KARACHI: Shares fell like ninepins on the stock market on Friday with the KSE-100 index down by a staggering 383.03 points to close below the 27,000-level, at 26,765.49.

The investors started out on a shaky ground and as the index receded deeper into the red, the market was caught in high pitch of anxiety. The rumours were doing the rounds of heavy foreign selling, in line with the outflow from regional markets. It sent local institutional and individuals scurrying to take profit.

The major spoiler of the market was the heaviest weighted OGDC stock, which plunged by an incredible Rs11.66 or 4.4pc on a huge volume of 4m shares. The second biggest stock in the index, MCB Bank made matters worse with a fall of Rs7.98. Together they accounted for almost 200 points in the aggregate index decline.

The figures released by the National Clearing Company of Pakistan in the evening confirmed foreign portfolio outflow in the considerable sum of $4.37m on Friday.

Mohammad Sohail, CEO at Topline Securities dispelled fears of foreigners’ flight, arguing that the foreign investors were taking profit at the current high levels, which was a normal thing to do.

Zubair Ghulam Hussain, head of equity sales at Foundation Securities justified the market pull back, pointing out that the month of March is traditionally unfavourable, due to the absence of sentiment boosters.

“The results season is at its close and the investors now sit back waiting for the budget to make fresh move,” he says.

He also said that since 60pc of the sectors on the market, such as textiles, oil and gas, fertilisers, were dollar-linked, the instability of the rupee had created uncertainty.

Brokers and analysts thought it would take some effort to calm the market in early sessions of next week.

Over the week, the KSE-100 index lost 369 points. In a weekly review, analysts at KASB Securities stated that after a three week rally, the market saw correction of 1.3pc in the week ended Friday.