KARACHI: The ongoing political uncertainty continued to dent investors’ confidence into new trading week at Pakistan Stock Exchange market, which led to across the board fall of share prices on Monday. The benchmark KSE 100 index fell by substantial 439.40 points to close below 41,000 at 40,852.03 points. The dismal current account data for July-September 2016, opposition’s sit-in call in the capital next week, subdued auto sales data for September 2016 and foreign outflows at PSX played a catalyst role in the bearish close, according to senior analyst, Ahsan Mehnti. The benchmark KSE100 index opened gap down and continued to skid lower as day progressed with index names mainly denting on no serious institutional participation; only $57 million worth of shares exchanged hands on benchmark KSE100 index, down 41 percent against last week’s average. “Subdued activity was also witnessed in second and third tier names as retail investors traded cautiously amid political uncertainty and start of futures roll-over week. The earnings excitement kept Pakistan State Oil in limelight as it closed with trimmed losses after the company announced stellar earnings that beat consensus, while Fauji Fertilizer Bin Qasim closed lower after posting sub-par quarterly result”, said Ali Raza, equity analyst at Elixir Securities. Recently-listed Hi-Tech Lubricants attracted participants’ interest after the company announced much-awaited news of successfully securing the “Oil Marketing Company” license from regulator. Sharp decline was also observed in the volume from 529 million shares traded on Friday to 277 million shares while value dropped to Rs 9 billion from Rs 16 billion. Bank of Punjab regained its previous position as top volume leader with 35 million shares followed by K-electric, 21 million, PIAC, 11 million, Dost Steel, 11 million, Dewan Motors, 11 million and TRG Pakistan nine million. On Monday shares of 440 companies were traded at the bourse out of which the value of 71 companies’ shares registered increase while those of 348 registered decline. Result Announcement: Pakistan State Oil announced 1QFY17 earnings of Rs 4.3 billion (EPS Rs16.1) as compared to earnings of Rs 3.2 billion, EPS Rs11.97, in the same period last year. The results were in line with market expectations. PSO’s net sales were up 4 percent YoY to Rs 194 billion in 1QFY17 led by strong volumetric growth in its oil sales. Total oil sales of the company increased by 18 percent YoY to 3.7 million tons in 1QFY17. Major growth was witnessed in Furnace Oil sales that went up by 32 percent YoY to 2 million tons. This strong growth in sales volume negated any negative impact arising due to lower oil prices and supported sales of the company during 1QFY17. Oil prices were down 14 percent YoY in the quarter under discussion. Pak Elektron also announced 3Q2016 consolidated earnings of Rs 741million (EPS Rs1.5), an increase of 39 percent YoY. This was lower than expectations. Sales grew 13 percent YoY in the outgoing quarter to Rs 5.7 billion. ‘Sales Tax & Discount’ increased 69 percent YoY to Rs1.5 billion in 3Q2016. The gross profit rose 20 percent YoY to Rs 1.7 billion in 3Q2016, resulting in gross margins of 30.7 percent, which improved by 1.8ppts. The gross margins remained above last 5 year (2011-2015) average of 23 percent. “We attribute this to higher sales from ‘Appliances’ division, which has enjoyed better margins than ‘Power’ division”, said analysts at the Topline Securities. The equity players expect that the market will remain volatile in near-term as politics remains a dampener with Imran Khan led PTI raring to show its street power in federal capital on November 2.