KARACHI, Oct 23: Stock market on Tuesday remained under pressure for the second consecutive session as leading investors continued to unload their long positions on selected counters but the decline was orderly and the underlying sentiment did not show signs of nervousness.

But on the other hand the KSE 100-share index showed highly erratic movements of 300 points and finally managed to finish well above the session’s low at 14,526.52 points, off 72.86 points. At one stage it dipped as low as 14,442.18 but rebound to hit the high of 14,759.91.

All the leading shares barring OGDC, which resisted fresh fall came in for renewed selling and ended further lower under the lead of Arif Habib Securities, D.G. Khan Cement, Lucky Cement on export issues and Pakistan Petroleum.The KSE 30-share free float index shed another 108.35 points at 17,524 on renewed selling in some of leading industrial shares.

Analysts said being still in a highly overbought position, the market could attract fresh selling despite strong holding positions of some of the leading punters and investors.

“The future market outlook, which is currently ruling around its all-time peak level, showing a gain of 26 per cent over the year, is essentially depended on behaviour for investors and institutional traders,” they said, adding “if both or one of them decide to get out of the market there could be a bigger shock for the general investor”.

But some others said a leading section of local investors is awaiting the Supreme Court ruling on the eligibility of the president to be a candidate in uniform for the second term. The negative verdict could have far-reaching destabilising impact on the stock market, they added.

However, as far as the basic fundamentals and return on investment is concerned it is more than attractive and could keep the market in a good shape in the coming sessions also.

Siemens Pakistan and Unilever Pakistan were leading among the top gainers, up by Rs38 and Rs48, followed by JS & Co, Pakistan Resource Co, Attock Refinery, Attock Petroleum, Pakistan Engineering on higher dividend, Hino Pak Motors, Indus Motors, ICI Pakistan, Sitara Chemicals Nestle Pakistan and Bata Pakistan, which posted gains ranging from Rs10.65 to Rs29.

Most of the declines were modest barring Fazal Textiles and Packages, off Rs19.90 and Rs20.80 respectively. Javed Omer, Adamjee Insurance, Shell Pakistan, EFU Life, Colgate Pakistan, Clariant Pakistan, and Cherat Papersack followed them, off by Rs8 to Rs11.90.

Trading volume shrank to 364m shares from the previous 466m shares as losers topped the gainers by 192 to 180, with 30 shares holding on to the last levels.Arif Habib Securities again led the list of actives, off Rs2.95 at Rs181.55 on 37m shares followed by OGDC, steady 35 paisa at Rs126.10 on 24m shares and D.G. Khan Cement, off Rs2.95 at Rs110.95 on 18m shares.

Fauji Cement, lower 95 paisa at Rs18.70 on 16m shares, Lucky Cement, off Rs4.30 at Rs133.70 on 14m shares, Bank of Punjab, up by 60 paisa at Rs104.10 on 13m shares, Pakistan Petroleum, off Rs3.95 at Rs255.55 on 12m shares.

Other actives included TRG Pakistan, lower by 60 paisa on 15m shares, NIB Bank, off Rs1.25 on 13m shares and Zeal Pak Cement, up by 20 paisa on 12m shares.

FORWARD COUNTER: Lucky Cement led the list of actives on the cleared list, off Rs4.50 at Rs133.50 on 7m shares, followed by D.G. Khan Cement, lower by Rs2.90 at Rs111.00 on 5m shares and Pakistan Petroleum, off by Rs4.60 at Rs255.50 on 5m shares.

Other actives included OGDC, up by 25 paisa at Rs126.50 on 5m shares and Lucky Cement, lower by Rs4.60 at Rs133.90 on 4m shares.

DEFAULTER COMPANIES: Nimir Chemical came in for active selling and led the list of actives on this counter, off 30 paisa at Rs4.80 on 2.579m shares followed by Japan Power, unchanged at Rs8.80 on 0.920m shares followed by Indus Polyester, up by 10 paisa at Rs1.85 on 0.505m shares and Unity Modaraba, up by 15 paisa at 80 paisa on 0.310m shares.

DIVIDEND: Pakistan Engineering, cash 65 per cent, Fauji Fertiliser Co, third interim 27.5 per cent, Pakistan Tobacco, third interim at the rate of 20 per cent and Zahur Cotton, nil.