KARACHI: The KSE 100-share index on Monday breached through the judiciously guarded psychological barrier of 9,000 on near panic-selling by all and sundry under the lead of foreign investors triggered by security concerns and perception of political instability owing to opposing opinions on the passage of NRO in the parliament.

The opening was not that bad as the benchmark index managed to put on a modest gain on early support but as the news of blast in Rawalpindi reached the market there was a near-panic followed by complete rout of the bulls as prices fell like house of cards.

The KSE 100-share index plunged by 286.78 points or 3.13 per cent at 8,872.40, slightly above the session’s low of 8,835.19, eroding Rs81 billion from the market capital at Rs3,575 billion. Its junior partner the KSE 30-share index was off 346.92 points or 3.59 per cent at 9,315.95.

News from the war on terror front notably from Waziristan was fairly encouraging but they were overshadowed by Rawalpindi bomb blast which took a heavy toll of human lives, some brokers said.

The market decline was led by the leading oil and auto shares in which foreign investors had a bigger stake creating panic among the locals and the rout manifested itself in a bigger way, analyst Ahsan Mehanti observed.

‘Many may not be worried over the snap exit of the foreigners as they are anticipating their return after sanity returns on the law and order front pushing the market to its pre-reaction level within no time,’ he said.

But Hasnain Asghar Ali thinks this time the damage caused by the exit of foreign investors appears to be bigger and may take quite some time as there is a possibility of renewed selling.

‘A long list of omission of dividends by some leading textile shares and blue chips on the other counters also took their toll despite rumours of higher payouts by some of them,’ analysts Faisal A. Rajabali Ali said and added that some of the investors had built-up fairly long positions anticipating higher capital gains.

Minus signs dominated the list under the lead of Siemens Pakistan, Wyeth Pakistan, Attock Petroleum, Shell Pakistan, PSO, Al-Ghazi Tractors, Hino Pak and Millat Tractors, suffered fall ranging from Rs11.06 to Rs29.48.

They were followed by a long list of casualties including Pakistan Oilfields, ICI Pakistan, Indus Motors, Exide Battery, EFU Life, Pakistan Petroleum, Engro Chemical, Sanfi-Aventis, Sheazn International and Colgate Pakistan, off by Rs7 to Rs18.25.

Most of the gainers on the other hand were fractional barring IGI Insurance, Thal Industries, PECO, Service Industries and Unilever Foods, which posted gains ranging from Rs3.17 to Rs58.42.

Trading volume shrank to 152m shares from the previous 179m shares as losers forced a strong lead over the gainers at 298 to 88, with 17 shares holding onto the last level.

JS & Co topped the list of actives, off Rs1.75 at Rs33.35 on 16m shares followed by TRG Pakistan, easy by 47 paisa at Rs2.15 on 13m shares and Pak PTA, lower by 47 paisa at Rs6.63 on 10m shares.

Bank Alfalah, off 72 paisa at Rs12.81 on 9m shares, Pakistan Premier Fund, easy by 18 paisa at Rs6.32 on 7m shares, Arif Habib Securities, lower by Rs2.58 at Rs40.04 on 6m shares and PTCL, off 90 paisa at Rs17.95 on 5m shares.

National Bank followed them, off Rs2.90 at Rs79.38 on 5m shares, OGDC, lower Rs2.39 at Rs101.22 also on 5m shares and Bosicor Pakistan, easy by 37 paisa at Rs8.39 on 4m shares.

FUTURE CONTRACTS:

OGDC led the list of actives on renewed selling, off Rs2.20 at Rs101.59 on 0.737m shares followed by D.G. Khan Cement, lower by Rs1.43 at Rs27.73 on 0.199m shares and National Bank, off Rs2.82 at Rs79.50 on 0.195m shares.

Adamjee Insurance followed them, off Rs6 at Rs119.55 on 0.183m shares and Lucky Cement, lower by Rs3.08 at Rs62.99 on 0.141m shares.

DEFAULTER COMPANIES:

S.S. Oil came in for active support and rose 75 paisa at Rs4.50 on 0.158m shares followed by Japan Power, lower 19 paisa at Rs167 on 0.108m shares and Service Textiles, easy by 10 paisa at rS0.50 on 59,000 shares.