KARACHI, March 27: Stocks on Wednesday attracted fresh selling in most of the pivotals as institutional investors kept to the sidelines allowing prices to drift further lower. The KSE index shed another 37.18 points or 2 per cent at 1,828.45.

But institutional buyers remained unmoved apparently eyeing further lower levels on the blue chip counters and then to resume covering operations.

“I don’t think the index could fell below the next psychological barrier of 1,800 points”, predicts a leading stock analyst “leading base shares have already hit attractive lower levels ensuring handsome capital appreciation for any willing investor”.

“The next couple of sessions could be lean because of still pending a record badla volume of well over five billion shares” another claim adding “no one could deny the fact that the rebound is now overdue”.

After breaching through the barrier of 1,850, the KSE 100-share index finally ended at the day’s lowest level of 1,828.45, off 37.18 points but analysts predict it may not fell below the last support level of 1,800.

Volume figure was slightly above the overnight level at 152m shares as brokers are still trying to adopt new trading system introduced a day earlier. The new trading system, introduced after several mock trials, is capable of taking in daily transactions of 300m to 500m shares, without overloading the KSE computer system.

Floor brokers said the market is still passing through a technical correction and could fall further during the next couple of sessions and in the process jobbers and weakholders are expected to be eliminated.

But stock analysts at the Moosani Securities predict the blue chips has reached the level at which institutional support could re-emerge any time and could lift the index from the current lows.

The market has already passed through a necessary correction and the technical rebound has became overdue now, they added.

However, stock analysts at the W.E.Financials say the market could witness further pruning as buying support may take some more days to start moping operations at the lower levels.

Minus signs again dominated the list, under the lead of Wyeth Pakistan which has resumed its downward journey after rising last week, falling by Rs15 followed by Fateh Textiles, off Rs33.15 after x-dividend.

Other prominent losers included Aamjee Insurance, Javed Omer, Al-Jadeed Textiles, Modern Textiles, Engro Chemical, Sitara Chemicals, PSO and Lever Brothers, falling by Rs1.50 to Rs10.

Leading gainers were led by Treet Corporation, Atlas Honda and Gillette Pakistan, which rose by Rs2.65 to Rs2.75 followed by PICIC, Ayesha Textiles, M. Farooq Textiles, Kohat Cement, Muslim Insurance, Syed Match which posted gains ranging from one rupee to Rs1.50.

Advancing shares again trailed far behind the losing ones as out of the 310 actives, 80 shares rose, while 179 fell, with 51 holding on to the last levels but the bulk of the activity remained confined to PTCL and Hub-Power.

The most active list was topped by PTCL, lower 30 paisa at Rs19.05 on 43m shares followed by Hub-Power, easy 40 paisa at Rs24.50 on 33m shares PSO, sharply lower by Rs4.25 at Rs155.25 on 17m shares, National Bank, off 30 paisa at Rs22.70 on 8m shares and FFC-Jordan Fertilizer up five paisa at Rs5.95 on 7m shares.

Other actives were led by Sui Northern, off 45 paisa on 6m shares, ICI Pakistan, lower 95 paisa on 5m shares, Dewan Salman, easy 65 paisa also on 5m shares, Pakistan PTA, steady five paisa on 4m shares and Bank of Punjab, after the dividend announcement, lower 80 paisa on 3m shares.

FUTURE CONTRACTS: Hub-Power came in for active selling partly in sympathy with its counterpart in the ready section and was quoted lower by 45 paisa at Rs24.50 on 5m shares followed by PTCL, easy 30 paisa at Rs19.10 on 3m shares, Sui Northern, off 45 paisa at Rs13.75 on 0.762m shares and FFC-Jordan Fertilizer, easy five paisa at Rs5.95 on 0.693m shares.