KARACHI, Sept 7: The KSE 100-share index on Thursday breached through the barrier of 10,000 points as all base shares fell like ninepins in the absence of strong buying from any quarter owing partly to prevailing political uncertainty.

Analysts were a bit surprised over the snap sluggishness, which engulfed the entire market as there was no tangible change in the background news on the corporate front. They said it may be a well-calculated tactical move aiming at to achieve some “specific purpose”.

Stocks, therefore, lacked either-way normal trading interest and fell across-the-board as leading investors remained conspicuous by their absence and did not cover short positions at the falling prices.

Trading volume fell to two-year low at 118m shares, signalling the market is passing through a terrible state of political uncertainty as investors including institutional traders have apparently decided in unison to stay away at least for the time being, analysts said.

The KSE 30-share and 100-share index suffered fall of 210.16 and 141.60 points at 12,356.93 and 9,927.10 points respectively as all the leading base shares came in for fresh pruning.

The fall of 100-share index below the benchmark 10,000-point on developing turmoil could further aggravate if financial institutions did not step in at this stage to save the situation, analysts fear.

Political uncertainty in the backdrop of resignations by some of the MPAs and an MNA to protest against the army operation in Balochistan and ongoing probe into stock market crashes and some technical factors were cited as reasons behind the current sluggishness.

“The sudden withdrawal of support even at the lower levels, considered best for any future investment, reflects some thing beyond the apprehension of general investors,” stock analyst Faisal Abbas said, adding “who will net in the big ones is a question being debated in corridors of the KSE”.

Ahsan Mehanti thinks it is the fear of economic slow down, rumoured lowering of Pakistan’s credit ratings and liquidity problems appear to be main reasons behind the creeping sluggishness.

There may be fears in an elite club of brokers about the ongoing probe into the previous market crashes, although they fully know that it would be pretty difficult to net on the basis of figures, some others said.But the scare is there which suits many as it has a message to be conveyed to the right circles, they added.

Leading gainers were led by Island Textiles, EFU Life, Javedan Cement, Bata Pakistan, Berger Paints and Atlas Honda, which has been under pressure on post-dividend selling, up by Rs4 to Rs10.

Prominent losers included IGI Insurance, MCB, Attock Petro-

leum, Pakistan Petroleum, Arif Habib Securities, Fazal Textiles, HinoPak Motors, Pakistan Oilfields and National Bank, which suffered fall ranging from Rs4.85 to Rs7.85.

Trading volume fell further to 118m shares from the previous 128m shares as losers forced a strong lead over the gainers at 158 to 109, with 41 shares holding on to the last levels.

D.G. Khan Cement led the list of actives, easy 55 paisa at Rs94.15 on 12m shares, WorldCall Telecom, up by 25 paisa at Rs11.30 on 10m shares and PICIC, off Rs1.80 at Rs66.25 on 9m shares.

National Bank, sharply lower by Rs7.85 at Rs224 on 8m shares, PTCL, lower Rs.1.25 at Rs.40.60 on 7m shares, MCB, off 4.85 at Rs.223.15 on 6m shares and Pakistan Petroleum, lower by Rs6.65 at Rs229.50 on 4m shares.

Pak PTA led the list of other actives, up by 15 paisa on 7m shares, Lucky Cement, off Rs3.80 on 4m shares and Pakistan Oilfield, lower Rs7.80 on 3m shares.

FORWARD COUNTER: PICIC led the list of actives on this counter and fell by Rs1.55 at Rs67 on 3m shares, followed by D.G. Khan Cement, lower 50 paisa at Rs94.80 on 2m shares and National Bank, off Rs6.20 at Rs226.70 also on 2m shares.