KARACHI, Nov 29: The KSE 100-share index on Wednesday plunged by 168 points on hasty selling by all and sundry followed by an increase in broker exposure margins to 50 per cent from 30 per cent from Dec 4, eroding Rs44 billion from the market capital at Rs2,944 billion.

But the 30-share index suffered a bigger decline of 230.75 points as leading base shares barring energy scrips fell across-the-board on active selling but no matching buying from any quarter at the dips.

The 100-share index ended the session with a massive 167.59 points loss or 1.56 per cent at 10,594.57 points after having hit the session’s low at 10,566.52 as compared to 10,762.16 a day earlier.

All leading bases shares fell close to their lower locks under the lead of National Bank, Pakistan Oilfields followed by OGDC, Bank of Punjab and PTCL.

The sudden change in the implementation schedule of the new risk management system by the SECP, which will be effective from Dec 4, is apparently not welcomed by the investors and brokers as the new rules will increase the cost of transactions in a market still in search of a direction, analysts said.

The increase in percentage of free-float shares as deposit against exposure margin to two per cent from 0.02 per cent also worked against the underlying sentiment, they said.

But some others said special session held today to convert in-house badla into CFS also took its toll in the form of low volume and a good bit of profit-selling at the inflated levels.

“Negative news are following in quick succession in a terribly volatile market,” brokers said, adding “conflicting reports about the MMA resignation as a protest against the approval of the Women Protection Bill is also considered a depressant leading to political uncertainty”.

EFU General and Rafhan Maize were leading among the gainers, up by Rs11.30 and Rs19 followed by Central Insurance, Callmate Telips, Murree Brewery, National Foods, Dawood Hercules, Shell Gas and Lakson Tobacco, which posted gains ranging from Rs4 to Rs10.

Pak-Suzuki Motors and Wyeth Pakistan, were leading among the gainers, off Rs8.25 and Rs115 respectively. Pakistan Oilfields, Engro Chemical, AKD Securities, Adamjee Insurance, National Bank, Attock Petroleum and Atlas Honda, followed them, off by Rs5.90 to Rs7.65.

Trading volume fell to 143m shares from the previous 149m shares as losers held a strong lead over the gainers at 194 to 118, with 30 shares holding on to the last levels.

OGDC came in for active selling on GDS-related issues and was quoted lower by Rs2.65 at Rs128.15 on 14m shares followed by PICIC, off Rs3 at Rs74.25 on 13m shares, Callmate Telips, up by Rs4.20 on reports of higher dividend at Rs88.20 on 11m shares, National Bank, sharply lower by Rs7 at Rs268.80 on 10m shares, Bank of Punjab, easy by Rs2.95 at Rs104.40 on 7m shares, PTCL, off Rs1.30 at Rs46.80 on 5m shares and Nishat Mills, up by Rs1.10 at Rs86 on 4m shares.

Pakistan Oilfields, followed them, off Rs5.20 on 4m shares, Faysal Bank, lower by Rs2.30 also on 4m shares and NIB Bank, lower 55 paisa on 4m shares.

FORWARD COUNTER: OGDC also attracted selling on this counter, off Rs2.60 at Rs127.90 on 11m shares followed by National Bank, off Rs8.30 at Rs270 on 8m shares and PICIC, lower Rs2.50 at Rs75 on 4m shares.