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KARACHI: The share values on Monday fell across the board under the lead of oil sector in unison with the fresh turmoil on the global markets but there were buyers at the dips on selected counters.
The KSE 100-share index shed 105.57 points at 11,180.64 as compared to previous 11,286.21 as leading base shares received massive battering under the lead of Pakistan Oilfields, Engro Corporation, National Bank and some others.
An idea of panic among the local investors followed by disturbing reports from the international markets may well be had from the fact that prices started falling soon after the opening on active selling.
The pace of selling was further accelerated by reports of below market expectation payment announcements by the Attock Group of companies and some others.
“The market seemed to have overreacted in sympathy with regional bourses,” said a leading analyst Faisal R.Abbas “but hoped it should be back on the rails after the regional bourses recover.”
The market was also weighed down by rumours of Greece debt default followed by panic selling in some of the leading oil shares and the absence of leading buyers, another analyst Ahsan Mehanti said and added” the market was also in overbought position and needed correction.”
Analyst Samar Iqbal said the market should have resisted the negative fallout of the regional bourses but a sharp fall of Rs4.36 in Pakistan Oilfields and four and five per cent decline in National and Attock Refineries took the bullish steam out of the market.
Leading gainers were led by Rafhan Maize and Bata Pakistan, up by Rs105.88 and 29.54, while prominent losers include Unilever Pakistan and Nestle Pakistan, off Rs82.22 and 38.53 respectively.
Traded volume fell to 45.283m shares from the previous 73m shares as losers held a strong lead over the gainers at 146 to 85, with 88 shares holding on to the last levels.
The active list was topped by Lotte Pakistan, up 35 paisa at Rs13.00 on 10m shares followed by National Bank, off Rs1.44 at .75 on 5m shares, Engro Corporation, sharply lower by Rs4.85 at 130.35 on 3m shares, Arif Habib Corporation, easy by 50 paisa at 26.57 on 2m shares, Pakistan Oilfields, off Rs4.36 at 361.32 also on 2m shares, Fatima Fertiliser, lower 20 paisa at 16.82 on 1.751m shares, and Fuji Fertiliser Bin Qasim, easy by 76 paisa at 49.79 on 1.717m shares.
They were followed by Dewan Salman, steady by 16 paisa at 2.13 on 1.591m shares, Fauji Fertiliser, off Rs3.37 at 152.74 on 1.086m shares and Picic Growth Fund, up 21 paisa at 14.46 on 0.902m shares.
FUTURE CONTRACTS: Engro Corporation led the list of actives on this counter, off Rs4.79 at 129.55 on 1.787m shares followed by National Bank, lower 1.44 at 42.87 on 1.370m shares and Pakistan Oilfields, off Rs4.12 at 362.48 on 0.599m shares.
They were followed by Lotte Pakistan, up 16 paisa at 130.1 on 0.572m shares and Azgard Nine, lower 13 paisa at 5.16 on 0.547m shares.
DEFAULTER COs: The activity on this counter was slow as investors kept to the sidelines owing to selling in the ready section.
Genertech Power, however, came in for stray support and rose by 14 paisa at 0.59 on 8,259 shares followed by Hajra Textiles, easy nine paisa at 0.35 on 9,649 shares and Invest Bank, easy by seven paisa at 0.26 on 7,651 shares.
