KARACHI, Aug 27: The share market on Wednesday ran into deeper recession on panic-selling spurred by reports of margin calls on some of the leading brokers who reportedly failed to meet their clearing obligations owing to sustained downward drift for the last couple of weeks. News from the political front were also not that encouraging.

The KSE 100-share index was off 285.86 points or 3.03 per cent at 9,144 after having briefly breached the barrier of 9,000 at 8,999.41. Its junior partner was down by 391.92 points at or 3.72 per cent at 10,144.20.

Some of the leading shares including MCB Bank, National Bank, OGDC, Pakistan Oilfields, Engro Chemical, Arif Habib Securities and some others had been under lower-locks for the last couple of weeks and were considered at one of their weakest spots. However, they are still blue chips, analyst Hasnain Asghar Ali said.

“During the last two months, share values had declined apparently beyond immediate recovery,” said Tabish Hasan. “Those who had taken long leveraged positions hoping a run-up and quick capital gains are now virtually trapped,” he added.

But some others feel there is nothing to worry as the trapped ones have the guts and the funds to go through the leveraged riddle but there is no hope of recovery even at the current attractive levels on most of the counters despite higher dividend and bonus shares coming on the board each day.

Terribly weak rupee against the dollar, falling reserves and diminishing hopes of economic recovery has taken steam out of the stock market at least for the near-term.

“All the psychological depressants seem to have joined hand to surface in unison under the lead of political maneuvering ahead of presidential election,” analyst Ahsan Mehanti feels, adding “all the exit routes are blocked at least for the near-term”.

Minus signs again dominated the list under the lead of Siemens Pakistan and JS & Co, off by Rs63.65 and 17.49 respectively. Other prominent losers included Adamjee Insurance, EFU General, National refinery, PSO, Attock Petroleum, Al-Ghazi Tractors, Dawood Hercules, MCB Bank and Shell Pakistan, off by Rs9.17 to Rs17.25.

But on the other hand Colgate Pakistan and KSB Pumps managed to finish with gains ranging from Rs18.25 to Rs10.99.

Trading volume showed a modest increase at 95m shares from the previous 88m shares but losers maintained a strong lead over the gainers at 201 to 66, with 13 shares holding on to the last levels.

Zeal Pak Cement led the list of actives, lower by three paisa at Rs1.16 on 13m shares followed by OGDC, off Rs5.15 at Rs97.93 on 9m shares, NIB Bank, easy by five paisa at Rs8.45 on 8m shares, Arif Habib Bank, lower by 63 paisa at Rs12.05 on 6m shares, Pakistan Petroleum, up Rs2.30 at Rs209.70 on 5m shares, Boiscor Pakistan, steady by one paisa at Rs8.70 on 3m shares and Lucky Cement, off Rs3.03 at Rs57.77 on 2m shares.

Other actives were led by Nishat Mills, lower by Rs2.18 at Rs46.71 on 2m shares, Pakistan Cement, steady by 10 paisa at Rs4.90 also on 2m shares, and JB Bank, lower by 68 paisa at Rs10 on 2m shares.

FORWARD COUNTER: Azgard Nine led the list of actives on this counter, lower by off Rs1.62 at Rs30.79 on 4m shares, its August settlement fell by Rs1.61 at Rs30.66 on 2m shares, followed by NIB Bank, lower by 13 paisa at Rs8.40 on 3m shares.