KARACHI, July 19: The KSE 100-share index on Thursday took another massive plunge as bear onslaught continued in the form of panic-selling followed by reports of fresh bomb blasts, pushing the KSE 100-share index lower by 466.47 points or 3.41 per cent at 13,193.37.
It has shed 860.57 points or 6.21 per cent during the last two sessions eroding Rs260 billion from the market capital at Rs3,866 billion. Analysts said there was a possibility of fresh price erosions amid deteriorating law and order conditions in the backdrop of successive suicide attacks.
Its junior partner on the other hand lost 1,081 points or 7.09 per cent at 15,768.42 during the last two sessions.
Active selling and sharp fall in leading base shares, notably OGDC, PTCL, National Bank, MCB, Bank of Punjab, Bank Alfalah contributed to steep decline in the index. National Bank for instance fell by Rs13 and so did MCB.
“I think the index level of 12,000 points could well prove a strong resistance level in the developing situation,” said a leading analyst, but hastened to add “much will depend on the law order situation”.
What seems to have spread panic among the genuine and small investors was market talk of heavy unloading by some of the leading brokerage houses and financial institutions, he added.
“After a massive rise to an all-time high just a couple of sessions earlier, the market appears to be in a virtual turmoil,” said analyst Faisal A. Abbas, adding “only sanity on the law and order front could restore past glory to it”.
Ashraf Zakaria said bulls could hit back within no time on the strength of positive corporate news after corrective steps are taken by the government to ease the prevailing tense situation.
But in the traded session there were more sellers than buyers and even speculative traders were conspicuous by their absence as an attractive bait of falling prices could not lure them back.
Unilever Pakistan and Wyeth Pakistan managed to finish with gains of Rs50 and Rs96.50 but others rose fractionally.
Leading losers were led by JS & Co and Attock Petroleum fell by Rs32.45 and Rs25.55 respectively followed by PSO, Shell Pakistan, MCB, National Bank, Adamjee Insurance, Pak-Suzuki Motors, Dawood Hercules, Engro Chemicals, Lakson Tobacco and several others fell by Rs15 to Rs20.
Trading volume shrank to 322m shares from the previous 462m shares as losers held a strong lead over the gainers at 344 to 34, with 16 shares holding on to the last levels.Fauji Fertiliser Bin Qaim topped the list of actives, lower by 90 paisa at Rs44.90 on 22m shares followed by Pak PTA, steady by 15 paisa at Rs6.65 on 19m shares, OGDC, off Rs2.40 at Rs117.55 on 18m shares, Fauji Cement, easy 90 paisa at Rs19.90 also on 18m shares, PTCL, off Rs2.80 at Rs56.50 on 16m shares, Bank Alfalah, lower Rs2.65 at Rs52.30 on 11m shares and National Bank, off Rs12.65 at Rs240.35 also on 11m shares.
Other actives included Arif Habib Securities, off Rs7 on 13m shares, Bank of Punjab, lower Rs2.90 at Rs94.75 on 12m shares and Dewan Salman, off 80 paisa at Rs11.60 on 11m shares.
FORWARD COUNTER: Fauji Fertiliser Bin Qasim led the list of actives, off 85 paisa at Rs44.50 on 10m shares, followed by OGDC, lower by Rs2.30 at Rs118.20 on 8m shares and Bank of Punjab, lower by Rs4.95 at Rs94.75 on 8m shares.
MCB followed them, sharply lower by Rs15.90 at Rs302.60 on 7m shares and Bank Alfalah, lower by Rs2.75 at Rs52.50 on 6m shares.
DEFAULTER COS: Nimir Chemical came in for active selling at the higher levels and fell by 30 paisa at Rs4.10 on 1.901m shares followed by Japan Power, easy by five paisa at Rs8.35 on 1.552m shares and Zeal Pak Cement, unchanged at Rs5.90 on 589m shares.
Norrie Textiles was also actively traded, lower by 10 paisa at Rs5.90 on 344m shares and Crescent Standard Modaraba, lower by five paisa at Rs1.95 on 0.251m shares.