KARACHI, June 23: The Karachi Stock Exchange (KSE) 100-share index on Monday appeared to be heading to breach through the psychological barrier of 10,000 points and analysts fear there may be free for all after the last resistance level is broken as prominent bulls again watched the sustained bear onslaught helplessly. It suffered one of the largest single-session fall of the year of 4.23 per cent or 493.11 points at 11,162.17 as bear further accelerated the pace of ‘operations liquidation’ eroding another Rs146 billion from the market capital at Rs3,446 billion.

There could be cited more than one reason behind the market’s current stance, but notable among them are both political instability and threat from across the border, adding to it are the news about the president and the talk of his incumbent, but the chief among them is lack of support from any quarter.

Heavy liquidation in the oil shares, followed by reports of increase in Saudi production to ease world prices, under the lead of Pakistan oilfields, which were subjected to lower locks of Rs18, OGDC, PSO, MCB Bank, Arif Habib Securities and many others again led the market crash.

“All the investors may not have gone mad but they are made to look so by the political leaders by their conflicting daily statements even on some non-issues,” analysts said.

“Why should investors put money in stocks as there is no hope of even to protect the initial capital not to speak of capital gains.”

The selling may have reached the saturation after the KSE 100-share index had fallen more than 4,800 points or 40 per cent from the year’s peak level of 15,976 to 11,162.17, during last six months and it surpassed all the previous combined market crashes.

The market capital which was stable around $75 billion before the May crash fuelled by the higher political stakes made deeper inroads into a bull market and is now hovering around $53 billion, showing a net fall of $22 billion, a massive figure for bourse having a terribly low base, analysts said.

“Money will go where it is safe and could appreciate,” said a leading analyst, adding, “but in the prevailing conditions no one is inclined to become a hero”.

Minus signs dominated the list under the lead of Nestle Pakistan and JS & Co, off by Rs65.50 and Rs22.56, followed by MCB Bank, Adamjee Insurance, EFU Life and General, National Refinery, Attock Petroleum, PSO, Shell Pakistan, Pakistan Petroleum, Engro Chemical, Dawood Hercules, Packages and Ferozsons Lab, which suffered fall ranging from Rs12.02 to Rs21.85.

Pakistan Services and Service Industries managed to finish higher by Rs10 and Rs6.60, respectively. Other prominent gainers included Millat Tractors, Janana Demaulcho Textiles, Habib Insurance, Murree Brewery and ICI Pakistan, which tended higher by Rs2 to Rs5.60.Trading volume fell to 155m shares from the previous 160m shares as losers held a strong lead over gainers at 284 to 40, with 11 million shares holding on to the last levels.

NIB Bank again led the list of actives, easy by 33 paisa at Rs10.18 on 13m shares followed by Arif Habib Securities, off Rs7.22 at Rs137.28 on 8m shares, OGDC, lower by Rs5.50 at Rs117 also on 8m shares, Bank Islami, up 11 paisa at Rs15.10 on 6m shares, Pakistan Oilfields, sharply lower by Rs18.07 at Rs343.43 on 5m shares, Bank Alfalah, easy by Rs1.26 at Rs32.75 also on 5m shares, and PTCL, lower by Rs1.90 at Rs36.10 on 4m shares.

Other actives were led by Azgard Nine, off Rs2.82 at Rs53.68 on 6m shares, Fauji Fertiliser Bin Qasim, off Rs1.26 at Rs32.75 on 5m shares, and D G Khan Cement, lower by Rs2.97 at Rs56.61 on 5m shares.

FORWARD COUNTER: OGDC led the list of actives on the cleared list, off by Rs4.10 at Rs118 on 4m shares, followed by PSO, sharply lower by Rs17 at Rs388 on 3m shares and Azgard Nine, off Rs2.82 at Rs53.68 also on 3m shares.