950827

Considerable

rollback

evident

JMJ

KARACHI: The stock market rolled back considerably due to the tense situation in the city and a not too good political scenario pushed the jobbers and investors to sell and empty their portfolios and to bring them to the minimum level.

The market pundits predict that if the situation generally does not improve from here, the market will further slide and the bulls will shed more tears - more tears? as if the floods were not enough to shatter our economy.

The foreign fund managers have laid their hands off our capital market and consider it to be in the "D" zone. Capitalization has expanded to such huge proportions that the institutions cannot single-handedly save the market, in spite of their sincere faithfulness to their high ups.

The international bourses were closed. Hence the GDR rates were not available and the market manipulators could not avail the facility of an ignorant general market. So one witnessed very little trading in the kerb.

Telecard was still available around Rs. 46 Tri Pak film was at Rs. 21.50, S.G. Power at Rs. 22.50, Elahi Power at Rs. 15.50, Kohinoor Genertek at Rs. 23.50 and EFU Insurance at Rs. 22.50.

The other rates were more or less the same as they were in the morning session, but the tone was very weak. Some buying can surface on Monday being the last day. The bulls should avoid falling in the trap of the bears in the face of the prevailing market condition.