KARACHI, Jan 17: Stocks on Thursday finished session on a bearish note as investors continued to unload long positions on blue chips counters owing to worries over law and order situation and political and economic uncertainty.

The absence of strong institutional and foreign support, which generally comes to the aid of falling market was nowhere in sight, which accelerated the pace of hasty selling almost on all the counters.

Blue chips, which still ensure a fair margin of profits despite persistent pruning during the last couple of weeks were main target.

The KSE 100-share index shed another 172.63 points or 1.25 per cent at 13,674.04 as compared to previous 13,846.67 as leading base shares fell further lower. The free-float 30-share index was also quoted lower by 177.57 points at 16,200.27.

The news from the world bourses are not that encouraging in the backdrop of a sharp decline in the oil prices from the peak of $100 per barrel, but the local market is essentially guided by the prevailing turmoil almost on all fronts.“The gold appears to be the newly found investor safe haven as a good part of the liquid money is finding its way into it as was reflected in steep rise in its value around Rs18,000 per 10 grams on the local market,” analyst Hasnain Asghar Ali said.

The market decline was led by the banking sector where leading shares, notably MCB and National Bank, came in for massive battering and fell sharply lower without finding many willing buyers even at the dips. However, their earnings are on the higher side, but sell-off was triggered by shaky investors.

Oil shares followed them under the lead of OGDC, while telcom sector was led by the PTCL, which fell below its resistance level of Rs40.

“The market now has turned the victim of lack of buying support rather than larger selling despite the prevailing panic, analyst Ahsan Mehanti thinks, saying the fall of turnover figure below the barrier of 200m shares reflects there are not many desired bail-outs.

He said when concerns for personal security are a dominating force in the trading arena, fresh commitments even at the falling prices mostly take back seat.

The KSE presentation on security awareness to his members yesterday signals that personal security worries have also made deeper inroads in the most protected trading venue and that should have been there many months before.

Analyst Ashraf Zakaria said the market’s current volatile performance may continue until the elections on Feb 18, and the stable new government could give the needed boost to the investing, as well trading public.

Minus signs again dominated the list under the lead of JS & Co and Wyeth Pakistan, off by Rs62.80 and Rs104.45.

Other prominent losers were led by Habib Sugar, Mirpurkhas Sugar, Pakistan Services, National Refinery, Sitara Chemicals, Adamjee Insurance, Arif Habib Ltd, New Jubilee Insurance, Pakistan Engineering and EFU General, which were quoted lower by Rs9 to 27.15.

Rafhan Maize and AKD Capital managed to finish higher by Rs10 and 12.40, respectively, followed by Pakistan Tobacco, PSO, Crescent Star Insurance, PSO, Millat Tractors, Clover Pakistan, Shell Gas, Colgate Pakistan and Grays of Cambridge, which posted gains ranging from Rs3.50 to 9.50.

Traded volume fell below the 200m share mark at 195m shares as losers maintained a strong lead over the gainers at 274 to 72, with 26 shares holding onto the last levels.

The National Bank led the list of actives sharply lower by Rs5.60 at Rs221.25 on 15m shares, followed by TRG Pakistan, easy by 50 paisas at Rs12.55 on 13m shares, BankIslami Pakistan, lower 90 paisas at Rs18 on 11m shares, PTCL, off by Rs1.30 at Rs38.70 on 11m shares, Arif Habib Securities, easy by Rs1.60 at Rs165.30 on eight million shares, OGDC, off by one rupee at Rs118.25 on six million shares, and NIB Bank, lower by 70 paisas at Rs21.15 on 12m shares.

Other actives were led by Nimir Chemicals, lower 20 paisas at Rs6.20 on 7m shares, JS Bank, off one rupee at Rs19 on six million shares and Azgard Nine Textiles, lower by Rs2.60 at Rs49.85 also on six million shares.

FORWARF COUNTER: Arif Habib Bank again led the list of actives on the cleared list and was marked down by Rs1.35 at Rs31 on seven million shares followed by National Bank, off Rs1.95 at Rs221.55 on six million shares and Lucky Cement, lower by Rs1.20 at Rs112.90 on five million shares.