KARACHI, June 19: The Karachi Stock Exchange (KSE) 100-share index took another massive plunge of 3.18 per cent or 390.12 points at 11,870.85 on Thursday as investors tried to get out of the market after unloading long positions, but there was no matching support from any quarter.

“Those who should have intervened to protect the interests of small investors at this stage seem to be witnessing the market decline from the sidelines,” said a leading analyst Ashan Mehanti, adding: “all may have not gone mad at the time of need and sanity should have prevailed”.

An idea of investor apathy may well be had from the fact that a higher second interim cash dividend for the year ending on June 30, 2008, by Pakistan Petroleum at the rate of Rs10.50 per share or 105 per cent failed to enthuse investors who preferred selling its shares rather than buying at the lows, pushing its share value off Rs8.59. Its directors had already paid first cash interim dividend of 30 per cent.

Proposed increase in the capital value tax, cut in refinery margins and foreign selling again dominated trading amid light turnover, but major price changes were dominated by political uncertainty.

The KSE 100-share index suffered a massive fall of 1,124.34 points or 9.34 per cent, eroding Rs175.00 billion from the market capital during the current week, a colossal loss in value terms judged from any quarter and is said to be beyond the scope of in-built safe guards to cope with similar situations.

The breach of the psychological barrier of 12,000 (career-best 15,776) is very significant in more than one ways as it could pave the way for further erosion in the coming sessions on selling without matching buying, he added.

The free float 30-share index also broke the barrier of 14,000 points and suffered bigger loss of 520.86 points at 13,673.59 as leading shares mostly faced lower locks.

The successive lower locks in leading base shares, notably MCB Bank, Engro Chemical, Pakistan Petroleum and some others signal the plight of the market and the future share business outlook, floor brokers said.

There could be cited more than one reason for the current market worries by analysts but no one says how regulators should react to meet such terribly bad situations, Ashraf Zakaria said, adding: “it pains me to watch the collapse of a strong base built above the 15,700 index level amid talks of 20,000 index level”.Minus signs again dominated the list under the lead of Siemens Pakistan, and Colgate Pakistan, off by Rs38.65 and Rs31.75 followed by JS Global, Habib Bank, MCB Bank, JS & Co, Adamjee Insurance, EFU General and Life, Attock Refinery, PSO, Attock Petroleum, Shell Pakistan, Mari Gas, Millat Tractors, and Engro Chemical were leading, which suffered a fresh sharp fall, ranging from Rs10 to Rs22.85.

But on the other hand, Fazal Textiles and Unilever Pakistan managed to post sharp gains of Rs35.49 and Rs21. Shaheen Insurance, Javedan Cement, Dawood Hercules, Dreamworld and KSB Pump were some of the other leading gainers, up by Rs4 to Rs8.40.

Trading volume showed a modest rise at 161m shares from the previous 120m shares but losers held a strong lead over gainers at 271 to only 40, with 16 shares holding on to the last levels.

NIB Bank again led the list of actives, lower 72 paisa at Rs11 on 24m shares followed by Arif Habib Securities, off Rs4.99 on 9m shares, OGDC, lower by Rs1.80 at Rs123.20 also on 9m shares, Lucky Cement, down by Rs3.55 at Rs93.25 on 8m shares, D G Khan Cement, easy Rs3.30 at Rs62.71 on 8m shares, Pakistan Petroleum, off Rs8.59 at Rs251.16 on 6m shares, Bank Alfalah, lower by Rs2.13 at Rs40.47 on 5m shares and Engro Chemical, sharply lower by Rs14.50 at Rs275.55 on 4m shares.

KESC followed them, lower by 29 paisa at Rs5.20 on 6m shares followed by United Bank, off Rs4.54 at Rs86.40 on 4m shares.

FORWARD COUNTER: OGDC led the list of actives on this counter, lower by Rs2.29 at Rs123.31 on 6m shares followed by Pakistan Petroleum, off Rs8 and Rs252.80 on 4m shares and Lucky Cement, lower by Rs3.85 at Rs93.30 also on 4m shares.