KARACHI, July 8: Share market lacked normal trading interest on Tuesday as investors kept to the sidelines apparently awaiting the advent of institutional support but weak holders indulged in fresh selling at a discount in a falling market.

Most of the leading stocks, therefore, ended with an extended fall amid eroding values after all hopes of an immediate recovery faded in the backdrop of political mess and a terribly weak rupee.

The KSE 100-share index shed another 65.14 points at 11,812.24, while its junior partner was off by 98.69 points at 13,629.85, reflecting the weakness of the leading base shares.

Monday’s about half a dozen bomb blasts in the city just at the heels of Islamabad’s suicide attack also took their toll amid fears of law and order situation.

“All roads appear to be again leading to the currency markets where the dollar continued to be literally in investors’ hot pursuit,” analysts said. “The money from stocks, where possible, is flowing out to the dollar or the gold considered safe havens in the prevailing uncertain situations”.

The dollar on Tuesday soared to an all-time high so far at Rs73 and 72.50 for selling and buying, respectively, on the open market amid rumours that the run on the greenback is not yet overdone. Later in the evening, it was quoted around Rs73.80.

“Why should moneyed people buy stocks even blue chips at the current lows when all the pointers are bearish and could lead to further erosions in the political uncertainty and a weak economy,” some others said.

The KSE 100-share index since June 27, had fallen by about five per cent and indications are that the current persistent decline will continue as investors had moved to other investment outlets leaving the market at the mercy of jobbers, they added. Most of the fractional price changes were on the lower side, but some leading shares managed to put on good gains under the lead of Sapphire Fibers and HinoPak Motors, which were quoted higher by Rs25.75 and 39.85 followed by N.P. Spinning, Dandot Cement, Pakistan Tobacco, Bannu Woolen, Atlas Engineering and Kot Addu Power, which posted gains ranging from Rs1.55 to Rs4.28.

But on the other hand Nestle Pakistan and Unilever Pakistan, off by Rs16.39 and Rs23.50, respectively. Habib Bank, Adamjee Insurance, EFU General, Attock Refinery, PSO, BOC Pakistan, Gillette Pakistan, Millat Tractors, Ferozsons Lab, Pakistan Oilfields, Pakistan Petroleum and JS & Co followed them and were quoted lower by Rs2.02 5.03, respectively.

Turnover figure showed a fresh modest rise at 21m shares as compared to previous 17m shares as some investors bailed themselves out after selling at a discount.

Fauji Cement led the list of actives, easy by nine paisa at Rs9.56 on 5m shares followed by Sui Southern Gas, lower by 26 paisa at Rs26.45 on 3m shares, National Bank, easy 41 paisa at Rs140.29 on 2m shares, D.G. Khan Cement, lower 63 paisa at Rs63.24 also on 2m shares, Fauji Fertiliser, off 85 paisa at Rs125 on 2m shares, JS Investment, lower 90 paisa at Rs89.52 on 1m shares and Bank Alfalah, lower by nine paisa at Rs39.07 on 0.292m shares.

Other actives were led by NIB Bank, easy by 10 paisa at Rs10.73 on 0.623m shares, KESC, easy by five paisa at Rs5.25 on 0.567m shares and Dandot Cement, up by Rs2.11 at Rs23.38 on 0.521m shares.

FORWARD COUNTER: Engro Polymer came in for modest support after having fallen sharply lower to Rs22.42 from its opening of around Rs48 and was quoted higher by eight paisa at Rs22.50 on 0.736m shares followed by Azgard Nine, unchanged at Rs62.99 on 0.350m shares and Crescent Investment Bank, steady by 13 paisa at Rs10.99 on 0.257m shares.

KASB Securities followed them, off Rs3.13 at Rs59.59 on 0.38m shares and PSO, off Rs4.15 at Rs410.94 on 0.10m shares.

DEFAULTER COMPANIES: Trading activity on this counter remained relatively slow in the absence of buyers. However, Japan Power and Unity Modaraba came in for modest support at the overnight level of Rs5.37 and 0.99 on 0.197 and 0.280n shares, respectively.

DIVIDEND: Meezan Islamic Fund, cash 20 per cent, Meezan Islamic Income Fund, 2.70 per cent, BMA Chundrigar Road Savings Fund, 7.7 per cent.