KARACHI, Oct 21: The KSE 100-share index on Friday plunged by another 268.19 points or 3.13 per cent paving the way for three consecutive lower barriers for the second session in a row as investors indulged in panic-selling but there was no willing buyer even at the dips.

About a dozen leading shares, having over 50 per cent weightage in the index, again came in for massive selling and passed through lower locks applied to forestall further decline in their share values.

It finished with a fresh massive fall of 268.19 points or 3.13 per cent at 8,289.81 as compared to 8,558 a day earlier, eroding Rs73 billion from the market capital at Rs2,370 billion. During the last two sessions the index had lost around 600 points or 6.75 per cent.

The overvalued shares in the bank and oil sectors again faced lower locks in most of the cases after prices again tumbled from the recent all-time highs, PTCL, OGDC, MCB, Pakistan Petroleum Pakistan Oilfields being in the forefront of them, falling sharply lower.

But some brokers said the talk of cut in custom duty to five per cent from the existing 10 per cent on diesel triggered heavy selling in the oil sector, which dragged down the entire market to a new plunge along with them.

“Many may not agree big operators seem to be operating under an unwritten agreement to let the index fluctuate between 7,000 on the lower side and 9,000 on the higher”, one leading analyst said.

And this is a good omen for the general investors as well as bargain-hunters to plan for the good and the worst according to their own whims, he said, adding “the pre-determined and stipulated levels could save many investors in case of the market crash”.

There could be many a technical breathers in between including a breathing space for the investors to have an overview of the developing situation and act accordingly.

“The situation on the forward counter is not that ideal owing to overstretching of positions apparently beyond capped funding limits but the March like crash may not be around”, leading brokers said.

There were not many buyers but sellers all around, sending share values tumbling down across a broad front amid a loud warning to genuine investors to stay away until sanity returns to stock trading.

Siemens Pakistan and Parke-Davis led the list of prominent losers, off Rs17.50 and Rs55 followed by Javed Omer, MCB, National Bank, IGI Insurance, Shell Pakistan, Pakistan Oilfields, Packages, Millat Tractors and PSO, which suffered fall ranging from Rs6.05 to Rs17.45. There were many other prominent losers also.

Gainers included some inactive shares, Artistic Denim and United Sugar, which were quoted higher by Rs6.10 and Rs9.20 respectively. PICIC Bank, New Jubilee, Thal, Fauji Fertilizer, Bata Pakistan, Shezan International, ICI Pakistan, Pakistan Refinery, EFU Life and Artistic Denim stood higher by Rs2 to Rs6.10.

Trading volume fell to 200m shares from the previous 378m shares as losers held a strong lead over the gainers at 203 to 50, with 20 shares holding on to the last levels.

PTCL again came in for active selling along with other pivotals, off Rs1.95 at Rs62.40 on 34m shares followed by MCB, lower Rs6 at Rs136 on 21m shares, OGDC, easy Rs5.70 at Rs108.95 on 18m shares, Lucky Cement, off Rs3.40 at Rs65.30 on 15m shares, National Bank, down Rs7.65 at Rs146.10 on 10m shares, Pakistan Petroleum, off Rs9.95 at Rs189.80 on 9m shares and Pakistan Oilfields, lower Rs10.50 at Rs396 on 7m shares.

Other actives were led by Fauji Cement, easy by 40 paisa on 11m shares, Fauji Fertilizer Bin Qasim, off 75 paisa on 10m shares and Hub-Power, lower by 95 paisa on 8m shares.

FORWARD COUNTER: Speculative issues on the forward counter also suffered heavy losses under the lead of PTCL, which came in for renewed selling and showed a fresh fall of Rs2.10 at Rs62.80 on 16m shares, followed by D.G.Khan Cement, lower Rs4.45 at Rs84.55 on 14m shares and MCB, off Rs7.50 at Rs136.50 on 10m shares.