KARACHI, Nov 20: Stocks on Monday fell across the board on hasty selling triggered by market talk that the forensic probe report on the last year’s market crash would be presented to the standing committee of the National Assembly soon. The KSE 100-share index plunged by 275.21 points or 2.5 per cent at 10,431, eroding Rs51 billion from the market capital.

But some others said the market was under pressure on some technical grounds, including progressive conversion of in-house badla into CFS and allied fears of alternate bouts of buying and selling to clear the positions.

The KSE 100-share index crashed by 275.21 points at 10,430.66 points as compared to 10,705.67 last week, reflecting the weakness of leading base shares, notably OGDC, MCB and Pakistan Oilfields which came in for active selling and finished around the lower locks.

Although the conversion of in-house badla into CFS was claimed to be smooth on last Saturday, some of the investors fear pressure on the market will continue until the logical end.

The perception that there could be more than one leakage about the erring brokers may find its way into the relevant quarters created panic like conditions followed by hasty selling by some of the leading brokers.

Once the probe report is presented, its main contents would be out amid negative loud whispering, which in turn could further destabilise the share market, brokers said.

“Although market fundamentals were mostly positive, negative news followed in quick succession,” says stock analyst Ahsan Menhanti, adding: “Talk of lower OGDC GDR share price and large free float and bonus share episode of a leading company further accentuated the situation.”

But some others said heating of the political scenario amid MMA’s threat to resign from the parliament as a protest against the passage of the women protection bill leading to uncertain corporate outlook also took its toll.

“In the developing scenario and falling volume figures investors will think twice to make fresh commitments even at the falling prices,” analyst Faisal A. Rajabali predicts. He said bad days were ahead for the share business despite positive fundamentals as investors were toeing the line of unfolding political undercurrent rather than following the corporate earning leaks.

Some of the leading shares whose floating stock on the market is not freely available rose by Rs19.95 and Rs50 for Nestle Pakistan and Siemens Pakistan, respectively, followed by Mirpurkhas Sugar, Shell Gas, HinoPak, Millat Tractor and Packages, which posted gains ranging from Rs4.25 to Rs8.20.

Colgate Pakistan and Unilever Pakistan fell by Rs18.50 and Rs20. Other notable losers included National Bank, EFU General, Gatron Industries, Shell Pakistan, EFU Life, Javedan Cement, Pakistan Petroleum, Pakistan and Shezan International, which fell by Rs4.85 to Rs9.90.

Trading volume fell to 117m shares as compared to 231m shares at the last weekend while losers further extended their lead over the gainers at 218 to 103, with 31 shares holding on to the last levels.

Crescent Commercial Bank led the list of active lower Rs1.65 at Rs16.05 on 17m shares, followed by OGDC, off Rs4.85 at Rs125.25 on 11m shares, National Bank, easy by Rs5 at Rs258 on 8m shares, PICIC, lower 90 paisa at Rs71.80 on 7m shares, PTCL, easy 75 paisa at Rs46.30 also on 7m shares, MCB, sharply lower by Rs9.80 at Rs244.20 on 6m shares, and Pakistan Oilfields, off Rs9.95 at Rs337.55 on 4m shares.

Other actives were led by Bank of Punjab, lower by one rupee on 5m share, Crescent Standard Bank, up 75 paisa also on 5m shares and Faysal Bank, lower Rs1.40 on 4m shares.

FORWARD COUNTER: OGDC came in for actives selling amid conflicting reports about the GDR share value, off Rs4.40 at Rs125.60 on 11m shares, followed by PTCL, lower 80 paisa at Rs46.60 on 9m shares, and National Bank, off Rs4.25 at Rs259 on 8m shares.PTCL December settlement was marked down by 65 paisa at Rs46.75, while MCB was down by Rs9.15 at Rs245.85 on 6m shares.