Prime Minister Shaukat Aziz's statement regarding imposition of emergency in the country sent shock waves in the share market and it suddenly plunged 188.50 points at 4.06 percent. The LSE-25 index ended at 4,444.87 points as against 4,633.37 of the preceding session.
Turnover also lowered to 32.698 million shares from 47.779 million, registering a fall of 15.080 million shares. Responding in negative to the prime minister's statement, the market took a negative start and then dark clouds marred the activity and equities fell like ninepins, brokers said. All key shares, including petroleum and banking stocks underwent heavy losses following panic selling in the market, they added.
"There was a complete panic in the market and we kept receiving phone calls from our clients seeking explanation for the equity falls," a broker said. People taking positions on last weekend for better profits, were the key suffers of the day, he pointed out.
Arif Habib Securities was the top loser followed by Pakistan Oilfields, PPL and National Bank while Picic Commercial Bank and Hub Power Company and Picic Energy Fund were the only gainers. It was a complete dark day on the stock market where equities received colossal losses across the board with all key shares reaching their upper cap limits, said Mirza Muhammad Irfan, equity research head of Capital Vision Securities Ltd.
Prominent among the scrips touching their upper circuit breakers were OGDC, POL, PTCL, National Bank and MCB Bank, whose shares in day's total losses was approximately 50 percent, he said. Brokers are already worried about the prevailing political situation arising out of the CJ issue and the statement of the prime minister has added fuel to fire, he added.
He also said that the market has exceeded Rs 55 billion cap limit of CFS and there is no yet final decision about enhancement in it. If the government issues some positive statement dispelling the impression of imposition of state of emergency in the country, the market could recover, else it might undergo further battering, Irfan observed.
Out of a total of 148 traded scrips there were only three gainers against 61 losers with 84 remaining unchanged. Among major gainers, Picic Commercial Bank surged by 40 paisa while Hub Power Company and Picic Energy Fund gained five paisa each.
In the minus column, Arif Habib Securities Ltd lost Rs 13.25, Pakistan Oilfields Rs 13.00, PPL Rs 12.00, National Bank Rs 11.15 and PSO Rs 11.00. OGDC led the proceedings in terms of turnover with 3.105 million followed by DG Khan Cement with 2.613 million shares, respectively.
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