KARACHI, Aug 16: The share market on Thursday failed to sustain the overnight gains and turned lower as a section of foreign investors continued to liquidate their long positions in the oil and bank sectors owing to political uncertainty.
The KSE 100-share index was quoted lower by 78.09 points at 12,708.51 as compared to 12,786.60 a day earlier as leading base shares remained under pressure. The KSE 30-share index also shed 151.59 points at 15,127.45.
The sentiment was also affected by reports of fresh fall on international bourses and some foreign investors also unloaded their stakes in the leading bank shares, said Hasnain Asghar Ali.
Local buying did figure on selected low-priced counters but it was too feeble to sustain the overnight run-up or generate sympathetic support from other quarters, he added.
Analysts said investors were worried over the changing political background news and could not precisely decide whether or not to go for fresh buying.
They said occasional flutters here and there may be witnessed on bargain-hunting and speculative buying but genuine support remained shy in the charged atmosphere.
“The return of the foreign investors possibly after the recovery on the international bourses could lure back local investors at the attractively lower levels,” some others said.
However, in purely technical terms, the current lower levels on most of the counters including the high-profile issues ensure a massive capital gain but only “bold among the guys could take financial risk in the prevailing atmosphere”.
Among the top gainers, Shell Pakistan and Attock Petroleum were leading, up by Rs15.20 and Rs24.65, JS Global, Fazal Textiles, Exide Pakistan, ICI Pakistan, BOC Pakistan and HinoPak Motors, which posted gains ranging from Rs4 to Rs10.
Prominent losers were led by Bata Pakistan and JS & Co, off Rs19.50 and Rs34.30 respectively. They were followed by Adamjee Insurance, Central Insurance, Mirpurkhas Sugar, Atlas Honda, Siemens Pakistan, PSO, Al-Ghazi Tractors, Pakistan Resource Company and EFU Life Insurance, off by Rs5 to Rs17.10.
Trading volume was maintained at the overnight level of 186m shares but losers held strong lead over the gainers at 180 to 118, with 28 shares holding on to the last levels.
Bank Alfalah led the list of actives, up by 75 paisa at Rs50 on 14m shares followed by Arif Habib Securities, lower 70 paisa at Rs128.10 on 13m shares and Askari Bank, off Rs1.85 at Rs92 on 10m shares.
Sui Gas Southern, up by Rs1.45 at Rs30.85 on 9m shares, Fauji Fertiliser Bin Qasim, easy 75 paisa at Rs42.70 also on 9m shares, Bank of Punjab, off Rs1.95 also on 9m shares and National Bank, off Rs4.65 at Rs230.60 on 8m shares.
OGDC, followed them lower Rs1.15 on 7m shares, Hub-Power, easy by Rs1.20 on 9m shares and Javed Omer, up by Rs3.55 on 7m shares.
FORWARD COUNTER: National Bank led the list of actives on this counter, off Rs5.35 at Rs232 on 7m shares followed by Askari Bank, lower by Rs2.40 at Rs91.85 on 4m shares and Lucky Cement, off Rs2.85 at Rs107.25 also on 4m shares.
Bank Alfalah followed them, up by 80 paisa at Rs50.20 on 4m shares and MCB, off Rs2.95 at Rs289 on 4m shares.
DEFAULTER COS: Zeal Pak Cement led the list of actives and was quoted lower by 25 paisa on selling at Rs5.50 on 1.178m shares followed by Nimir Chemicals, easy by 10 paisa at Rs3.85 on 0.460m shares and Japan Power, up by 20 paisa at Rs8.80 on 0.337m shares.
Unity Modaraba followed them, unchanged at 70 paisa on 0.200m shares, Crescent Standard Bank Modaraba, lower 15 paisa at Rs1.95 on 0.195m shares and S.S. Oils, up by Rs1.10 at Rs23.30 on 0.125m shares.
BONUS SHARES: Interim bonus shares at the rate of 25 per cent by Glaxo-SKF Pakistan for the year ended June 30, 2007.