KARACHI, Nov 6: Stocks on Monday failed to extend weekend run-up on panic-selling in leading bank and oil shares followed by some rethinking on putting off the new risk management rules for a month and rumours that the probe report on March 2005 market crash includes some big names.

After opening higher on early follow-up support, the KSE 100-share index later crashed by 234.31 points at 11,012.40 or 2.08 per cent from the weekend highs as leading base shares, notably OGDC, National Bank, MCB and Pakistan Petroleum finished close to their lower locks.

The total market capital was marked down by Rs60.739 billion at Rs3,036.671 billion as heavily-capitalised shares fell sharply lower. The KSE 30-share index also fell by 293.26 points at 13,544.40 as compared to previous 13,837.66 points, reflecting the weakness of leading base shares.

National Bank received massive battering on rumours that its management may fix lower selling price for its Al-Jazira stock holding.

“The capital market reform rules are not rolled back they are there very much,” SECP high-ups say “the Dec 4 deadline will be strictly adhered to and that perception gives a breathing space to the big ones to bail themselves out after liquidating long positions”.

The one month’s relief provided the big ones a timely exit who took it a God-sent bail out opportunity and indulged in massive selling on those counters where they are reportedly trapped, says a leading stock analyst.

“But on the other hand their smaller links appear to be happy on the perception that raise in CFS to Rs55 billion could lead to a more liquid money market adding to their manoeuvring capacity,” analyst Ahsan Mehanti said.

Faisal A. Rajabali, a leading stock analyst, said that the probe report on the March 2005 market crash was expected to be presented to National Assembly committee shortly also triggered a lot of selling by the long parties.

“Fears that the report may have names of some leading brokers also worked against the sentiment and triggered selling by those who may be involved in price manipulation,” he added.

Minus signs dominated the list under the lead of National Bank and Wyeth Pakistan, off Rs13.85 and Rs29, followed by Pakistan Refinery, Pakistan Petroleum, Atlas Honda, National Foods, IGI Insurance, United Bank, Artistic Denim, Sapphire Textiles, PSO, OGDC and MCB, which suffered fall ranging from Rs4 to Rs10.85.

While EFU General and Pakistan Cables managed to post fresh gains of Rs6.65 and Rs9 respectively. Other prominent gainers included Arif Habib Securities, Jahangir Siddiqui & Co, Atlas Insurance, National Refinery and Pak-Suzuki Motors, up by Rs3 to Rs5.50.

Trading volume fell to 176m shares from the previous 287m shares as losers held a strong lead over the gainers at 212 to 107, with 31 shares holding on to the last levels.

Bank Alfalah topped the list of most actives, easy by 40 paisa at Rs52.10 on 20m shares followed by National Bank, sharply lower by Rs13.85 at Rs274.15 on 19m shares and Bank of Punjab, lower by Rs1.70 at Rs102.55 on 17m shares.

OGDC, off Rs4.25 at Rs137.50 on 14m shares, Pakistan Petroleum, lower by Rs6.55 at Rs249.90 on 8m shares, Pakistan Oilfields, off Rs1.40 at Rs351 also on 8m shares, PTCL, easy Rs1.35 at Rs43.50 on 6m shares and MCB, off Rs10.85 at Rs270 also on 6m shares.

Lucky Cement followed them, off Rs3.55 on 5m shares and Faysal Bank, lower by Rs1.15 also on 5m shares. Others fell fractionally on light turnover.

FORWARD COUNTER: National Bank led the list of losers on this counter and fell by Rs15 at Rs275.75 on 14m shares followed by OGDC, lower by Rs4.35 at Rs138.65 on 8m shares and Bank Alfalah, easy 62 paisa at Rs52.30 on 6m shares.