Index sheds 167.48 points

KSE-100 index on Thursday declined by 167.48 points to close at 12,098.05 points due to panic selling by investors for probable US debt default, analysts said. The investors concerns over the US panel approved restricting foreign aid and assistance to Pakistan and rollover pressure magnified the selling intensity. Foreign investors also remained on the selling side and withdrew $4.5 million from the equity market, they added.
Although the opening was positive and the index hit 12,310.91 points intra-day high. However, it dropped into the negative column at 12,041.01 points intra-day low due to panic selling. Trading volumes at ready counter stood at 64.316 million shares as compared to previous day's 61.221 million shares. Total market capitalisation declined by rupees 43 billion to stand at Rs 3.197 trillion. Out of the total 377 active scrips, 190 closed in negative and only 64 in the positive column while the value of 123 stocks remained unchanged.
Hub Power Co was the volume leader with 6.803 million shares however lost Re 0.49 to close at Rs 39.00 with 6.803 million shares. Jahangir Siddiqui Co closed at the previous day's closing level of Rs 6.92 with 4.329 million shares. In the fertiliser sector, Fauji Fertiliser Co, Fatima Fertiliser Co, Fauji Fertiliser Bin Qasim and Engro Corp declined by Rs 3.98, Re 0.03, Re 0.23 and Rs 1.68 to close at Rs 157.22, Rs 16.20, Rs 46.57 and Rs 142.38 with 3.595 million shares, 3.110 million shares, 2.990 million shares and 2.695 million shares respectively.
POL plunged by Rs 4.21 to close at Rs 359.33 with 3.208 million shares. Lotte Pakistan PTA lost Re 0.30 to close at Rs 12.10 with 2.914 million shares. BoP closed at the previous day's closing level of Rs 6.24 with 2.775 million shares. Azgard Nine decreased by Re 0.05 to close at Rs 6.08 with 1.871 million shares. National Refinery and Atlas Honda Limited were the highest gainers increasing by Rs 3.54 and Rs 3.08 to close at Rs 360.99 and Rs 127.14 respectively while Unilever Foods and Siemens Pak were the worst losers declining by Rs 72.41 and Rs 53.84 to close at Rs 1692.17 and Rs 1036.08 respectively.
Ahsan Mehanti at Arif Habib Investments said that the panic selling was witnessed in scrips across the board because of investors' fear of probable US debt default and concerns for a US panel approved bill restricting US foreign aid and assistance to Pakistan. He said that the foreign and institutional selling continued in the earning announcement session despite hopes for record earnings announcements. "The concerns for rising circular debt in Pakistan energy sector and uncertainty in global commodity markets played a catalyst role in bearish sentiment at KSE", he added.