KARACHI, Feb 27: Stocks on Monday crashed from the recent peak levels on panic-selling by all and sundry under the lead of foreign investors but there was no matching buying as blue chips fell like the house of cards.

The KSE 100-share index finished the session with a sharp fall of 355.04 points or 3.07 per cent at 11,191.75 followed by heavy selling in the market trend-setters under the lead of OGDC, PSO, Pakistan Oilfields, MCB, PSO and PTCL. All these shares hold about 60 per cent weightage in the index.

However, it was not the largest single session decline, as it had declined by 401.50 and 403.31 points on March 21 and 22 last year on heavy selling in OGDC and some other shares. How it behaves tomorrow is anybody’s guess although opinions are divided.

The traded value also fell sharply lower by Rs98 billion at Rs3,189.402 billion as heavily-capitalised shares were the main target of bears.

All the leading shares finished around their lower ceiling rates as active selling by some of the leading foreign investors was followed by the local punters and weakholders.

But National Bank was the lone survival of the bear onslaught, which maintained its upward drive and ended further higher on anticipatory buying as its dividend is due.

The reaction was long overdue as the market was in a highly overbought position but the upturn was sustained on the strength of higher payouts. But as the some of the leading companies have already announced their payouts for the year ended Dec 31, 2005 under the lead of bank and some other leading companies including oil giants, investors decided to take profit followed by a great plunge.

The index, however, opened with a gain of 50 points but mid-session selling in leading base shares, followed by panic-selling by others created a scare in the market as everyone turned seller, brokers said.

“The market could shed another 100 points before rebounding to its current highs”, some analysts predict but some others said the end of the payout seasons could push price further lower in the coming sessions.

Leading gainers were led by Dawood Hercules and Rafhan Maize, up by Rs18.76 and Rs20, followed by Engro Chemical, National Bank, Pakistan International Containers, Noon Pakistan and some others, up by Rs4 to Rs7.

Minus signs dominated the list under the lead of Siemens Pakistan and Wyeth Pakistan, off Rs65.90 and Rs100. Other prominent losers included Arif Habib Securities, Artistic Denim, Pakistan Refinery, Attock petroleum, PSO, Shell Pakistan, Pakistan Petroleum, Shezan International and Pakistan Oilfields, which suffered fall ranging from Rs10.00 to Rs31.20.

Trading volume fell to 374m shares from the previous 443m shares as losers forced a strong lead over the gainers at 321 to 61, with 27 shares holding on to the last levels.

National Bank topped the list of actives, higher by Rs6.90 at Rs314.50 on 48m shares followed by D.G.Khan Cement, lower by Re1 at Rs142.50, OGDC, Rs7.40 at Rs143.10 on 34m shares, Bank of Punjab, off Rs10.30 at Rs109.90 on 24m shares, MCB, lower Rs3.50 at Rs250 on 20m shares and PTCL, easy Rs2.10 at Rs63.80 on 13m shares.

Other actives were led by Fauji Fertilizer Bin Qasim, easy by Rs1.45 on 20m shares, Sui Southern Gas, lower by Re1 also on 20m shares, Nishat Mills, up by Rs1.05 on 12m shares and Lucky Cement, lower by Rs1.25 on 10m shares.

FORWARD COUNTER: National Bank also performed well on the cleared list, higher by Rs3.40 at Rs320.40 on 21m shares, D.G. Khan Cement, lower 75 paisa at Rs146 on 10m shares and MCB, off Rs3.35 at Rs256 on 6m shares.