Market awaits for approaching new lows

The 30-share index also fell sharply lower by 360.61 points at 17,650.31. The early steep decline was also attributed to sharp decline in MCB Bank after the reports that May Bank, the largest Malaysian lender, has bought 15 per cent stake in it for no apparent bearish reasons. Its sister company, Nishat Mills, also suffered sharp losses. "Investors seem to be terribly worried over the post election events as their perception of a stable government is fading out each session," said Ch Anwarul Haq, a stock analyst .
"The talk of fall of the government if one major if one major stakeholder decides to leave on judges issue, it will add to political uncertainty". The market is yearning for good news from the political front, said coming session," he added.
"The talk of index level of 16,000 now appears a distant possibility as investors are at lookout to bail themselves out from the current impasse," Ch Anwarul Haq  said.
"With the corporate result season comes to an end it will be pretty difficult for the market to find new stimulants".
Leading gainers were led by HinoPak Motors and AKF Capital up by Rs27 and Rs45, followed by Central Insurance Sapphire Textiles and Sapphire Fibres, Dadex, Sazgar Engineering and Wah Noble Chemicals, up by Rs3 toRs12.34.
Losses were widespread as most of the leading shares were subjected to lower locks led by Nestle Pakistan and Wyeth Pakistan, off by Rs75 and Rs109.70, respectively.
They were followed by JS Global, JS and Co, Adamjee Insurance, EFU General and Life, IGI, Thal, Attock, National, Pakistan Refinery, Attock Petroleum, Shell Pakistan, Mari Gas, Atlas Honda, Indus Motors, Dawood Hercules, Engro Chemical, BOC Pakistan, Colgate Pakistan and Treet Corporation, which were quoted lower by Rs10.60 to Rs31.82.
Trading volume fell to 181m shares from the previous 201m shares as losers held a strong lead over the gainers at 57 to 279, with 21 shares holding on to the last levels.
Pak PTA led the list of actives, steady by 24 paisa at Rs5.74 on 17m shares followed by Nishat Mills, sharply lower by Rs6.40 at Rs124.20 on 7m shares and MCB Bank, off Rs7.28 at Rs414.60 also on 7m shares.
Arif Habib Securities, off Rs2.97 on 7m shares, Bank Alfalah, lower by Rs1.43 at Rs54.27 on 6m shares, Pakistan Oilfields, off Rs5.20 at Rs409.00 on 5m shares, and Engro Chemical, sharply lower by Rs12.30 at Rs319.50 on 5m shares.