KSE 100-index extends overnight losses

KARACHI, March 8: The share market on Tuesday finished with extended losses as leading investors remained conspicuous by their absence apparently awaiting some positive news from the polarized political scenario and a lot of manoeuvring on the Raymond Davis issue.

The benchmark KSE 100-share index ended with a fresh fall of 34.54 points at 11,940.01 as leading base shares remained under pressure on renewed profit-selling but unlike the previous session there were selective buyers.

Prominent base shares notably Pakistan Oilfields, Attock Petroleum, National Refinery, OGDC, Nishat Mills and National Bank remained under pressure and ended further lower.

However, the steep decline in the volume figure to 54.214m shares from the previous 117m shares reflected the absence of both local and foreign leading players owing perhaps to over- tures by the US diplo- mats on the Davis issue and perceived stress on Pak-US ties, some analysts said.

But the pause appears to be temporary and investors will be back in the arena as investors may have many positive reasons to be back in a big way after leverage facility is in place by the next week, they added.

But some others fear that foreign fund buying on the oil counter may not be the same as a couple of ses- sions back as the Davis issue will continue to have negative bearing on the share business for obvious reasons.

Minus signs again dominated the list under the lead of Nestle Pakistan and Unilever Pakistan, off by Rs11.92 and 34.24.

But on the other hand Bata Pakistan and Tri-Pack Pakistan were quoted higher by Rs6.80 and Rs5.30.

Turnover figure recorded sharp decline at 54.216m shares from the previous 117m shares as losers maintained a fair lead over the gainers at 154 to 110, with 103 shares holding on to the last levels.

Nimir Chemicals led the list of actives, up 27 paisa at Rs2.90 on 8m shares followed by JS Bank unchanged at Rs3.10 on 7m shares, Lotte Pakistan, steady by two paisa at Rs15.59 on 3m shares, National Bank, lower by 33 paisa at Rs78.83 also on 3m shares, Nishat Mills, off 74 paisa at Rs63.56 on 2m shares, Azgard Nine, easy 21 paisa at Rs9.04 also on 2m shares and Descon Oxychem, up 32 paisa at Rs7.31 on 1m shares.

They were followed by Fauji Fertiliser Bin Qasim, easy by 34 paisa at Rs42.77 on 1m shares, JS & Co, lower 28 paisa at Rs9.04 also on 1m shares and Arif Habib Corp, off 46 paisa at 21.21 on 1m shares.

FUTURE CONTRACTS: National Bank led the list of ac tives, off 43 paisa at Rs78.99 on 0.704m shares, Nishat Mills, off 99 paisa at Rs63.76 on 0.376m shares and Azgard Nine lower by 24 paisa at Rs9.04 on 0.349m shares.

MCB Bank, up 96 paisa at Rs201.40 on 0.334m shares and Pakistan Oilfields lower by 46 paisa at Rs318.18 on 0.327m shares.

DEFAULTER COMPANIES: Zahoor Cotton led the list of actives, up by five paisa at Rs0.30 on a large turnover of 0.248m shares followed by Japan Power, which came in for fresh selling and was marked down by four paisa at Rs1.40 on 0.207m shares and Asim Textiles, unchanged at Rs2 on 40,000 shares.

Invest Bank followed them, lower by 17 paisa at Rs0.51 on 62,067 shares, Crescent Jute, unchanged at Re1 on 34,526 shares and Ravi Textiles, steady by nine paisa at Rs1.10 on 33,107 shares.