KARACHI, March 13: Stocks on Thursday again turned lower as follow-up support remained conspicuous by its absence even on the blue chips counters as investors played safe awaiting fresh positive developments on the political front ending the current uncertainty linked to coalition set up. However, a combination of positive and negative political news kept pouring in throughout the session but there was no disturbing news which could cause the market’s decline, said a broker adding “the selling may have caused by some reservations on the course of changing political events.”

The KSE 100-share index finished above the barrier at 15,074.92, off 96.50 points owing to the weakness of leading base shares, notably National Bank, MCB Bank, Bank of Punjab on reports of SECP notice to NIB Bank on profit issue and OGDC.

The erratic movements of a massive 240 points, the peak and low at 15,230.59 and 14,990.25, reflects that some of the foreign investors are seeking exit on selected counters under the lead of banks, a leading analyst Ashraf Zakaria fears.

But another analyst Hasnain Asghar Ali, on the other hand, said leading cement shares, notably Lucky Cement and D.G. Khan Cement remained in strong demand despite reports of sharp sectoral decline in interim profits on the strength of higher exports and limited the market fall.

Leading oil marketing shares, including PSO also came in for active support followed by record rise in international prices, which are close to $110.

The investors are closely following the political events in Islamabad and buy and sell on negative and positive news, analysts said but what is lacking is the holding power beyond a session. “The coalition governments in the centre and the provinces are expected to be in place possibly by end of the next week but what worries investors is the imminent standoff between the government and the presidency on core issues, including restoration of judiciary,” they said.

That is perhaps why investors play safe and are not inclined to make long-term investment on any of counters until the mess on the political front settles down.

The rising volume well above the 300m shares points to a robust market but the consensus view is that investors are playing on the short-term basis, buy early in the session and sell toward the close irrespective of the loss and gain, they said.

Among the gainers EFU Life Insurance and Wyeth Pakistan were leading, up by Rs35.55 and Rs75, followed by Thal Industries, Cherat Papersack, Murree Brewery, Sapphire Textiles, PSO, Pakistan Engineering, Siemens Pakistan and Pakistan Services, which posted gains ranging from Rs8.25 to Rs18.80.Prominent losers were led by Fazal Textiles and AKD Capital, off by Rs21 and Rs23, JS Global, JS & Co, National Bank, Pakistan Oilfields, Mitchell’s Farms, Shezan International and Shell Gas followed them and shed Rs6.65 to Rs12, respectively.Trading volume was maintained on the higher side thanks to strong selective buying rising to 312m shares as compared to 309m shares a day earlier but losers held a modest lead over the gainers at 188 to 150, with 41 shares holding on to the last levels.

The most active list was topped by D.G. Khan Cement, up by Rs1.60 at Rs110.25 on 34m shares followed by Lucky Cement, firm by 95 paisa at Rs138.85 also on 34m shares, Fauji Fertiliser Bin Qasim, lower 60 paisa at Rs46.05 on 26m shares, Bank of Punjab, off Rs4.70 at Rs89.70 on 19m shares, National Bank, lower by Rs7.40 at Rs50 on 14m shares, NIB Bank, easy by 15 paisa at Rs19.45 on 10m shares and OGDC, off Rs2.05 at Rs133.95 on 8m shares.

Other actives included Azgard Nine, easy by 25 paisa at Rs64.25 on 12m shares, Dewan Salman, up one rupee at Rs10.60 also on 12m shares and Nishat Mills, steady by five paisa at Rs15.70 on 8m shares.

FORWARD COUNTER: Lucky Cement also led the list of actives on the cleared list and was quoted higher by 65 paisa at Rs139 on 11m shares followed by D.G. Khan Cement, up by Rs1.30 at Rs110.50 on 8m shares and MCB Bank, off Rs3.90 at Rs400.60 on 7m shares.

Bank of Punjab followed them, lower by Rs3.83 at Rs72.89 on 7m shares but on the other hand PSO rose by Rs10.55 at Rs523 on 6m shares.

DEFAULTER COS: Zeal Pak Cement came in for active support followed by reports of merger of Rohri and Thatta Cement with it, unchanged at Rs4.10 on 1.323m shares followed by Invest Capital Bank, easy by 40 paisa at Rs6.45 on 0.351m shares, Norrie Textiles, up five paisa at Rs1.80 on 0.262m shares and Unity Modaraba, steady by five paisa at Rs1.20 on 0.134m shares.