KARACHI, April 29: Stocks on Tuesday failed to extend their overnight rally as a section of leading foreign and local investors liquidated in part their long positions in the oil and banking sectors disappointed apparently by the brewing deadlock between the two major coalition partners on some core issues.

The investor fears with regard to future viability of the coalition at the centre appears to be their chief concern as no one among them was inclined to witness another bout of political uncertainty.

The KSE 100-share index suffered a sharp fall of 161.92 points or 1.05 per cent at 15,317.30, wiping out the gains netted during the last two sessions and so did its junior partner, off 246.05 points or 1.32 per cent at 18,703 points. The former hit the session’s high and low at 15,549.01 and 15,281.25, respectively.

The breach of the barrier of 15,500 points or the next resistance level of 15,300 could well prove very crucial for the future direction of the market, said a broker adding: “The revival of foreign selling in the leading oil and banking shares reflects the future outlook is a bit bleak”.

But some others said the market is expected to bounce back from the current lows on the strength of higher corporate payouts after each correction but “it is terribly weak against political uncertainty.”

Major differences seemed to have cropped up between the PPP and the PML-N on the issue of restoration of the judiciary and fearing collapse of the coalition government investors hastened to get out of the market leaving behind a long list of casualties, analysts said.

But some others said the market should have extended its overnight run-up on some other positive news, notably higher dividend and power sharing deal between the PPP and the MQM in Sindh but impending political uncertainty seemed to have dampened the investors’ sentiment.

“What seems to have worried investors most was the question whether or not the PML-N will support the PPP in the centre if the judges were not restored within the deadline, that is April 30,” adding if the coalition is broken there may not be another viable alternate for the ruling elite,” they said.

It was another session of

odd closing and price changes

as investors gain opted for

‘taaq’ figures, a new phenomenon in stock trading, said an

investor.

Minus signs dominated the list under the lead of AKD Capital and EFU Life Assurance, off by Rs47 and Rs16.08, followed by MCB Bank, EFU General, JS & Co, Thal Jute, Lakson Tobacco, Pak-Suzuki, Ferozsons Lab, ICI Pakistan, Packages, Mitchell’s Farms and National Foods, which posted fall ranging from Rs8 to Rs15.15.

Siemens Pakistan reacted bullishly to an interim dividend ofRs30 or 300 per cent managed to finish with a gain of Rs60 followed by Atlas Honda, which rose by Rs11.05.

D.S. Industries, Fazal Textiles, Atlas Battery, Pakistan Refinery, Attock Petroleum, Indus Motors and Noon Pakistan followed them and were quoted higher by Rs4.60 to Rs8.27.

Trading volume shrank to 225m shares from the previous 267m shares as leading genuine investors kept to the sidelines. The losers topped gainers by 234 to 99, with 29 shares holding on to the last levels.

The most active list was topped by UTP Large Capital Fund, up 50 paisa at Rs10.50 on 22m shares, followed by Bank of Punjab, steady by 30 paisa at Rs62.35 on 14m shares, Nishat Mills, easy by five paisa at Rs133.25 on 10m shares, Pakistan Oilfields, off Rs4.60 at Rs422.90 also on 10m shares, Attock Refinery, easy by Rs1.66 at Rs302 on 10m shares, Bank Alfalah, off Rs1.25 at Rs56.45 on 8m shares, National Bank, lower by Rs3.10 at Rs229.90 also on 8m shares and PTCL, easy by 41 paisa at Rs46.60 on 7m shares.

Other actives included JS Bank, easy by 10 paisa at Rs22.80 on 10m shares and JS Value Fund, lower by 18 paisa at Rs22.49 on 7m shares.

FORWARD COUNTER: Bank of Punjab led the list of actives on this counter, up 45 paisa at Rs62.90 on 4m shares followed by Nishat Mills, easy by four paisa at Rs134.26 also on 4m shares and Pakistan Oilfields, off Rs4 at Rs427.50 on 4m shares.

Attock Refinery followed them, up 57 paisa at Rs306.25 on 4m shares and National Bank, off Rs3.70 at Rs231.40 on 3m shares.

DEFAULTER COS: Trading activity on this counter was relatively slow in the absence of leading investors. Prices generally fell where changed under the lead of Norrie Textiles, lower by 18 paisa at Rs2.23 on a large volume of 2.790m shares followed by Zeal-Pak Cement, easy by 15 paisa at Rs3.59 on 0.303m shares and National Asset Leasing, off 17 paisa at Rs1.33 on 0.172m shares.