KARACHI, Feb 12: Traded volume on the stock market on Thursday fell below the 100m share mark at 90 million as investors mostly played safe owing to developing situation on the law and order and political fronts amid fears of financial risks.

The KSE 100-share index shed another 30.07 points at 5,399.36 and so did its junior partner at 5,398.63, off 34.92 as some leading base shares, notably OGDC, National Bank and Arif Habib Securities came in for renewed selling.

A final cash dividend at the rate of 400 per cent per share by Rafhan Maize Products, which together with the two interims of 600 per cent pushed the total to 1,000 per cent for the year ended Dec 31. But post-dividend selling lowered its share value by Rs54.60 at 1,300 per share.

The fertiliser sector, on the other hand, performed well under the lead of Fauji Fertiliser, Engro Chemical and Fauji Fertiliser Bin Qasim on reports of higher inventory gains and sales and allowed the index to cut short initial large fall.

Analysts said some of the positive developments, including the setting up of a committee to review CFS MK-2, the only product, which offers leverage facility in the ready section.

The committee, among other things, would also recommend new hedging rules for the forward counter but it failed to revive investors’ interest at the lower levels as leading among them were worried over the other negative factors, they said.

The NIT-led fund and some other institutional traders remained active buyers on selected counters and allowed the market to keep a near-status quo.

A loud whispering in the market -- that Moody’s may lower Pakistan rating, may well prove an inhibiting factor as far as the chances of return of the foreign investors is concerned, floor brokers said.

Leading gainers were led by Attock Cement, PECO, Pak-Suzuki Motors, Abbott Lab, ICI Pakistan, Ghani Glass, Fauji Fertiliser and Engro Chemical, which posted gains ranging from Rs2.28 to 4.72.

Losers apart from Rafhan Maize, were led by Habib Bank, EFU General, EFU Life, PSO, National Bank, Pakistan Oilfields, Ferozsons Lab, National Foods and Shell Pakistan, off by Rs2.09 to 7.08.

Turnover figure fell below the respectable total of 100m shares at 89.798m shares as losers maintained a strong lead over the gainers at 155 to 92, with 15 shares holding on to the last levels.

OGDC again led the list of actives, lower by 38 paisa at Rs48.94 on 8m shares, followed by JS & Co, off Rs1.61 at Rs30.66 on 5m shares, Netsol, lower by Rs1.02 at Rs20.16 also on 5m shares, PTCL, up 41 paisa at Rs15.03 on 5m shares, Bank AlFalah, off 32 paisa at Rs12.21 on 4m shares, and Fauji Fertiliser Bin Qasim, steady 22 paisa at Rs16.05 on 4m shares.

Arif Habib Securities followed them, lower by Rs1.11 at Rs21.75 on 3m shares, National Bank, off Rs2.09 at Rs55.52 also on 3m shares and Fauji Fertiliser, higher by Rs4.07 at Rs86.05 also on 3m shares.

FORWARD COUNTER: Barring Fauji Fertiliser Company, which rose by Rs3.69 at Rs86.62,all others, which came in for trading, were quoted lower under the lead of Allied Bank, Bank of Punjab and Habib Bank, which suffered largest fall of Rs3.41 at Rs75.42. But no deals were reported in any one of them.

DEFAULTER COS: Much of the activity again remained confined to Zeal Pak Cement, lower by two paisa at Rs0.33 on 5.203m shares followed by Unity Modaraba, unchanged at Rs0.20 on 0.932m shares and Japan Power, steady by five paisa at Rs1.70 on 55,000 shares.

Automotive Battery followed them, lower by 91 paisa at Rs9.66 on 27,000 shares, Nazir Cotton, up nine paisa at Rs0.29 on 11,000 shares and Bawany Sugar, higher by 85 paisa at Rs4.05 on 7,500 shares. Others were traded modestly.