KARACHI, May 16: The share market on Monday remained under pressure throughout the session on renewed selling by some of the leading investors under the lead of foreigners owing to mounting political tensions with the United States.

The benchmark KSE 100-index was quoted lower by 65.23 points at 11,902.12 as compared to last weekend's 11,967.35 as leading base shares, notably Engro Corporation, Pakistan Oilfields, National Bank and some others remained under pressure and were quoted lower.

“The post-Abbottabad tensions continue to have its toll in various forms as investors were not inclined to take long positions until normalcy returns to Pakistan-US ties,” analyst said.

What seems to have taken steam out of the market at least for the near-term is the recent threat by visiting US Senator John Kerry on fresh operations on Pakistan soil if needed, they added.

Some others said worries over the release of the last tranche by the IMF after the Dubai meeting also added to the prevailing uncertainty linked to foreign aid.

“Essentially, it was the weakness of the blue-chip sector which failed to give the direction to the broader market in the similar conditions as the prevailing both on political and economic fronts,” they said.

And added to investor concerns were the next budget and taxation regime, which should form the basis of the new basic fundamentals of the economic recovery, they added.

Leading gainers were led by Wyeth Pakistan and Colgate Pakistan, up by Rs27.67 and Rs10.13, while top losers included Nestle Pakistan and HinoPak, off Rs42.62 and Rs3.90 respectively.

Traded volume fell to 44.895m shares from the previous 57m shares as losers held a strong lead over the gainers at 169 to 77, with 114 shares holding onto the last levels.

The active list was topped by JS & Co, steady by six paisa at Rs7.19 on 7m shares followed by Lotte Pakistan, lower 36 paisa at Rs15 on 6m shares, Agard Nine, easy by 11 paisa at Rs5.77 on 5m shares, D.G. Khan Cement (right), off 94 paisa at Rs1.09 on 5m shares, D.G. Khan Cement, off 85 paisa at Rs21.57 on 2m shares, Fauji Fertiliser Bin Qasim, lower 44 paisa at Rs41.39 on 1.144m shares and J.S. Value Fund, unchanged at Rs6 on 1.019m shares.

NIB Bank, lower by seven Paisa at Rs1.61 on 0.947m shares, Fauji Fertiliser, higher by 32 paisa at Rs143.01 on 0.911m shares and Nishat Mills, off by Rs1.15 at Rs56.98 on 0.769m shares.

FUTURE CONTRACTS:D.G. Khan Cement led the list of actives on this counter, off 87 paisa at Rs21.60 on 0.898m shares, Nishat Mills, off Rs1.30 at Rs57.14 on 0.304m shares and National Bank, lower by 79 paisa at Rs51.36 on 0.263m shares.

Engro Corporation fell Rs2.03 at Rs195.22 on 0.204m shares and Pakistan Oilfields off Rs1.75 at Rs325.29 on 0.141m shares.

DEFAULTER COMPANIES:The active list was led by Japan Power, steady three paisa at Rs1.14 on 88,865 shares followed by Invest Bank, lower by three paisa at Rs0.35 on 77,188 shares and Ashfaq Textiles, up 45 paisa at Rs5 on 13,500 shares.