KARACHI, Jan 3: The share market opened the New Year account on a subdued note as parting of ways by one of the major government coalition partners heated the political turmoil triggering hasty selling by all and sundry on Monday.

Much of the selling was confined to National Bank, Nishat Mills, United Bank, Pakistan Oilfields, OGDC, Pakistan Petroleum and some others, which together account for over 60 per cent of the total weightage in the benchmark index.

“The sharp reaction appears to be psychological rather than real,” said analyst Ashan Mehanti. “As far as the basic market fundamentals, notably talk of early introduction of leverage product for the ready section, are concerned they are not so weak,” he added.

“I may be wrong but the market has the potential to rise from the current low even tomorrow as much of the dust raised on the political front may settle down as did it rise,” he presumes.

“The investor choice is widely open during the major jolts,” he said.

“The investors may not go by their whims but would opt for the best despite the presence of bearish undercurrents from the political front,” he remarked.

But another leading analyst thinks the change of the government may not be a major problem for investors but the important thing for them who would put the economy back on the track.

Minus signs dominated the list on early panic-selling under the lead of Siemens Pakistan and Unilever Pakistan, off by Rs50.97 and Rs44.96 followed by Shell Pakistan, Dawood Hercules, Rafhan Maize, Bata Pakistan, Indus Dyeing and Service Industries, off Rs6.13 to Rs16.30.

Prominent gainers were led by Nestle Pakistan and Colgate Pakistan, up Rs46.14 and Rs11.57. Other major gainers were Fazal Textiles, Sapphire Textiles and Lakson Tobacco, up by Rs4 to Rs5.54.

Turnover figure showed a sharp contraction at 91.185m shares from 144m shares as losers held a strong lead over the gainers at 291 to 70, with 18 shares holding on to the last levels.

The active list was topped by Lotte Pakistan, lower 27 paisa at Rs13.43 on 12m shares followed by National Bank, off Rs1.74 at Rs74.08 on 7m shares, KESC steady by 15 paisa at Rs2.96 on 6m shares, Dewan Salman, easy by 10 paisa at Rs2.89 on 4m shares, Fauji Fertiliser Bin Qasim, lower 65 paisa at Rs35.08 also on 4m shares, D.G. Khan Cement, off Rs1.12 on 3m shares and Nishat Mills, off Rs1.12 at Rs62.41 also on 3m shares.

Others were led by JS & Co, lower by 48 paisa at Rs10.42 on 3m shares, Azgard Nine, easy 32 paisa at Rs9.34 also on 3m shares and United Bank, off Rs2.64 at Rs65.59 on 2m shares.

FUTURE CONTRACTS: National Bank came in for active selling and was marked down by off Rs2.90 at Rs74.48 on 1.184m shares followed by Pakistan Oilfields, lower by Rs1.30 at Rs296.01 on 1.046m shares and Nishat Mills, off Rs1.74 at Rs62.81 on 0.582m shares.

Azgard Nine followed them, easy by 34 paisa at Rs9.45 on 0.361m shares and D.G. Khan Cement, off Rs1.11 at Rs29.27 on 0.348m shares.

DEFAULTER COMPANIES: The activity on this counter was also on the lower side in sympathy with the ready counter. Japan Power, led the list of actives, lower by six paisa at Rs1.63 on 0.324m shares followed by Invest Bank, easy by eight paisa at Rs0.70 on 0.158m shares and Dewan Auto, lower by 11 paisa at Rs1.20 on 25,943 shares.

Others were also fractionally traded lower barring Crescent Jute which rose by 10 paisa at Rs0.88 on six shares.