• Home
• /
• Business

Index down 2pc as investors face selling pressure

What seems to have worried both local and foreign investors was the opposition's stand to challenge it both in the apex court and on the street, which analysts fear, would lead to law and order situation and political instability.

The KSE 100-share index suffered a fall of 252.57 points at 13,510.59 as compared to 13,763.16 at the last weekend as leading shares fell from their recent highs. The KSE 30-share index shed 389.20 points at 16,177.80.

Bank, oil and other overvalued shares received massive battering after a section of foreign investors indulged in panic selling, notably MCB, National Bank, OGDC, Hub-Power and Lucky Cement.

A leading analyst Faisal A.Abbas said the market is largely weighed down by some of the highly sensitive external factors as was reflected by falling volume figures and sanity may return to the market until some of the immediate irritants are not removed.

The other negative factor, which hastended the market decline was fresh threats from the US to hit targets in Pakistan to wipe out AlQaeda safe havens in the tribal areas, some others said.

"Despite higher corporate earnings and payouts, from now onward political factors may guide the future market direction as investors think twice to invest in any mode of investment in the political polarization and grim fight between the contender of power", another analyst Ahsan Mehanti said.

Massive battering received by the market trend setters, National Bank and MCB, notably on the forward counter reflects that the long-term investment scenario is not that encouraging, he added.

Minus signs dominated the list under the lead of Seimens Pakistan and Lakson Tobacco, off Rs.78.00 and 29.00 but Unilever Pakistan and JS & Co managed to put up fresh gains of Rs25.00 and 44.40 respectively.

Trading volume shrank to 175 million shares from the previous 229 million shares as losers held a strong lead over the gainers at 254 to 78,with 23 shares holding on to the last levels.

The active list was topped by Fauji Fertiliser Bin Qasim,lower by Rs1.15 at Rs.46.35 on 15 million shares followed by Bosicor Pakistan, easy by 70 paisa at Rs20.60 on 12 millin shares, Lucky Cement, off Rs3.75 at Rs122.75 on 10 million shares, Hub-Power, easy Rs1.80 at Rs34.40 on 8 million shares, Javed Omer, up Rs2.85 at Rs221.15 on 7 million shares, Arif Habib Securities, lower by 2.20 at Rs.126.80 on 7 million shares, OGDC, off one rupee at Rs120.75 on 6 million shares and Askari Bank, up 40 paisa at Rs95.85 on 5 million shares.