KARACHI, Jan 23: The KSE 100-share index on Friday plunged below the five-year low level after it breached through the psychological barrier of 5,000 as investors continued to unload long positions on the high-profile counters under the lead of foreign selling.

The revival of activity on the forward counter after several months of sluggishness where some of the leading oil and banking shares came in for strong speculative support and staged smart rallies sans any physical business was the session’s feature and reflected some positive developments on the CFS counter.

Apparently there may be some settlements of the outstanding positions and bail out of the trapped brokers, some analysts said.As was widely speculated earlier by the analysts that it is heading to hit new lows and still are of the opinion that the end might have not come yet. It finally finished the week, off 91.17 points or 1.82 per cent at 4,929.54, taking along with all others in the minus column.

Over the week, it has suffered a fresh massive fall of 582 points or 9.19 per cent, eroding Rs305 billion from the market capital as unloading dominated the list notably on the blue chip counters where the margins were still intact though modest.

“The agony of the falling market is not confined to only the small investors or saver it is writ large on every face, who has a stake in the share business,” said an analyst.

One could cite more than one reasons behind the current market apathy but the chief among is that many are not inclined to put money in stocks until they think it is worth it, he said adding: “The money goes where it is safe and could appreciate.”

Although leading brokers are still divided over its future direction but all agree that it is pretty difficult to pinpoint its next lowest level as all is not well both on the political and economic fronts.

“The main focus appears to be on war-on-terror,” they said, “Where the economy or the financial sector stands in the perceptions of power elite needs to be redefined again.”

The renewed recession, which has gripped the major economies, including the US, Japan and China is yet to spillover into the weaker nations and those who could peep through the future shape of things are standing poles apart from the share business, some others said.

Although losers again led the list but unlike the previous session larger fall was averted on some of the blue chip counters and there were not many lower circuit-breakers.

Leading losers were led by MCB, Mari Gas, Engro Chemical, Dawood Hercules, Sitara Chemicals, Shell Pakistan, and Pakistan Services, which suffered fall ranging from Rs4.15 to 11.05, Shell Pakistan and Pakistan services being again the top losers.

Some of the leading shares managed to recoup in part some of the losses under the lead of National Food, Al-Ghazi Tractors, PECO, BOC Pakistan and Pakistan Petroleum, up by Rs2.95 to 5.80.

Al Habib Modaraba, Habib Metropolitan Bank, Wah Noble Chemicals, Pakistan Oilfields, Thal Industries, Atlas Insurance followed them and were quoted higher by Rs1.07 to 1.89.

Trading volume stayed at the overnight level of 92m shares as losers again held a strong lead over the losers at 157 to 66, with 10 shares holding on to the last levels.

TRG Pakistan led the list of actives, easy by 40 paisa at Rs1.67 on 21m shares followed by OGDC, off Rs1.52 at Rs41.14 on 9m shares, D.S. Industries, lower by 86 paisa at Rs2.99 on 5m shares, Faysal Bank, easy 54 paisa at Rs8.40 on 4m shares, NIB Bank, lower by 26 paisa at Rs4.42 on 3m shares, and Bosicor Pakistan, easy by 57 paisa at Rs5.44 also on 3m shares.

Pakistan Oilfields followed them, up Rs1.07 at Rs82.60 on 3m shares, Hub-Power, steady by 13 paisa at Rs15.02 also on 3m shares and Fauji Fertiliser Bin Qasim, easy by three paisa at Rs14.71 on 2m shares.

FORWARD COUNTER: The activity on the cleared list picked up slightly as some of the leading shares came in for strong support and finished recovered under the lead of National Refinery, Pakistan Oilfields, PSO, Engro Chemical and Sui Northern Gas, which were quoted higher by Rs4.21 to 42.82, the largest rise being in Pakistan Petroleum. But there was no transaction in any of them.

DEFAULTER COUNTER: Zeal Pak Cement again led the list of actives on this counter, easy by five paisa at Rs0.41 on 5.370m shares followed by Japan Power, lower by six paisa at Rs1.32 on 0.237m shares, and Mukhtar Textiles, up four paisa at Rs0.39 on 21,000 shares. Some others were modestly traded but on the lower side amid light business.