KARACHI, April 10: Stocks on Wednesday lacked normal trading interest as leading investors kept to the sidelines apparently awaiting fresh developments on the political front after the President kicked off his referendum campaign, seeking a new five-year term.

The KSE 100-share index suffered a fresh fall of 16.44 points at 1,826.14 as compared to 1,842.58 a day earlier as leading shares, both PTCL and Hub-Power fell further.

Those who were predicting a sustained run-up after the announcement of the referendum in the name of continuity of economic and financial policies could not precisely give any specific reason behind the reversal.

“Since the presidential decision to go public last Saturday, the KSE 100-share index has fallen by 25 points and analysts fear it could breach through the barrier of 1,800 points”.

What seems to have taken steam out of the market is the fear of a big showdown between the political and the ruling elites, which could lead to law and order situation, says an analyst at the Moosani Securities.

“In the prevailing situation, investors think twice before going even for pivotals available at the attractively lower levels,” he says adding “the falling interest in the form of daily light volumes”.

Stock analysts at the AHRA say all may not bad on the investment front as institutional support could re-emerge on selected scrips any time as the current levels are attractive enough for future capital gains.

“It is a temporary shakeout for an overbought market and a large unsold floating stock and there is possibility of a turnaround as the 30th April, the day for presidential voting is still far away and anything could happen in between”.

The same view is shared by other analysts and hope institutional traders will be back in a big way to put the referendum in right perspective.

Minus signs dominated the list, major losers being Grays of Cambridge and Fateh Textiles, falling by Rs15 to Rs16.30. The turnover did not match the decline owing to shortage of the floating stock.

Other prominent losers were led by Adamjee Insurance, PICIC Bank, Artistic Denim, Bestway Cement, PSO, Shell Pakistan, Millat Tractors, Atlas Honda, Knoll Pharma and Clover Pakistan, off Rs1.15 to Rs2.55.

Leading textile shares again came in for active short-covering at the lower levels and rose by Rs1.25 to Rs5 for Kohinoor Raiwind, Blessed Textiles, Al-Hamd Textiles, Ayesha Textiles and Bhanero Textiles.

Other good gainers were led by Javed Omer, 13th ICP, Pakistan Tobacco, Al-Ghazi Tractors, and Transpak Corporation, rising by Rs1.20 to Rs1.90.

Trading volume again fell below the 100m share mark at 93m shares as losers forced a strong lead over the gainers at 165 to 123, with 56 shares holding on to the last levels.

Hub-Power led the actives, lower by 30 paisa at Rs23.70 on 17m share, followed by PTCL, easy 25 paisa at Rs18.25 on 16m, FFC-Jordan Fertilizer, lower five paisa at Rs7.10 on 10m shares, ICI Pakistan, up 30 paisa at Rs55.45 on 8m shares and PSO, off Rs1.50 at Rs156 on 7m shares.

Other actives were led by Dewan Salman, unchanged on 5m shares, National Bank, off 50 paisa on 4m shares, Dewan Motors, up 90 paisa on 3m shares, Sui Northern, lower 30 paisa also on 3m shares, and Pakistan PTA, easy 30 paisa on 2.700m shares.

FUTURES CONTRACT: Forward counter also followed the lead of the ready section where prices suffered fresh decline under the lead of PSO, off Rs1.50 at Rs157 on 1.488m shares. Other fall were fractional.

Hub-Power was again actively traded easy 30 paisa at Rs23.85 on 3,076m shares, PTCL, off 25 paisa at Rs18.40 on 1.919m shares and FFC-Jordan Fertilizer, easy five paisa at Rs7.20 on 0.639m shares.

DEFAULTER COMPANIES: Active trading was again witnessed on this counter as shares of 10 companies came in for trading under the lead of National Modaraba at the overnight rate of Rs0.80 on 15,000 shares.

Other actives were led by Allied Motors, up 15 paisa at Rs5.50 on 8,000 shares, K.G.Khan Mills, easy 10 paisa at Rs1.80 on 6,000 shares and Metropolitan Steel, higher 40 paisa at Rs2.40 on 5,000 shares.

DIVIDEND: East-West Insurance five per cent, Adil Polypropylene, nil.

BOARD MEETINGS: Shadman Cotton, on April 13, Century Insurance, Al-Ghazi Tractors, First IL Modaraba on April 15, Javed Omer Vohra & Co, Al-Mal Securities, Business & Industrial Insurance on April 16, Pakistan Tobacco Company, Century Paper and Security Investment Bank on April 17, Pak-Suzuki Motors on April 19, and Investment Corporation of Pakistan on April 20.