KARACHI, April 26 The share market on Monday extended the weekend sell-off as investors played safe apparently awaiting the return of bulls and financial institutions but most of them again stayed on the sidelines.

But on the other hand brisk activity was witnessed on the defaulter counter as bulk of the investor interest shifted to this risk-free sector and large volumes were seen in most of the low-priced issues under the lead of energy and textile shares.

The shift reflected that no one was inclined to take risk and played safe on small margins of profit and losses.

The falling volume reflected that investors were again in search of safe havens despite the fact of a near-static quo on political and corporate fronts,” said a broker.

The benchmark 100-share index early showed signs of recovery on the strength of the base shares and breached through the barrier of 10,600 at 10,639.70, the mid-session again pushed it down to close with an extended decline of 50.66 points at 10,556.37. Its junior partner the KSE 30-share index was off 66.09 points at 10,660.71.

Analyst Ahsan Mehanti said the absence of foreign buying and selling by the institutional investors on the blue chip counters could be one of factors which again pushed the technically ripe market into a deep slumber.

But analyst Hasnain Asghar Ali said the fallout of the likely imposition of the Capital Gains Tax and renewed selling on the blue chip counters kept the benchmark index under pressure amid low volume”.

Another analyst Salman Naqvi, however, attributed the sluggishness to technical factors and hoped that the recovery was now overdue as the market had already undergone the needed correction.

Prominent gainers were led by Unilever Pakistan and Rafhan Maize, higher by Rs119.31 and Rs40 followed by Fazal Textiles Rs13.95, Lakson Tobacco Rs10.23 and Indus Dyeing Rs8.75.

Prominent losers include Siemens Pakistan and Atlas Battery, off by Rs58.86 and Rs11.43. Others which followed them were Wyeth Pakistan, Fatech Textiles, Wyeth Pakistan and Tri-Pack Films off by Rs5.62 to Rs10.47.

TRG Pakistan led the list of actives, steady by five paisa at Rs6.36 on 16m shares followed by Azgard Nine, lower 45 paisa at Rs15.37 on 6m shares, JS & Co, easy by 63 paisa at Rs21.15 on 6m shares, Lotte Pakistan, lower 22 paisa at Rs11.50 also on 6m shares, Arif Habib Securities, up 91 paisa at Rs48.47 also on 6m shares, NIB bank, off 22 paisa at Rs4.04 on 4m shares.

Maple Leaf Cement followed them, lower by Rs1.22 at Rs4.04 on 4m shares, Byco Petroleum, easy by 13 paisa at Rs12.69 also on 4m shares, Nishat Mills, up 25 paisa at Rs57.78 on 4m shares and Amtex, lower by seven paisa at Rs13.85 on 4m shares.

FUTURE CONTRACTS Azgard Nine led the list of actives, easy by 52 paisa at Rs15.35 on 0.647m shares followed by Wateen Telecom, lower 25 paisa at Rs9.51 on 0.515m shares and Nishat Mills, up 25 paisa at Rs57.48 on 0.288m shares. National Bank followed them, lower by 45 paisa at Rs74.41 on 0.255m shares and Engro Corporation, higher by Rs1.62 at Rs210.84 on 0.239m shares.

DEFAULTER COMPANIES Genertech Power led the list of actives, up 12 paisa at Rs2.08 on 3.571m shares followed by Haydery Constructions, higher by 18 paisa at Rs1.17 on 1.033m shares and Japan Power, easy by nine paisa at Rs3.08 on 0.634m shares.