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Index plunges 2.7pc on low law rumours
KARACHI — The KSE 100-share index yesterday took another massive plunge of 390 points or 2.7 per cent on panic selling triggered by rumours of emergency or low law ahead of the supreme court ruling on petitions challenging president's candidature to seek re-election.
Although it managed to finish well above the session's low of 13,823.14, off 506 points on late institutional support at 13,929.92 but eroded Rs114 billion from the market capital, panic prevailed as there were more sellers than buyers.
Leading base shares, notably National Bank, OGDC, Pakistan Petroleum, Arif Habib Securities and some others fell like the house of cards taking the others along with them into the minus territory, wiping out all the overnight gains.
The supreme court is expected to announce its verdict possibly today, but there was a loud whispering in the market that the president may impose low or declare emergency if the verdict goes against him, some analysts said.
“I don't think of low or emergency at this stage,” said a leading analysts “but rumour mongers make it look like so ahead of the court ruling and cashed in on the inflated levels.”
But weakholders and some big ones, notably foreign investors seem to have followed Benazir statement that she is putting off Dubai visit amid fears of emergency, some others said.
However, no one could deny the fact that the situation is fraught with high financial risks at this stage as political uncertainty has again gripped the market which could to deeper recession and price erosions until some positive developments re-emerge, they said.
Among the prominent gainers, Nestle Pakistan and Wyeth Pakistan rose by Rs70.00 and 95.60, while Bata Pakistan and Siemens Pakistan fell by Rs23.65 and 50.00 in that order.
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