KARACHI, Feb 10: The share market on Tuesday suffered widespread fall across-the-board on selling triggered, what analysts call, by the prevailing confusion on the new accounting standards and some other unresolved corporate issues in the absence of official word on them.

The KSE 100-share index, which had staged a robust recovery last week, was off 2.11 per cent or 117.81 points at 5,455.67 as leading base shares fell without finding many willing buyers even at the dips. Its junior partner shed 145.94 points at 5,484.89.

Much of the selling remained confined to leading oil, fertiliser shares followed by most of the multinational companies (MNCs) reflecting the exit of foreign investors having an overview of changes in accounting standards in line with the international practices, but most of falls were modest sans circuit breakers.

It appeared to be some belated investor rethinking on the accounting issues, said a broker. “They made the issue a scapegoat to bailout them out from some awkward positions.”

“A formidable section of investors tried to unload their long positions built during the last week’s run-up, awaiting positive outcome of implementation of the new accounting standards,” analyst Hasnain Asghar Ali said. “How will the new standards affect the earnings of the listed companies is their chief worry.”

But Ahsan Mehanti thought it could cause fresh price erosions or a strong support at the lower levels at the same time.

The investors were eagerly awaiting the outcome of continued meetings on the issue among the SECP, KSE and State Bank high-ups whether or not the new accounting standards should be implemented from Dec 31, he added.

Price changes across-the-board both on the plus and minus counters were modest and reflected that leading investors were holding onto their positions on the perception that the jolt was psychological rather than real.

Leading gainers were led by Javedan Cement and Shell Pakistan, up Rs4.50 and Rs4.09 followed by Indus Motors, Attock Cement, Millat Tractors, Pak-Suzuki Motors and Al-Abbas Sugar, which were quoted higher by Rs1.75 to Rs3.61.

Prominent losers JS Gold, EFU Life, Attock Petroleum, PECO, Glaxo-SKF, Dawood Hercules, National Foods, Island Textiles and PSO, which fell by Rs3.90 to Rs7.46.

But the largest declines were noted in Pakistan Services and Unilever Pakistan which fell by Rs10.13 and Rs31 respectively.

Trading volume fell to 129.573m shares from the overnight’s 174m shares as losers further extended their lead over the gainers at 210 to 70, with 13 shares holding onto the last levels.

The most active list was topped by OGDC, off Rs1.14 at Rs48.91 on 11m shares followed by JS & CO, lower by Rs1.78 at Rs33.84 on 8m shares, Arif Habib Securities, easy by Rs1.07 at Rs22.49 on 6m shares, PTCL, lower by 57 paisa at Rs14.14 also on 6m shares, NIB Bank, off 25 paisa at Rs4.92 on 6m shares and National Bank, lower by Rs3.09 at Rs60.18 on 4m shares.

Bank Alfalah followed them, off 99 paisa at Rs12.11 on 4m shares, MCB Bank, off Rs1.57 at Rs117.76 also on 4m shares and Faysal Bank, up 33 paisa at Rs12.83 on 4m shares.

FORWARD COUNTER: Barring Allied Bank, which managed to finish higher by Rs1.39 at Rs32.48 but without any transaction, all others came in for stray support and suffered fall under the lead of Adamjee Insurance, which fell by Rs2.10 followed by Arif Habib Securities, off by Rs1.09.

DEFAULTER COMPANIES: Most of the companies listed on this counter came in for stray selling and fell fractionally lower under the lead of Zeal-Pak Cement, easy by one paisa at Rs0.38 on 1.739m shares followed by Japan Power, lower by 12 paisa at Rs1.56 on 0.136m shares and Unity Modaraba, easy by one paisa at Rs0.20 on 83,000 shares.

National Asset Leasing followed them, lower eight paisa at Rs0.23 on 43,500 shares, Libaas Textiles, easy by 45 paisa at Rs0.07 on 36,000 shares and Nazir Cotton, off 0.08 paisa at Rs0.22 on 19,000 shares.