KARACHI, Jan 19: The KSE 100-share index on Monday shed another 4.19 per cent or 231.18 points at 5,280.75 after the sell-off in the blue chips section spilled over to other counters amid light volume.

Its junior partner the KSE 30-share index also posted a fresh fall of 263.61 points or 5.50 per cent at 4,954.02.

The fresh erosion of Rs67 billion from the market capital together with the previous Rs200 billion, signals the loss is massive and could take years to be fully recouped.

The breach of the 5,000-level is imminent, analysts said, but opinions were divided about the future low. Some said it could be around 4,000, while others claim it could be 3,000 points from where bulls could stage a progressive recovery.

The proverbial fight between the bulls and the bears may have no relevance to the prevailing market situation as the former is totally vanquished and may take years to claim its right place in the market parlance.

The current plight of the market and massive losses suffered by both the brokerage houses and the individuals during the protracted bearish spell is in Leo Tolstoy’s words could be described as under: “Happy families (bulls) are happy all alike but the unhappy ones (bears) are unhappy in their own way.”

No one could dispute the fact that objective conditions both on the corporate and political front are not favourable for stock trading but what is more disturbing is the fact that even jobbers, who keep the wheels turning in the similar situations, are also conspicuous by their absence, a leading analyst feels.

The failure of the market bailout fund to lure general investors back in the market after an initial psychological boost was another disturbing factor, some others said.

Most leading analysts are now tight-lipped about the market direction and hate to predict the current levels are attractive enough to make fresh investment and speculative buying. “No one could precisely predict where the end will come and when the consolidation forces will be at work, they added.

The market decline was again led by the, banking, insurance, oil and food shares, which fell in unison sharply lower on active selling in the absence of demand from any quarter.

Prominent losers included Nestle Pakistan and Rafhan Maize, which joined the general market decline, off by Rs63.34 and Rs96.98 amid stray business. But the session’s largest fall of Rs130 was noted in Wyeth Pakistan.

They were followed by MCB Bank, New Jubilee Insurance, Island Textiles, Indus Motor, Pakistan Petroleum, PECO, Dawood Hercules, Tri-Pack Films, BOC Pakistan, Packages, Engro Chemical, New Jubilee Life and Pakistan Services, which suffered ranging from Rs5.17 to Rs13.57.

Most of the gains on the other hand were fractional, Unilever Pakistan and Service Industries and Shakarganj Sugar, which were quoted higher by Re1 to Rs87.56. Others rose fractionally in the range of 57 paisa to 84 paisa, mostly on the mutual fund counter.

Trading volume was maintained at the previous level of about 76m shares as losers held a strong lead over the gainers at 184 to 60, with eight shares holding on to the last levels.

The active list was led by Mybank, down 91 paisa at Rs3.42 on 8m shares followed by NIB Bank, easy 13 paisa at Rs4.41 also on 8m shares, PTCL, off 99 paisa at Rs13.01 on 7m shares, OGDC, easy by Rs2.47 at Rs46.93 also on 7m shares, TRG Pakistan, up by 10 paisa at Rs2.33 on 3m shares, and WolrdCall Telecom, steady by 13 paisa at Rs3.51 also on 3m shares.

Pak PTA, followed them, up by 11 paisa at Rs2.08 on 2m shares, Bosicor Pakistan, higher by 52 paisa at Rs5.79 also on 2m shares and Pakistan Petroleum, sharply lower by Rs5.17 at Rs126 on 2m shares.

FORWARD COUNTER: Fresh price erosions were witnessed on the cleared list on renewed selling but no buyer even at the lower levels. Habib Bank, MCB Bank, Pakistan Oilfield, Pakistan Petroleum, PSO and some others were among the leading losers, off by Rs4.75 to Rs5.56, PSO being the largest loser.

DEFAULTER COMPANIES: Quietly steady conditions prevailed on this counter as prices of some of the shares were firmly held at the last level under the lead of Quice Foods, S.S. Oils, but some others rose, notable among them being Haydery Constructions, Latif Jute and National Asset Leasing, up by 10, 60 and seven paisa on stray business.

Zeal Pak Cement came in for active support and led the list of actives, fractionally higher by one paisa at Rs0.48 on 4.942m shares followed by Japan Power, unchanged at Rs1.48 on 0.540m shares and Unity Modaraba, easy by two paisa at Rs0.27 on 0.135m shares.