KARACHI, Feb 25: The share market on Friday crashed by another three per cent followed by panic selling originating from all the quarters under the lead of foreigners who targeted high-profile oil shares having a massive weightage in the benchmark.
“It appears to be free for all as everyone was seeking instant exit”, said analyst Ahsan Mehanti, and added: But in the prevailing panic owing to a combination of bad news it was pretty difficult to find ready buyers”.
All bad news both on the economic and political fronts joined hands in the backdrop of fall in global equity markets and the Arab world turmoil, he added.
It was the second fall of three per cent over the week, eroding another Rs83 million from the market capital and 315.74 points in the KSE 100share index at 11,223.52 points, he added.
The brewing turmoil in the Punjab after parting of ways between the PML-N and PPP may take its toll also, leading to fresh panic selling in the coming sessions, he added.
Another leading analyst Hasnain Asghar Ali said, “Bears were in total control right from the opening bell as a syndicate of participants operating both from local and off-shore accounts was billed the major seller.” They were followed by those who were facing threat of redemption and fresh float to meet margin calls, he said, and added: “Weekend considerations seemed to have further aggravated the situation.” Although minus signs dominated the list under the lead of oil shares, some of the leading food shares managed to put up better show and were quoted higher by Rs57.30 and Rs4.09 for Rafhan Maize and Ismail Industries, while losers were led by Unilever Pakistan and Nestle Pakistan, off by Rs239.43 and Rs26.99.
An idea of panic selling may well be had from the fact that the volume figure soared to 156.838 million shares from the previous 80 million shares as losers further intensified their lead over the gainers at 246 to 42, with 75 shares holding on to the last levels.The active list was led by Lotte Pakistan, off 99 paisa at Rs14.08 on 38m shares followed by Arif Habib Corporation, lower by 92 paisa at Rs18.97 on 13m shares, Fauji Fertiliser Bin Qasim, easy by 15 paisa at Rs39.37 on 7m shares, Azgard Nine, lower by 98 paisa at Rs8.17 on 6m shares, National Bank, off Rs2.47 at Rs67.01 on 5m shares, Amtex, lower by 30 paisa at Rs2.57 on 2m shares, and Pakistan Oilfields, sharply lower by Rs9.78 at Rs281.89 on 4m shares.
J.S. & Co followed them, lower by 80 paisa at Rs8.26 on 4m shares, Hub-Power, easy by 24 paisa at Rs36.96 also on 4m shares, and Silk Bank, lower by four paisa at Rs2.11 on 4m shares.
FUTURE CONTRACTS: United Bank Ltd came in for active selling and was marked down by Rs2.01 at Rs58 on a large volume of 1.719m shares followed by its February settlement, off by Rs2.13 at Rs56.88 on 1.698m shares, followed by Pakistan Oilfields, off by Rs10.44 at Rs282.59 on 0.964m share.
Azgard Nine fell by 97 paisa at 8.23 on 0.954m shares and Lucky Cement, off Rs3.11 at 60.60 on 0.850m shares.
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