KARACHI, March 10: The KSE 100-share index on Wednesday fell below the barrier of 4,900 points followed by renewed profit-selling on the blue chip counters triggered by fears of law and order situation ahead of sit-in by the protesters before the Sindh assembly and the absence of institutional traders.
It finished with an extended fall of 26.36 points at 4,883.63 after hitting the day's peak of 4,919.58 on late selling in some of the leading index shares including PTCL.
Cricket euphoria ahead of the arrival of the Indian team was also visible in the corridors of the KSE as those linked to the punters were conspicuous by their absence.
However, all was not bad with the broader market as a number of blue chips and those stocks whose dividend announcements are due during the next couple of sessions performed credibly well under the lead of pivotals such as Millat Tractors, Atlas Battery, National Foods and Tri-Pack Films. Some of the second-liners also came in for modest support at the lower levels.
The selling was also attributed partly to the absence of leading punters and speculators who are reported to be busy in lining up prospective investors for betting on the winning team match-by-match in the current Indo-Pakistan cricket series.
Although the first one-day match in Karachi between the two teams is still two days away (March 13), falling volumes and terribly low buying interest reflect that heavy cash amounts are being drained out from the bourse by the mafia for betting.
According to market sources betting stakes in the entire series could touch the high mark of $15 billion but who will be the winner is too early to predict at this stage as both the teams appear to be in a good form.
Analysts said it is pretty difficult to predict about the future direction of the market as both national and sentimental issues attached to the cricket matches could mean anything to the bourse. There could be flutters as well massive battering depending on the course of events on the cricket grounds after the series starts from Saturday, they said.
Although minus signs dominated the list some of the leading shares managed to finish with good gains, notable among them being IGI Insurance, Thal Ltd, Sitara Chemical, PICIC, Tri-Pack Films, National Foods, Atlas Battery and Millat Tractors, which posted gains ranging from Rs2 to 8.
Prominent losers were led by Dawood Hercules, which fell by Rs10.80 on the announcement of below market expectation final dividend of 20 per cent (with 80 per cent interim already paid), followed by Clariant Pakistan, Al-Ghazi Tractors, Shell Pakistan, Central Insurance, Pakistan Refinery and Aventis, off Rs3 to 6.
During the last three sessions, the trading volume has shrank to 192m shares from the previous well over 300m shares, reflecting the absence of leading buyers. Losers forced a strong lead over the gainers at 223 to 171, with 471 shares holding on to the last levels.
The most active list was topped by OGDC, steady five paisa at Rs52.55 on 27m shares followed by Saadi Cement, unchanged at Rs8.10 on 19m shares, PTCL, off 45 paisa at Rs39.30 on 15m shares, D.G.Khan Cement, lower 45 paisa at Rs47.45 on 14m shares and Sui Northern Gas, up by five paisa at Rs57.25 on 10m shares.
Other actives were led by Dewan Motors, up by 40 paisa on 8m shares, ICP SEMF, lower 50 paisa also on 8m shares, National Bank, up by 35 paisa on 8m shares, Hub-Power, lower 35 paisa on 7m shares and Fauji Cement, easy 15 paisa also on 7m shares.
FORWARD COUNTER: Unlike the ready section price decline on this counter was fractional owing to modest selling. PSO fell by 15 paisa at Rs287.15 on 5m shares, PTCL, was off 45 paisa at Rs39.40 also on 5m shares and Hub-Power lost 35 paisa at Rs37 on 3m shares.
Sui Northern Gas on the other hand rose by 10 paisa at Rs57.30 on 3m shares, while Dewan Salman fell by 45 paisa at Rs24.05 on 2m shares.
DEFAULTER COS: Islamic Bank again came in for active support and rose 85 paisa at Rs7.85 on 0.798m shares followed by Dandot Cement, easy 50 paisa at Rs6.50 on 0.704m shares and Suzuki Motorcycles, steady five paisa at Rs20.35 on 0.298m shares. There were some other actively traded shares also.
DIVIDEND: Dawood Hercules, final cash, 20 per cent (80 per cent cash already paid). It compares unfavourably with the last payout of 95 per cent cash plus 50 per cent bonus shares. Its share's value fell by Rs22 during the last two session. Mashreq Bank and Bela Automotives, both nil for the year ended Dec 31,2003.
BOARD MEETINGS: National Security Insurance, on March 15, Saudi Pak Commercial Bank and Parke-Davis, on March 16 and Suzuki Motorcycles, on March 22.