KARACHI, Aug 23: Stocks on Thursday received another massive battering as investors sold in a bit haste their long positions in the leading base shares ahead of the apex court’s ruling on the Sharif brothers petition amid persisting political uncertainty.

The KSE 100-share index plunged by another 319.08 points or 2.59pc, eroding Rs89bn from the market capital as share values of OGDC, National Bank, MCB and some other pivotals fell like a house of cards in the absence of strong covering purchases from any quarter.

The future direction of the market is expected to be guided by the apex court verdict on the Sharif brothers’ petition seeking return to the country and how investors look at it, said a leading analyst.

“But the prevailing political uncertainty caused by a combination of negative factors including presidential re-election, national elections and future government may not allow the market to follow a stable course warranted by terribly higher payouts and bonus shares,” said Ashraf Zakaria.

He said the market would follow a set course after the political uncertainty ends.

The KSE 100-share index took another massive plunge of 319.08 points or 2.59pc at 12,001.47, jealously guarding the resistance level of 12,000. The free float 30-share index also fell by 408.65 points at 14,383.57 points.

Although the index managed to finish fractionally higher above the barrier of 12,000 points, it looks it may not hold the ground on Friday. In intra-trade it had already breached through this level at 11,920, being the session’s low.

The market crashed as bears targeted some leading base shares notably MCB, National Bank and OGDC and Bank Alfalah, having combined weightage of 50pc, fell sharply lower taking the index along with them, said a leading

broker.

Leading gainers were led by EFU General Insurance and Nestle Pakistan, up by Rs11.40 and Rs40, followed by Gatron Industries, PNCS, Fazal Textiles, Pakistan Engineering and Sanofi-Aventis, up by Rs3 to Rs10.90.

Leading losers were led by PSO and JS & Co, off by Rs17.15 and Rs37 respectively. Indus Motors, Pakistan Petroleum, Attock Petroleum, Pakistan Oilfields, Pakistan Resource Co and IGI Insurance followed them, off by Rs11 to Rs16.70.

National Bank, Adamjee Insurance, Dawood Hercules, Engro Chemical, Attock Refinery and Arif Habib Ltd also suffered sharp pruning.

Trading volume rose to 240m shares from the previous 192m shares but losers again held a strong lead over the gainers at 221 to 84, with 33 shares holding on to the last levels.

OGDC came in for heavy selling from some of the foreigners and was marked down by Rs5.55 at Rs105.45 on 26m shares followed by TRG Pakistan, lower 60 paisa at Rs12.10 on 15m shares, Lucky Cement, easy by Rs1.45 at Rs102.20 on 15m shares, PTCL, unchanged at Rs46.80 on 12m shares, Hub-Power, easy five paisa at Rs31 on 8m shares, National Bank, sharply lower by Rs9.45 at Rs220.05 on 8m shares and Bank Alfalah, off Rs2.30 at Rs43.80 on 8m shares.

They were followed by Arif Habib Securities, off Rs5.50 at Rs120.90 on 8m shares, D.G. Khan Cement, lower Rs4.65 at Rs88.35 also on 8m shares and Bosicor Pakistan, easy Re1 on 7m shares.

FORWARD COUNTER: OGDC also fell sharply by Rs5.45 at Rs105.85 on 15m shares followed by Lucky Cement, lower by Rs1.60 at Rs101.75 on 14m shares and National Bank, off Rs9 at Rs221 on 8m shares.