Shares received heavy battering in the local stock market, following selling pressure, mainly on account of reports of re-opening of cases against MCB Chairman Mian Mansha as well as fears of political instability in the country.
The LSE-25 index suffered a net loss of 74.83 points to close at 2878.89 versus last day's 2953.72. The volume, however, mounted because of massive off-loading, and registered 96.963 million shares as compared to 68.747 million of Tuesday, registering a phenomenal rise of 28.216 million shares.
The opening of the market was encouraging and in early trading, it received fresh support from the cement sector, which led the index to positive zone. But, according to stock analysts, in subsequent hours, it fell prey to pressure, which was observed across-the-board, with main thrust on oil sector, Adamjee Insurance, cement and banking stocks.
In the positive column, Fauji Fertiliser and Askari Commercial Bank were the top gainers. The market has lightened load due to massive off-loading by investors and traders, therefore, it may take an upward turn on Thursday, they added.
Ahmed Nabeel, head of operations, Invest & Finance Securities Ltd, said the start of the market was not bad, and the index was up 10 points in initial trading hour, but later pressure surfaced across-the-board, and the market failed to sustain despite support from the cement sector.
He described some TV channels reports regarding re-opening of cases against Mian Mansha as key factor for Wednesday's erosions. The intensity of pressure was more in Lahore than the Karachi market, he pointed out.
Moreover, he said that investors were concerned over the political scenario of the country was also a reason for triggering pressure. Though PML-N chief Shahbaz Sharif is back to Saudi Arabia, investors are still scared of political disturbance, and are very careful in their deals.
He, however, pointed out due to day's falls the market has shed weight, therefore, chances for an upward turn are there, saying: "But I assess till budget, the market is likely to move in zig-zag way and chances for a rally are distant."
Out of a total of 81 traded scrips, only four improved their worth, 38 showed negative signs, while remaining 39 maintained its previous price levels.
Among major gainers, Fauji Fertiliser was up Rs 2.30, Askari Commercial Bank Rs 1.50, Nimir Resins Ltd 70 paisa, while Union Bank 60 paisa.
In the minus column, PSO declined by Rs 6.05, Adamjee Insurance Rs 5.65, DG Khan Cement Rs 3.45, Bank of Punjab Rs 3.10, and MCB Rs 2.95.
Bank of Punjab and OGDC were volume leaders with 16.538 million and 10.399 million-share turnover, respectively.
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