KARACHI, Nov 1: The KSE 100-share index on Thursday took another massive plunge of 390 points or 2.7 per cent on panic-selling triggered by rumours of imposition of martial law or emergency ahead of the Supreme Court ruling on petitions challenging president’s candidature to seek re-election.

Bulk of the selling originated by a section of foreign investors who tried to shed their extra weight on the oil and banking counters but failed to find willing buyers even at the sharply lower levels.

Although the index managed to finish well above the session’s low of 13,823.14 on late institutional buying at 13,929.92, but eroded Rs114 billion from the market capital amid panic as there were more sellers than buyers.

Leading base shares, notably National Bank, OGDC, Pakistan Petroleum, Arif Habib Securities and some others fell like the house of cards taking the others along with them into the minus territory, wiping out the overnight gains.

The Supreme Court was expected to announce its verdict possibly on Friday, but there was a loud whispering in the market that the president may impose martial law or declare emergency if the verdict goes against him, some analysts said.

“I don’t think of martial law or emergency at this stage,” said a leading analyst, adding “but rumour mongers make it look like so ahead of the court ruling and cashed in on the inflated levels”.

But weak-holders and some big ones, notably foreign investors, seemed to have followed Benazir’s statement that she was putting off her Dubai visit amid fears of imposition emergency, some others said.

However, no one could deny the fact that the situation is fraught with high financial risks as political uncertainty has again gripped the market which could cause massive price erosions until some positive developments take place, they said.

Among the prominent gainers, Nestle Pakistan and Wyeth Pakistan rose by Rs70 and Rs95.60 followed by Central Insurance, Pakistan Engineering, BOC Pakistan, Mitchell’s Fruits, Noon Pakistan and some others, which rose by Rs7.40 to Rs11.20.

Bata Pakistan and Siemens Pakistan fell by Rs23.65 and Rs50 in that order. There was a long line of losers behind them, notable among them being Habib Bank, JS & Co, JS Global, Adamjee Insurance, Pakistan Resource Co, Attock Refinery, National and Pakistan Refinery, Attock Petroleum, PSO, Shell Pakistan, Indus Motors, Pak-Suzuki, Packages and Pakistan Services, which suffered fall ranging from Rs10.25 to Rs20.

Trading volume fell to 268m shares as leading players kept to the sidelines and did not make fresh buying at the dips as losers again forced a strong lead over the gainers at 252 to 109, with 29 shares holding on to the last levels.

Nimir Chemical topped the list of actives, up by 35 paisa at Rs6.55 on 24m shares followed by OGDC, off Rs4.50 at Rs123.70 on 23m shares, Arif Habib Securities, lower by Rs8.95 at Rs170.50 on 15m shares, Bank Alfalah, easy by Rs2.25 at Rs53.75 on 10m shares, Pakistan Petroleum, off Rs10.85 at Rs154 also on 10m shares, JOV, lower by Rs8.20 at Rs156.70 on 10m shares and National Bank, off Rs9.50 at Rs239.50 on 7m shares.

Other actives included TRG Pakistan, off Re1 on 14m shares, NIB Bank, off 95 paisa on 9m shares and Netsol off Rs4.40 on 8m shares.

FORWARD COUNTER: MCB led the list of actives on the cleared list, off Rs2.50 at Rs378.10 on 10m shares followed by Pakistan Petroleum, off Rs10.95 at Rs256.05 on 6m shares and OGDC, lower by Rs4.20 at Rs124.75 on also 6m shares.