KARACHI, Dec 29: The share market on Monday failed to respond positively to some of the developments notably the amicable settlement of outstanding positions on the CFS MK-II counter and a loud whispering about an imminent launch of the Rs20 billion market support fund as foreign selling weighed heavily against the sentiment.

The benchmark KSE 100-share index remained under foreign selling pressure pushing it further down by 2.97 per cent or 192.85 points at 6,294.67. Its junior partner KSE 30-share and All Share indices also fell by 270.33 and 125.05 points at 6,014.39 and 4,690.06, respectively.

The market should have shown even weakest signs of recovery as major issues had been settled and alone on technical ground investors should have been back at least on the blue chip counters, some analysts said.

“What ails the market is not hard to find,” analyst Ashraf Zakaria said, adding war hysteria, weak economy, fall in corporate productions, owing to heavy load-shedding and absence of institutional or foreign support are some of the major depressants.

It may not be that easy to put the market back on the rails despite the fact that there were many reasons that warrant technical rebound, he said, but questions who will rope in the massively mauled general investor.

Some others said things on the capital market were proceeding on the right direction and investors were expected to back in the arena after the perception of peace on the borders gains strength.

“I think there is no harm to cover positions on some of the public sector issues, notably National Bank, PSO, Pakistan Petroleum and Pakistan Oilfield,” analyst Ahsan Mehanti said.

But another analyst said foreign liquidation on the blue chip counters at 12.6 per cent discount, notably oil, banking and some others continued to have its toll on the other counters.

Minus signs again dominated the list under the lead of banking and oil shares under the lead of MCB Bank, Habib Bank, Adamjee Insurance, National Refinery, Attock Petroleum, PSO, Pakistan Oilfields, Pakistan Petroleum and PECO, off by Rs4.36 to Rs11.26.

Atlas Battery, Abbott Lab, Engro Chemical, Glaxo-SKF, BOC Pakistan and Packages followed them, off by Rs4.42 to Rs5.62, while others fell modestly.

Tri-Star Fund, Al-Meezan Fund, Invest Securities, Reliance Insurance, East–West Insurance, Hira Textiles, Kot Addu Power, Sitara Energy, Frontier Ceramics, Eye TV and Tariq Glass, were leading among the gainers, up by 63 paisa at Rs1.63.

Trading volume fell to 61.406m shares from the last weekend’s 106m shares as losers held a comfortable lead over the gainers at 113 to 83, with five shares holding onto their last levels.

NIB Bank led the list of actives, higher by 73 paisa at Rs4.99 on 6m shares followed by Nishat Mills, lower by 16 paisa at Rs23.69 on 3.443m shares, Hub-Power higher by 17 paisa at Rs14.55 on 3.440m shares, Dewan Cement, easy by 11 paisa at Rs3.23 on 3m shares and Fauji Fertiliser, sharply lower by Rs3.16 at Rs60.11 also on 3m shares.

Maple Leaf Cement followed them, up 28 paisa at Rs4.37 on 2m shares, Fauji Fertiliser Bin Qasim, lower by 20 paisa at Rs13.61 also on 2m shares and Engro Chemical, sharply lower by Rs5.62 at Rs106.87 on 2m shares.

FORWARD COUNTER:Allied Bank led the list of actives, off Rs1.87 at Rs35.28, followed by Bank of Punjab, lower by Rs1.03 at Rs15.46, Fauji Fertiliser Company, off Rs1.25 at Rs61.14 and Habib Bank, down Rs4.48 at Rs84.36. No deal was reported in any of the shares even at the falling prices.