KARACHI, July 18: The KSE 100-share index on Wednesday plunged by 394.10 points or 2.80 per cent at 13,669.84 points eroding Rs119bn from the market capital at Rs4,029bn on panic-selling originating from some big ones triggered by reports of fresh attacks on security forces.

However, it was not the largest single session fall. It had declined by 547.93 point or 5.88 per cent on June 14, 2006 on rumours of default of a KSE member, 491.02 point or 4.43 per cent on March 8, 2006 and 468.20 points or 4.10 per cent on March 6, 2005 on President Bush’s visit to Pakistan.

The free float 30-share index also fell sharply by 3.16 per cent or 535.19 points at 16,414.32 as leading industrial shares dropped across the board on panic-selling.

“Investors have been holding on to their positions after the Lal Masjid operation on the hopes that the market may absorb the shock as was reflected by Tuesday’s rebound,” said analyst Faisal A. Abbas, adding “but the series of attacks on the security forces have unnerved them”.

If the law and order situation further deteriorates, some of the valiant bulls may also give in and could join the bandwagon led by the bears, the analyst warned.

The selling was broad-based and covered the entire list, with overvalued shares being in the hit list, most of which fell like the house of cards.

“The talk of imposing emergency accelerated the pace of selling as some of the foreign investors joined the race of sellers,” observed analyst Ashraf Zakaria, adding “in the deteriorating law and order situation investors prefer to shed extra load”.

However, all was not bad with the broader market as some of the leading shares whose floating stock on the open market short did rise under the lead of Fazal Textiles and JS Global, up by Rs13.35 and Rs15.

Other notable gainers included Honda Atlas, Netsol Technology, Sapphire Textiles, Sapphire Fibre, AKD Capital, Bata Pakistan and Pakistan Services, up by Rs4 to Rs10.50.

Unilever Pakistan and Wyeth Pakistan fell by Rs80 and Rs100 followed by Javed Omer, MCB, Adamjee Insurance, EFU General, New Jubilee, Pakistan Resource Co, PSO, Shell Pakistan and Thal Jute, off by Rs11 to Rs16.65.

Mari Gas, Millat Tractors, Clariant Pakistan, Packages, Dawood Hercules, Engro Chemical, Sanofi-Aventis and Pak-Suzuki Motors and Attock Petroleum followed them and suffered fall ranging from Rs10 to Rs19.80.

Trading volume soared to 462m shares owing to hasty selling from all and sundry as compared to 335m shares a day earlier as losers held a strong lead over the gainers at 310 to 89, with 23 shares holding on to the last levels.

PTCL did not toe the market’s general line of action and topped the list of most actives, up by 80 paisa at Rs59.30 on 33m shares followed by WorldCall Telecom, firm by 75 paisa at Rs20.65 on 27m shares and Fauji Cement, unchanged at Rs20.80 on 25m shares.

Pak PTA, easy by five paisa at Rs6.50 also 25m shares, Arif Habib Securities, sharply lower by Rs7.40 at Rs140.90 on 24m shares, Dewan Salman, lower by 65 paisa at Rs12.40 also 24m shares, OGDC, off Rs3.80 at Rs119.95 on 18m shares.

Other actives were led by Fauji Fertiliser Bin Qasim, off Rs1.60 on 23m shares, Bosicor Pakistan, lower by Re1 on 15m shares and Nishat Mills, off Rs2.20 also on 15m shares.

FORWARD COUNTER: Fauji Fertiliser Bin Qasim led the list of actives on this counter, off Rs1.95 at Rs45.35 on 10m shares, followed by Dewan Salman, lower by 70 paisa at Rs12.45 on 7m shares and PTCL, easy by 30 paisa at Rs58.60 on 6m shares.