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Index again falls below 10,000-point level

KARACHI - The KSE 100-share index on Tuesday again fell below the base level of 10,000 points at 9,963.58. Investors took profits at the higher rates owing to the prevailing political uncertainty in the country.

A fall of 2.05 per cent in the index wiped out about a half of the gains netted during the last two sessions as no one is inclined to take long positions even on the blue chip counters.

Some of the leading base shares received massive battering under the lead of MCB, National Bank, PSO, Engro Chemical and Arif Habib Securities and drove the entire market along with them again into the minus column amid a galore of lower locks.

Instances of renewed foreign selling are not wanting and is well-reflected in the Scra balances and steep fresh decline in MCB, on GDR-linked selling, PSO, Engro Chemial and some others.

'One could cite a dozen negative reasons behind the market's current highly erratic behaviour,' said a leading stock analyst Ashraf Zakaria. 'Only valid reason in the lack of investor confidence in the share business.'

He said why an investor should put money in stocks when he has some other profitable avenues to invest.

The KSE 100-share index has, over the last couple of weeks fallen, from its career best level of 15,500 to below 10,000 points and it is not that difficult to fathom the reasons behind the massive crash, he added.

Trading volume fell to 82 million shares from the previous 122 million shares as losers forced a strong lead over the gainers at 192 to 69, with 16 shares holding on to the last levels.