KARACHI, May 7: The KSE 100-share index crashed from the recent all-time high by 432.33 points or 3.43 per cent at 12,079.75 points on massive selling triggered by fears of imposition of emergency as hinted by the prime minister in the backdrop of deepening judicial crisis and reports that the SECP has refused an increase in CFS limit.

It was the current year’s biggest single session plunge so far, which wiped out Rs125.478bn from the market capital at Rs3,517.219bn but not all-time low as it has had already plunged by 468 points in March 2005 crash and 491.02 points or 4.43 per cent on March 8, 2006 on selling fuelled by tax on shares. The KSE 30-share index also fell by 596.74 points at 15,059.65 points, billed as largest single session so far.

But what seems to have accelerated the pace of panic selling was heavy unloading by the foreign investors in the oil and banking sectors on the perception that massive welcome to the Chief Justice of Pakistan during his Saturday’s Lahore visit could lead to political uncertainty.

“It was, however, not a single factor behind the market plunge,” analyst Ahsan Mehanti said adding: “Hint at emergency by the prime minister, market’s overbought position owing to sustained bull-run, limit on free float buying in a scrip by the brokers and absence of support even at the falling prices.”

But some others said it appears to be brokers’ maneuvering or a silent protest to SECP refusal to accept their demand for the increase in the existing CFS ceiling of Rs55 billion to Rs65 or 70 billion to meet the growing market demand for more funds.

All the leading base shares fell in unison under the lead of OGDC, MCB, National Bank, Pakistan Petroleum, D.G.Khan Cement, and Bank of Punjab.

Losers held a strong lead over the gainers under the lead of Pakistan Oilfields and Fateh Textiles, off Rs16.10 and 17 followed by MCB, National Bank, Arif Habib Securities, United Sugar, Pakistan Refinery, National Refinery, Attock Petroleum, PSO, Engro Chemical, Dawood Hercules, Pak-Suzuki Motors, HinoPak, Colgate Pakistan, Pakistan Petroleum and Pakistan Oilfields, which suffered sharp fall ranging from Rs7 to 16.10.

But on the other hand Fazal Textiles and Al-Ghazi Tractors rose by Rs8.25 and 10.40 followed by Suraj Cotton, PNSC, Clover Pakistan, Treet Corporation, Lakson Tobacco, Mirpurkhas Sugar, Baiafo Pakistan, and Dreamworld, off by Rs2 to 6.55.

Trading volume fell to 255m shares from the previous 343m shares as losers forced a strong lead over the gainers at 272 to 62,with 20 shares holding on to the last levels.

OGDC topped the list of actives, sharply lower by Rs5.30 at Rs199 on 31m shares, Fauji Fertiliser Bin Qasim, Rs1.80 at Rs34.45 on 18m shares, D.G. Khan Cement, off Rs5.15 at Rs97.90 on 17m shares, Pakistan Petroleum, off Rs12.95 at Rs256 on 11m shares, Bank of Punjab, lower by Rs5.35 at Rs101.90 on 9m shares and National Bank, lower by Rs12.50 at Rs238.40 on 8m shares.

Other actives were led by Lucky Cement, off Rs5.30 on 12m shares, Askari Bank, lower by Rs4.65 on 9m shares, Fauji Cement, lower one rupee also on 9m shares, and Bank ALFalah, off Rs2.90 at Rs55.75 on 8m shares.

Forward Counter: Lucky Cement topped the list of actives on the cleared list, off Rs5.35 at Rs101.80 on 9m shares, followed by OGDC, lower by Rs5.40 at Rs119.40 on 8m shares and MCB, off Rs9.90 at Rs296.10 on 5m shares.

D.G. Khan Cement followed them, lower by 5.15 at Rs98 on 5m shares and National Bank, off Rs12.55 at Rs239.10 on 5m shares. Others also fell but on low volumes.

DEFAULTER COUNTER: Nimir Chemicals led the list of actives on this counter, lower by 40 paisa at Rs3.20 on 0.868m shares followed by Zeal-Pak Cement easy by 25 paisa at Rs4.95 on 0.388m shares and Norrie Textiles, easy five paisa at Rs2.75 on 0.159m shares. Asset Investment Bank was quoted lower by 10 paisa at Rs3.55 on 0.123m shares.