KARACHI, May 19: The KSE 100-share index on Monday took a massive plunge of 2.19 per cent or 311.35 points, wiping out Rs94 billion from the market capital on panic selling triggered by reports of a long march to Islamabad by lawyers if the deposed judges were not reinstated by June 10.

The crash of the index below the jealously guarded resistance level of 14,000 points at 13,921.54 signals the prevailing political uncertainty will be further intensified in the coming weeks if the power elite does not respond swiftly to changing scenario. Its junior partner 30-share index shed 502.77 points at 16,379.82 points.

However, it was not a single session largest fall as it had declined by 400, 500 and 600 points in identical uncertain conditions, including last June’s market collapse.

“The share market seemed to be trapped somewhere between the vested interests of leading political bulls,” said a leading analyst Ashraf Zakria, adding: “Until supreme national interests take precedence over the power struggle to defend the erring ones it may well be no-win situation for the contenders”.

The general public response to their last year’s protest processions is still fresh in the minds of investors and it could be violent if joined by some of the major political parties.

Most of the investors tried to get out of the market in panic leaving behind a long list of casualties, including lower locks in some of the leading scrips, analyst Hasnain Asghar Ali said.

Leading index based shares fell like nine pins under the lead of Arif Habib Securities, National Bank, MCB Bank, Engro Chemical and some others but without finding many willing buyers even at the falling prices, he said.

What worries the players is the fact that foreign investors may not return to the market even at the lower levels as what they need is the return of the political stability, another analyst Ahsan Mehanti believed.

The market is now in the tight grip of bears in the absence of support both from the financial institutions and the leading bulls and has scared everyone, including some of the genuine investors.

However, some others said sans political depressants, the market has not many other negatives despite lowering of Pakistan currency rating and the weak rupee and has the potential to rise with the same speed as it is now falling each session.

Plus signs again trailed far behind the minus ones but ADK Capital and Grays of Cambridge managed to finish with good gains of Rs51.04 and Rs10.69 and so did Agriautos, Premier Sugar, Mehmood Textiles, Central Insurance, Fazal Textiles, Millat Tractors, Balochistan Wheels, Searle Pakistan, Al-Ghazi Tractors, and PACE Pakistan up by Rs2 to Rs9.

Leading losers were led by Wyeth Pakistan and Siemens Pakistan, off Rs109 and Rs82.45, respectively, followed by National Bank, MCB Bank, JS & Co, JS Global, EFU General, EFU Life, Sapphire Fibres, Lakson Tobacco, Attock Refinery, PSO, Attock Petroleum, Mari Gas, Dawood Hercules, Engro Chemical, Packages and National Foods, which suffered fall ranging from Rs9 to Rs27.26.

Trading volume fell to a modest total of 125m shares, reflecting the absence of buyers even at the falling prices as losers held a strong lead over the gainers at 266 to 86, with 18 shares holding on to the previous levels.

The most active list was topped by Arif Habib Securities, off Rs9.40 at Rs181.10 on 9m shares followed by Nishat Mills, lower by Rs3.60 at Rs108.40 on 7m shares, Fauji Fertiliser Bin Qasim, easy one rupee at Rs37 on 6m shares, Engro Chemical, sharply lower by Rs10 at Rs306 also on 6m shares, Bank Alfalah, lower by Rs1.70 at Rs53.60 on 5m shares, National Bank, off Rs9.50 at Rs200.60 on 4m shares and MCB Bank, sharply lower by Rs16.90 at Rs353.10 on 3m shares.

Other actives included Pervez A. Securities, off Rs4.10 at Rs78.07 on 4m shares, PTCL, easy by 45 paisa at Rs43.45 on 3m shares and OGDC, lower by 77 paisa at Rs128.53 also on 3m shares.

FORWARD COUNTER: MCB Bank led the list of actives on this counter, sharply lower by Rs15.50 at Rs355.50 on 5m shares followed by Engro Chemical, off Rs8.50 at Rs308 on 4m shares and National Bank, off Rs9.91 at Rs201.99 on 3m shares.