KARACHI, March 14: Stocks on Wednesday lacked normal trading interest as both local and foreign investors adhered to the sidelines apparently awaiting some positive developments on the presidential reference against the suspended chief justice. The KSE 100-share index fell by 128.29 points at 11,276.66.

The entire activity appears to be a jobbing affair as share values fell across a broad front on active selling by leading investors owing to brewing political crisis in the wake of lawyers continued protest.

Even higher bonus shares at the rate of 50 per cent or two shares for each one held by

Pak-Suzuki Motors failed to boost trading in its respective sector. It also fell by Rs9.35 on post-bonus selling.

“It appears to be a belated investor reaction to an apparent long legal battle ahead of the court proceedings against the charges of misconduct against the chief justice,” leading analysts said adding “how the trial will proceed, it will worry investors taking its toll in the share values.”

The KSE 100-share index, which has been holding to its previous levels amid hopes of amicable settlement of the issue between the contenders of power at last weighed down by mounting selling offers by all and sundry but not many willing buyers.

It finished off 128.29 points or 1.12 per cent at 11,476.66 points as compared to previous 11,404.95 as leading shares fell across the board.

“But foreign investors were conspicuous by their absence apparently awaiting some positive news from the legal front and so did local investors,” analysts said.

Stray buying was, however, noted on the low-priced cement shares at the decline on the perception of higher capital gains owing to higher exports and earnings.

Some of the leading shares came in for active selling and ended around the lower locks, notable among them being Pakistan Petroleum, off Rs8.

A considerable decline in the trading volume reflects that the current sluggishness will continue for the next couple of sessions, although it was not clear ”whether or not consolidation forces will come to the aid of ailing market.”

“The market will be back on the rails possibly by the next week as the market’s inherent strength will not allow the bears to extend their rule for an indefinite period.”

Despite general recession some of the leading shares managed to finish higher by Rs9.40 and Rs10 for HinoPak Motors and Sanofi-Aventis, followed by Dawood Hercules, Blessed Textiles, Bata Pakistan, AKD Securities, and Ferozsons Lab, up by Rs3 to Rs5.25. Lakson Tobacco and Unilever Pakistan fell by Rs11 and Rs18. Other notable losers included National Bank, MCB, Adamjee Insurance, Gatron Industries, Pakistan Refinery, Pakistan Oilfields, Millat Tractors, Nestle Pakistan, Treet Corporation, Zulfiqar Industries and Pakistan Petroleum, off by Rs4.50 to Rs8.

Trading volume fell to 173m shares from the previous 241m shares as losers held a strong lead over the gainers at 203 to 103, with 45 shares holding on to the last levels.

Lucky Cement was actively traded, off Rs1.10 at Rs78.60 on 25m shares followed by Fauji Fertiliser Bin Qasim, easy 50 paisa at Rs32.05 on 15m shares, D.G.Khan Cement, lower by Rs1.15 at Rs88.85 also on 15m shares, PICIC, off Rs1.50 at Rs68 on 11m shares, Maple Leaf Cement, east by 35 paisa at Rs19.85 and Pakistan Petroleum, off Rs8 at Rs250 on 8m shares and OGDC, off Rs1.80 at Rs116.40 on 7m shares.

Other actives were led by Bank Alfalah, up 50 paisa on 7m shares, Kot Addu Power, higher by Rs2.55 also on 7m shares and Pakistan Cement, steady by five paisa on 7m shares.

FORWARD COUNTER: Bank AlFalah came in for stray support and rose by 55 paisa at Rs45.65 on 19m shares, followed by Lucky Cement, off Rs1.05 at Rs79 on 8m shares, and D.G.Khan Cement, lower by Rs1.20 at Rs89.30 on 7m shares.

They were followed by Pakistan Petroleum, off Rs5.35 at Rs251.45 on 5m shares and OGDC, lower by Rs1.95 at Rs116.85 on 4m shares.

DEFAULTER COS: Dadabhoy Cement and Zeal-Pak Cement came in for active selling at the higher levels and fell by 15 and 20 paisa at Rs8.05 and Rs5.55 on 0.460m and 0.312m shares at Rs5.55, respectively. Crescent Standard Bank followed up five paisa at Rs3.90 on 0.205m shares.

DIVIDEND: Pak-Suzuki Motors, bonus shares at the rate of 50 per cent for the year ended Dec 31, 2006 and PICIC Insurance, cash 10 per cent