by Rs2 to Rs2.90.

Other leading losers were led by Al-Zamin Modaraba, Inter-Asia Leasing, Crescent Textiles, Gulistan Textiles, Dadabhoy Cement and Shell Pakistan, falling by one rupee to Rs1.65.

Gains on the other hand were fractional barring Javed Omer, Crescent Steel, Reliance Weaving, Berger Paints, Capital Securities and Sapphire Textiles, which posted gains ranging from one rupee to Rs2.

Hub-Power again led the list of actives, easy five paisa at Rs18.60 on 18m shares followed by PTCL, unchanged at Rs15.20 on 12m shares, ICI Pakistan, higher 50 paisa at Rs39.85 on 8m shares, PSO, lower 45 paisa at Rs100.60 on 6m shares and Engro Chemical, easy 25 paisa at Rs56.05 on 4m shares.

Other actives were led by Fauji Fertilizer, off 80 paisa on 2.208m shares, Sui Northern, unchanged on 2.183m shares, D.G. Khan Cement, firm by five paisa on 1.744m shares, Lucky Cement, lower 20 paisa on 1.255m shares and FFC-Jordan Fertilizer, unchanged on 1.217m shares.

FUTURE CONTRACTS: A sharp rise of Rs1.20 in ICI Pakistan at Rs38.30 on active speculative support featured the trading on the forward counter where other leading shares fell under the lead of Fauji Fertilizer off 66 paisa at Rs45.25 on 0.103m shares. Sui Northern also rose by 18 paisa at Rs9.83.