KARACHI, Jan 2: Stocks on Wednesday fell for the third session in a row as investors are in two minds about the future direction of the market and could not precisely decide how to behave in an uncertain political condition, including shifting of election date to next month, despite the fact that the opposition opposed the move.

The share market, therefore, suffered fresh widespread fall on renewed selling in the leading bank and oil shares by both the local and foreign investors.

After initial recovery of well over 100 points followed by an active short-covering in some of the pivotals at the lower levels, the KSE 100-share index finished with an extended decline of 313.05 points or 2.29 points at 13,363.38 as leading base shares fell further.

MCB, one of the leading weightage holders, National Bank, OGDC, Arif Habib Securities and insurance shares were leading among the losers.

Its junior partner, KSE 30-share index on the other hand fell by 450.70 points at 15,714.79 in the absence of buyers in a falling market.

During the last three sessions, the KSE 100-share index has lost 1,400 points or about 10 per cent and eroded Rs450 billion from the market capital.

The initial recovery in the market was attributed to active short-covering at the attractively lower by both the financial institutions and the speculative traders but the run-up could not be sustained as both were out after realising capital gains, analysts said.

“In the prevailing situations as the current one, local investors did not make long-term fresh investment not to speak of the foreign ones,” they said “most of them will back in the market after normalcy returns.”

Some others said the late selling attributed to president’s address to the nation later in the evening probably about the election and widely rumoured its postponement for a couple of weeks.

“The market would certainly be back on the rails, if there is something positive about the economy or the share market,” they said, adding “wait and see policy was the keyword after the mid-session trading.”

Leading gainers were led by Siemens Pakistan and Rafhan Maize, which recovered Rs80 and 45 followed by Shell Gas followed reports of 10 per cent increase in rates, Dawood Lawrence, Sazgar Engineering, Singer Pakistan, Sitara Chemicals, Clover Pakistan, Gillette Pakistan, Pakistan Engineering and Colgate Pakistan, up by Rs4.20 to 35.90.

JS & Co and EFU life fell further by 50.70 and 29.35 respectively. Other prominent losers included Arif Habib Ltd, MCB, National Bank, Adamjee Insurance, IGI, Pakistan Resource Co, Attock Refinery, Attock Petroleum, PSO, Mari Gas, Pakistan Oilfields, Engro Chemical and Pakistan Services, which suffered fall, ranging from Rs10.60 to 27.Trading volume fell to 245 million shares from the previous 3,23 million shares as losers held a strong lead over the gainers at 237 to 104, with 21 shares holding on to the last levels.

Bosicor Pakistan led the list of actives, off one rupee at Rs19.30 on 18 million shares followed by TRG Pakistan, easy by 45 paisas at Rs13.40 on 18 million shares, OGDC, lower by Rs3.25 at Rs113.40 on 13 million shares, Arif Habib Securities, sharply lower by Rs8.20 at Rs156.35 on eight million shares, National Bank, off Rs7 at Rs214 on seven million shares and Javed Omer, lower by Rs7.75 at Rs147.50 on six million shares.

Other actives included NIB Bank, lower 80 paisas on 11 million shares, JS Bank, off one rupee on seven million shares, and WorldCall Telecom, easy 10 paisa on six million shares.

FORWARD COUNTER: Arif Habib Bank led the list of actives on the cleared list, lower by Rs1.60 at Rs31.30 on nine million shares, followed by MCB, sharply lower by Rs19.15 at Rs363.85 on four million shares and National Bank, off Rs8.25 at Rs215.80 also on four million shares.