KARACHI, April 10: Stocks on Thursday finished with an extended fall as the breakdown of the KSE computer system for about six hours curbed the investors enthusiasm as they mostly played safe during the thinly traded afternoon session.

“It was a major fault in the KSE computer network as till late in the evening it could not be fully restored as the fuller picture of quotations and price fluctuations was not readily available.

The KSE 100-share index showed a fresh fractional decline of 1.17 points at 2,844.92 as compared to 2,846.09 a day earlier, reflecting the weakness of leading base shares.

There was, however, no violent either-way reaction to reports of the fall of Baghdad as there was no major change in the trading pattern despite late reopening. The post-war scenario in Iraq remained the major issue of discussion among the brokers and investors, while the technician were trying to put in operation the KSE computer network.

The KSE computer network did not, however, cherish the idea of the fall of the cradle of civilizations for the third time in its history and refused to work as a mark of protest to the defeat of a Muslim capital, brokers said.

There was, therefore, no signs of flutters associated with the initial advances deeper into Iraq after the allied invasion. Investors seem to have a second thought on the post-war scenario and its impact on the Muslim world and decided to play safe until clearer picture emerges on the Iraq war front.

“I don’t think, the KSE will follow the bullish trend of the foreign markets on the news of Baghdad fall as it did previously”, predicts an analyst “the actual fall could well mean to many an impending disaster”.

Instead of 9:30 am, the official opening time, trading resumed in the afternoon session around 3:30 pm after the technical default in the KSE hardware was removed but there was no aggressive buying or selling from any quarter.

The opening was, therefore, on the lower side as the KSE 100-share index reopened at 10 points lower around 2,836 and moved further lower on renewed selling in the leading pivotals and finally closed at 2,844.92 points.

Floor brokers said the pause appears to be psychological and caused by some external developments but it may well prove a temporary jolt as most of the basic fundamentals are bullish.

An ambitious programme to disinvest state-stake in some of the mega companies including PSO, Habib Bank, PTCL and some others during the next couple of months may not allow investors to leave the market at this stage.

Moreover, financial institutions have acquired a big stake in the share business during the last couple of months and will not allow the market to fall below the current levels.

Trading volume was modest at 104m shares owing partly to curtailed trading session as compared to 233m shares a day earlier as gainers held a comfortable lead over the losers at 101 to 82, with 34 shares holding on to the last levels.

The most active list was topped by FFC-Jordan Fertilizer, up by 25 paisa at Rs12.30 on 15m shares followed by Pak PTA, higher by 25 paisa at Rs8.30 also on 15m shares, Hub-Power, easy 15 paisa at Rs35.25 on 12m shares, PSO, off Rs2.50 at Rs216 on 12m shares and PTCL, lower 10 paisa at Rs24.55 on 8m shares.

Other actives were led by D.G.Khan Cement, higher by 55 paisa on 7m shares, Bosicor Pakistan, easy 10 paisa also on 7m shares, ICP SEMF, off 45 paisa on 3m shares, National Bank up by five paisa also on 3m shares and Sui Northern Gas, lower 10 paisa on 2.445m shares.

FORWARD COUNTER: PSO came in for active selling and fell sharply lower by Rs3 at Rs211.50 on 5m shares, Hub-Power off 25 paisa at Rs35.30 on 4m shares, PTCL, easy 10 paisa at Rs24.60 on 3m shares and FFC-Jordan Fertilizer, up 25 paisa at Rs12.30 on 2m shares.