KARACHI, Feb 11: The share market on Monday failed to sustain the early rally as a section of leading investors liquidated long positions in some of the leading oil refinery shares amid fears about the new selling price formula and finished with an extended fall in light trading. The KSE 100-share index was off 53.37 points at 13,884.96.

Owing to uncertain future share business outlook, a good part of the activity has been shifted to the forward counter where massive volumes were witnessed on both sides of the fence.

Analysts said whether or not the support linked to clear leveraged positions or selling by some of the leading foreign investors is not clear. Barring MCB Bank, which fell, all others rose under the lead of Engro, National Bank and Pakistan Oilfields.

Worries about the law and order situation in the backdrop of the last Saturday’s bomb blast in a political meeting seems to be the chief inhibiting factor behind the current volatility never allowing investors to hold long positions even at the attractively lower levels and indulged mostly in a jobbing affair daily.

The KSE 100-share index posted a fresh decline of 53.37 points at 13,884.95 after early rise to 13,978.16 as some of the leading base shares in the oil sector suffered sharp battering under the lead of Attock Refinery, off Rs12. Engro Chemical and some other blue chips limited the market decline after rising sharply higher.

The creeping decline in it may not upset its pre-election resistance level as the selling never assume an alarming proportion and is mostly orderly but the value erosions in between may be massive, leading brokers fear.

It was in this background that the Arif Habib Bank was shifted from the forward counter to the ready one at Rs29.50, but came in for fresh selling and ended lower by Rs1.45 at Rs28.05 on about 10m shares.

As the deadline of the Feb 18, the day when the voters will speak about their choice, the political situation is getting tense each day amid conflicting rumours, including rigging, low turnout, and clash among the contenders of powers, a leading analyst Ahsan Mehanti fears.

The falling daily volumes, narrow price movements and the absence of leading punters and investors reflects that market future direction will largely depend on the election results, he said.

Analyst Faisal A. Rajabali said the upcoming corporate announcements both in the pre and post-election sessions could put the market back on the rails after generating a lot of covering purchases but investors need leaders, who could provide much-needed direction in the prevailing volatile situation.

But at this stage no one, including the big players are inclined to go beyond their stipulated limits and a trading session. Buy at the dips and sell at the rise, is the strategy being strictly adhered to, another analyst Hasnain Asghar Ali said.

BOC Pakistan and AKD Capital led the list of gainers, up by Rs13.70 and 27, followed by EFU Life, Engro Chemicals, National Foods, and Shell Gas, which were quoted higher by Rs5 to 12.25.

But on the other hand HinoPak Motors and JS Global were prominent among the losers, off by Rs20 and 24.15, respectively. They were followed by EFU General, Sanofi-Aventis, Clover Pakistan, Arif Habib Ltd, Pakistan Resource Co, Attock Refinery, Pakistan Refinery, KSB Pumps, Pakistan Engineering, Siemens Pakistan, National Refinery and Pakistan Services, off by Rs7 to 18.75.

Traded volume rose to 140m shares from the weekend’s 133m shares but losers maintained a strong lead over the gainers at 232 to 90, with 33 shares holding on to the last levels.

NIB Bank topped the list of actives, lower by 25 paisa at Rs21.70 on 13m shares, Attock Refinery, sharply lower by Rs12.25 at Rs258.00 on 7m shares, Bosicor Pakistan, easy by 65 paisa at Rs20.05 also on 7m shares, Engro Chemicals, sharply higher by Rs5.60 at Rs290.85 on 5m shares, Netsol Technologies, off Rs4 at Rs127.90 on 6m shares, and Fauji Fertiliser Bin Qasim, lower 15 paisa at Rs41.70 also on 6m shares.

Other actives were led by Arif Habib Securities, off Rs3.15 at Rs174.60 on 6m shares, Norrie Textiles (shifted from the defaulter counter owing to large volume), up 20 paisa at Rs2.45 on 5.478m shares and JS Value Fund, up 75 paisa at Rs19.25 on 4m shares.

FORWARD COUNTER: MCB came in for large selling and led the list of actives, off Rs2.50 at Rs398.50 on 1.738m shares followed by Engro Chemical, higher by Rs3.90 at Rs290.40 on 1.469m shares and Pakistan Oilfields, higher by 90 paisa at Rs321.40 on 1.173m shares.