KARACHI, June 20: Panic selling again dominated trading on the Karachi Stock Exchange on Friday as institutional efforts to put the market back on the rails after injecting a fresh liquidity on selected counters failed in the absence of other supporting factors.

The KSE 100-share index was off 215.67 points or 1.82 per cent at 11,655.28.

“The stakes in the share business are now pretty high,” analysts said.

“Investors are now thinking beyond the market crashes of March 2005 and June 2007 and March this year, which together wiped out well over $35 billion from the market capital.”

However, it appears to be a man-made tragedy, they said, adding as far as basic market fundamentals are concerned, they are still positive and heal back the wounds within no time in normal political conditions and they needed sanity for stock trading.The KSE index shed another 215.67 points or 1.82 per cent making the total loss of the week to 1,300 points or 11.25 per cent, eroding a massive amount of Rs396 billion from the market capital. The final close was at 11,655.28 points. Its junior partner also fell by 304.80 points or 2.23 per cent at 13,368.79.

All the leading base shares again fell by limit fall under the lead of National Bank, Arif Habib Securities and Engro Chemical on persistent selling by no matching support from any quarter.

“It was not a single factor but a combination of it, which continued to have their pound of flesh,” analyst Ahsan Mehanti said, adding: “but notable among them are foreign selling, weak rupee and economy and on the top of it is political uncertainty and pending of some core issues”.

Late Thursday’s meeting of top bankers, financial institutions and central bank high-ups aimed at putting the market back on the rails after taking corrective measures should have buoyed investors, but an attractive bait of lower level failed to net them in, analyst Ashraf Zakaria said.

But some others said the market should have responded to this positive development as those who matter had taken a notice of the recent market crash but rumours about the future of the government again generated a good bit of panic-selling.

Minus signs again dominated the list under the lead of JS & Co, and Unilever Pakistan, off by Rs23.75 and Rs20, followed by National Bank, Habib Bank, Arif Habib Ltd, Adamjee Insurance, EFU General, EFU Life, Attock Refinery, PSO, Mari Gas, Pakistan Oilfields, Engro Chemical and Packages, which suffered fall ranging from Rs7.44 to Rs18.43.

Nestle Pakistan and Sapphire Fibres rose by Rs62 and Rs10.07, respectively. Other prominent gainers were led by MCB Bank, New Jubilee Insurance, Atlas Honda, KSB Pumps and Clover Pakistan, up by Rs5 to Rs7.

Trading volume was maintained at the overnight level of 160m shares but losers held a strong lead over gainers at 213 to 88, with 23 shares holding on to the last levels.

NIB Bank again led the list of actives, lower by 49 paisa at Rs10.51 on 19m shares followed by National Bank, sharply lower by Rs7.44 at Rs141.48 on 11m shares, D G Khan Cement, lower by Rs2.13 at Rs59.58 on 9m shares, Bank Alfalah, off Rs2.02 at Rs38.45 on 8m shares, Arif Habib Securities, off Rs7.51 at Rs144.50 on 8m shares, OGDC, easy by 70 paisa at Rs122.50 on 6m shares and Engro Chemical, sharply lower by Rs13.77 on 5m shares.

Other actives were led by Lucky Cement, easy by 25 paisa at Rs93 on 7m shares, United Bank, off Rs4.32 at Rs82.08 also on 5m shares and Adamjee Insurance, lower by Rs13.32 at Rs253.16 also on 5m shares.

FORWARD COUNTER: National Bank led the list of falling shares on the cleared list, off Rs6.35 at Rs140.01 on 8m shares followed by MCB Bank, sharply higher by Rs.5.81 at Rs270.25 on 7m shares and OGDC, lower by Rs1.21 at Rs122.10 on 5m shares.

D G Khan Cement followed them, easy by Rs3.14 at Rs59.80 on 4m shares and Arif Habib Securities, off Rs7.62 at Rs144.90 on 4m shares.

DEFAULTER COs: Prices also fell on this counter on weekend selling under the lead of Norrie Textiles, lower by nine paisa at Rs2.06 on 0.749m shares followed by Zeal Pak Cement, also easy by nine paisa at Rs2.55 on 0.592m shares and Nazir Cotton, lower 27 paisa at Rs0.93 on 0.294m shares.

Other actives were led by Japan power, off 30 paisa at Rs5.60 on 0.292m shares, Unity Modaraba, easy by eight paisa at Rs0.92 on 0.154m shares, Shakarganj Foods, off 75 paisa at Rs13.50 on 0.108m shares and S S Oils, up by 45 paisa at Rs9.75 on 0.102m shares.