Judges deadlock invites heavy selling

LAHORE - The equity market on Wednesday, reacting to the deadlock in talks among the coalition partners over the restoration of judges’ issue, witnessed a heavy selling pressure with the KSE-100 index losing 393 points to close at 10,525.98 level.
Dealers said that leaders of the coalition govt failed to resolve the differences on restoration of judiciary on Nov 2 position. They said that the market took the news as a threat to the coalition and fearing political uncertainty opted to book the available margins. Selling emanating from all quarters pushed the market down and it closed on a very weak note.
“Leaders of smaller parties of this coalition are trying hard to resolve the issue. If some thing positive emerges in next one or two days market will see reversal of trend otherwise it will go on loosing ground with each passing day of the course, meeting technical corrections here and there,� experts added.
The OGDCL declared financial results for the year 2007-8, showing EPS of rupees 11.54 and gave 35% final dividend making total payout for the year rupees 9.5 per shares.
The pay out fell short of market expectations and the scrip with total turnover of 9.125 million shares took top position in volumes but closed limit down. Many dozens scrips closed limit down but even in this bearish market JSCL, EFUL, AICL and PAKRI closed limit up. From top thirty volumes leaders only three scrips closed in plus column and remaining 27 gave minus closings.