KARACHI, July 16: Stocks on Wednesday again fell across the board on panic selling originating from the local and foreign investors triggered by reports of Nato troop build-up on the Pak Afghan border and fears of attack on the tribal areas.

Despite official clarification that the Nato troops movements are of routine nature and there is no threat of a hot pursuit, investors continued to liquidate long positions in a bit haste and at the lower levels.

The KSE 100-share index was off by another 468 points or 4.27 per cent at 10,491.88 eroding another Rs141 billion from the market capital from the peak of 15,674 points two months back. Its junior partner was quoted lower by 572.14 points at 11,844.56 or 4.61 per cent.

The market’s general plight amid a fresh galore of lower circuit- breakers, fresh bull onslaught on the rupee and gold at Rs22,300 per 10 grams and KSE 100-share index heading to a four digit level below 10,000 points reflects that all is not well with both the investors and the market, analysts said.

“Many may deny, but the fact is that the perception of country’s security risk is gaining strength each day in the investor mind,” believes a leading analyst,” adding: “In such a developing situation no one will make fresh commitments, while the wiser among them would prefer to sell as they are doing now”.

The market would be back on the rails only after the threat of US attack, and the dust raised on the political front settles down but no one is sure when the sanity would return, he said.

Lower locks in the leading shares, which had suffered fresh fall above Rs10 on Tuesday under the lead of MCB, Pakistan Petroleum, Pakistan Oilfields, followed by OGDC, Arif Habib Securities and some others, which were also quoted sharply lower, indicates the general thinking about the future share market outlook.

The SECP has met all the immediate demands of the brokers and investors, and the market as a whole is ripe for a technical correction but why investors are opting for gold and dollar because they need safe havens owing to prevailing political mess, some others said.

Losers again dominated the list under the lead of Unilever Pakistan and JS & Co, off Rs89.99 and 21.84, followed by Arif Habib Ltd, MCB, Attock Refinery, National Refinery, Attock Petroleum, PSO, Shell Pakistan, Pakistan Oilfields, Mari gas, Pakistan Petroleum, Dawood Hercules, Engro Chemical, Sitara Chemicals, Packages, and National Foods, off by Rs10.39 to 21.75.

Clover Pakistan and Shaheen Insurance managed to finish with modest gains of Rs5.41 and 3.89, respectively. Trust Bank, Bawany Air, Century Paper and Shifa International followed them, up by 97 paisa to Rs2.21.

Trading volume again shrank to 79m shares from the previous 155m shares as losers held a strong lead over the losers at 225 to 25, with 23 shares holding on to the last levels.

World Call Telecom led the list of actives, lower by one rupee at Rs11.34, NIB Bank, off one rupee at Rs8.70 on 8m shares, Hub-Power, easy by Rs1.10 at Rs24.60 on 5m shares, OGDC, off Rs5.62 at Rs106.88 on 4m shares, Arif Habib Securities, lower by Rs6.85 at Rs130.15 on 2m shares, MCB Bank, sharply lower by Rs13.59 at Rs258.25 on 2m shares and Pakistan Petroleum, off Rs10.70 also on 2m shares.

They were followed by First Prudential Modaraba, easy by two paisa at Rs4.18 on 3m shares, TRG Pakistan, lower by 61 paisa at Rs4.50 also on 3m shares, and Fauji Cement, off 44 paisa at Rs8.30 on 2m shares.

FORWARD COUNTER: Engro Polymer again led the list of actives on the cleared list, off Rs1.21 at Rs23.13 on 3m shares, NIB Bank, lower by 92 paisa at Rs8.71 on 0.994m shares, OGDC, off Rs5.62 at Rs106.88 on 0.597m shares.

Pakistan Petroleum followed them, sharply lower by Rs10.70 at Rs203.30 on 0.372m shares and Pakistan Oilfields, off by Rs15.80 at Rs300.20 on 0.344m shares.

DEFAULTER COS: Active trading was witnessed on this counter as leading investors sold their long positions under the lead of Unity Modaraba, unchanged at 90 paisa on 1.480m shares followed by Norrie Textiles, lower 27 paisa at Rs1.75 on 1.383m shares and Zeal Pak Cement, easy by nine paisa at Rs1.71 on 1.810m shares.

Japan Power followed them, off 70 paisa at Rs4.80 on 0.172m shares and Medi Glass, up one rupee at Rs1.80 on 0.150m shares.

July 16, 2008

Market at a glance

TONE:bearish,total listed 652,actives 273,inactives 379,plus 25,minus 225,unc 23

KSE 30-SHARE INDEX:previous 12,416.70,Wednesday’s 11,844.56,minus 572.14 points.

KSE 100-SHARE INDEX:previous 10,959.87,Wednesday’s 10,491.88,minus 467.99 points

MARKET CAPITAL;previous Rs.3,412.679bn,Wednesday’s 3,271.897bn,minus 140.782bn

TOP TEN:gainers Clover Pakistan Rs.5.41,Shaheen Insurance 3.89,Century Papers 2.21,Trust Bank 1.52,Bawany Air 0.97.

LOSERS:Unilever Pakistan Rs.89.99,JS & Co 21.84,Shell Pakistan 21.75,PSO 19.89,National Foods 18.52

TOTAL VOLUME:78.998m shares

VOLUME LEADERS;WorldCall Telecom 8.872m,NIB Bank 8.099m,Hub-Power 5.289m,OGDC 3.494m,Prudential Modaraba 2.570m shares.