KARACHI, Dec 24: Stocks finished with an extended fall on Wednesday as leading investors continued to unload long positions at the falling prices in the absence of any positive news both from the political and economic front.

Fears of war again dominated the trading despite fresh news reports that the Indian leaders had ruled out war with Pakistan, however confusion continued on the stock market, floor brokers said.

They said blocking of 18 leading brokers for non-payment of mark-to-market dues followed by fears of their default also worked against the underlying sentiment, causing fresh selling on some of the related counters.

In the backdrop of a spate of dividend omissions by the sugar sector for the year ended Sept 30, 2008, the cash dividend at the rate of 25 per cent plus bonus shares 33.33 per cent in the ratio of 1:3 by the Habib Sugar Mills and a cash payout of 10 per cent by the Mirpurkhas Sugar were largely welcomed by the investors.

The KSE 100-share index again led the market decline falling by 3.81 per cent or 263.97 points at 6,650.18, its junior partner the KSE 30-share index suffered a fall of 5.13 per cent or 354.89 points.

The All-Share index also remained under pressure and was quoted lower by 176.64 points or 3.47 points at 4,920.50 reflecting the weakness of the broader market.

Volume figure on the other hand showed a sharp increase at 59m shares from the previous 29m shares as some of the leading shares came in for active support at the current lower levels, said a leading broker.

He said revival of demand on selected counters reflected a major change in the investor strategy, indicating that the market downward drift may have run its course.

“The market is expected to be back on the rails after investors resumed covering purchases on the oil and banking shares, which had now assumed fairly attractive levels ensuring higher capital gains,” said a leading analyst.

He said the market needed an initiative either by the institutional traders or the “big ones” despite liquidity problems alone on selected counter, which may lure others to resume covering operations.

Leading gainers were led by Millat Tractors and Ismail Industries, up by Rs5.11 and Rs1.90, followed by Network Leasing, Investment Services, Dewan Farooq Textiles, BankIslami, Nishat Chunian, Standard Chartered Modaraba, Gharibwal Cement and Atlas Bank, which posted gains ranging from 23 paisa to Re1.

Losers were led by Pakistan Engineering and Unilever Pakistan, off by Rs12.48 and Rs68.5. Other prominent losers were led by Tri-Pack Films, BOC Pakistan, MCB Bank, Adamjee Insurance, EFU General Insurance, Attock Petroleum, PSP, Pakistan Oilfields, Pakistan Petroleum, Engro Chemical, Mari Gas and National Refinery.

Trading volume rose to 59m shares from the previous 27m shares but losers held a strong lead over the gainers at 49 to 127, with 11 shares holding onto their last levels.

The active list was topped by Pak PTA, lower by 17 paisa at Rs1.31 on 9m shares, followed by NIB Bank, easy by 33 paisa at Rs3.31 also on 9m shares, TRG Pakistan, off 21 paisa at Rs1.41 on 7m shares, PICIC Fund, off 97 paisa at Rs2.13 on 5m shares, Dewan Salman, easy by 15 paisa at Rs1.06 on 4m shares, Kohinoor Textiles, off 80 paisa at Rs3.20 on 3m shares and JS Value Fund, lower 60 paisa at Rs3.15 also on 3m shares.

Pakistan Premier Fund followed them, lower by 92 paisa at Rs1.83 on 2m shares and Maple Leaf Cement, off 62 paisa at Rs3.09 on also on 2m shares.

FORWARD COUNTER: Easier conditions were again witnessed on the cleared list as all the shares suffered fresh pruning without any deal even at the falling prices barring 500 shares in NIB Bank, lower by five paisa at Rs3.60.

Leading shares in the oil, bank and some other blue chips on the other counters also ended with fresh sharp fall on fresh selling.

DEFAULTER COMPANIES: Improved trend was seen on this counter where prices generally rose where changed amid active trading.

Zeal Pak Cement led the list of actives, up five paisa at Rs0.52 on 0.89m shares followed by Japan Power, higher 11 paisa at Rs151 on 0.488m shares, Invest Bank, higher by 55 paisa at Rs1.50 on 25,500 shares, Haydery Constructions, steady by five paisa at Rs0.65 on 22,500 shares.

Quice Foods followed them, firm by five paisa at Rs1.15 on 21,500 shares and National Asset Leasing, steady by five paisa at Rs0.29 on 14,500 shares.