KARACHI, Aug 25: The stock market on Monday extended overnight losses as leading shares fell further on renewed selling amid the turnover plunging below the 100 million shares at 87m.

The KSE 100-share shed another about two per cent at 9,813.170 points.

Unlike the previous sessions, price changes were mostly orderly thanks to higher cash dividend by some of the leading companies including MCB Bank and bonus shares by IGI Insurance and Arif Habib Bank at 50 per cent and 11.11 per cent respectively.

Trading, however, resumed on a higher note amid active fund short-covering in leading oil shares but the weakness of the leading bank shares weighed heavily against the sentiment.

The initial run-up was attributed to reports that a resolution for restoration of judges would likely to be tabled in the National Assembly later in the evening pushing the index to 10,066.10 points on the perception that sanity will return to the polarised political scenario, analyst Hasnain Asghar Ali said.

But it failed to sustain the run-up on reports that the PML-N leadership was in a meeting to decide whether to stay in the coalition or not if the judges would not be restored by Tuesday.

“For the last couple of weeks, the share market is dancing to the tune of news from the coalition partners, analyst Tabish Hasan said. “Until the dust raised on various issues by the contenders of power settles down investors are not that fool to put their money in stocks”.

However, no one could deny the fact that based on the performance of the corporate sector, including higher cash payouts and bonus shares, the current attractively lower levels could attract any amount of covering purchases if peace and political harmony prevails, he added.

After fluctuating either-way, the KSE 100-share index finally ended with a fresh fall of 180.15 points or 1.80 per cent at 9,813.66, while its junior partner fell by 2.67 per cent or 303.45 points at 11,051.64 points, reflecting the weakness of the leasing base shares.

Active foreign selling in the leading base shares, notably MCB Bank, National Bank, Engro Chemical and some others further dampened the investor buying enthusiasm, analyst Ahsan Mehanti said.

Instances of select buying on a number of counters were not wanting. However the conflicting reports about the fate of the coalition at the centre did not allow the consolidation forces to play their supportive role, he added.

Minus signs again dominated the list under the lead of JS & Co and Pakistan Engineering, off Rs19.38 and Rs16.98 followed by EFU General, PSO, Packages, MCB Bank, Adamjee Insurance, National Foods, Shell Pakistan and Attock Petroleum, which suffered fall ranging from Rs8.14 to Rs15.62.

Fateh Textiles and IGI Insurance recovered Rs23.50 and Rs7.92. Other good gainers included Shaheen Insurance, Pakistan Tobacco Atlas Honda, Indus Motors and AKD Capital, up by Rs3.25 to Rs6.04.

Trading volume again fell below the 100m share mark at 87m shares as compared to 103m shares at the last weekend while losers held a strong lead over the gainers at 200 to 63, with 11 shares holding on to the last levels.

National Bank remained under pressure and suffered fresh fall of Rs5.42 at Rs103.06 on 7m shares followed by OGDC, steady by 30 paisa at Rs108.50 on 6m shares, Arif Habib Securities, off Rs4.65 at Rs104 on 5m shares, D.G. Khan Cement, lower Rs2.28 at Rs43.51 on 3m shares, MCB Bank, sharply lower by Rs10.50 at Rs264.50 on 3m shares, NIB Bank, easy by 17 paisa at Rs9.06 also on 3m shares and Hub-Power, lower by 74 paisa at Rs21.72 also on 3m shares.

Other actives were led by Al-Abbas Cement, easy by 70 paisa at Rs7.20 on 3m shares, Zeal Pak Cement, lower five paisa at Rs1.35 also on 3m shares and Telecard, off 32 paisa at Rs4.05 on 3m shares.

FORWARD COUNTER: MCB Bank came in for fresh selling and led the list of actives on this counter, sharply lower by Rs11.49 at Rs264.01 on 2m shares followed by National Bank, lower by Rs5.42 at Rs103.26 also on 2m shares and OGDC, easy by 44 paisa at Rs108.45 on 2m shares.Engro Chemical followed them, off Rs5.64 at Rs193.10 on 0.936m shares and Pakistan Petroleum, lower by Rs1.50 at Rs215.50 on 0.725m shares.