Unable to exit due to five percent lower circuit, the hurry holders off-loaded their holdings on an average discount of 40 percent. Interestingly the heavy weight blue chip stocks were being sold at the off-market counter, while the main market witnessed trading of second and third tier stocks. The average daily volume at the ready market was recorded at 37.952 million shares as compared to off-market's average daily turnover of 7.178 million shares. However, as for as value is concerned, trading at off-market was much higher than at the main counter.
According to Karachi Stock Exchange data, as many as 5.152 million shares were traded at the off-market counter on Monday while 4.187 million shares changed hands on the same counter on Tuesday. A massive off-market trading was witnessed on Wednesday as 11.783 million shares were traded at this counter while 7.592 million shares were sold at this counter on Thursday.
Analysts said that the continuous trading at the off-market counter shows that the hurry holders were unable to off-load their holdings immediately on the main market due to five percent lower circuit mechanism. The absence of buyers was another reason, which forced the hurry investors to off-load their holdings at an average discount of 40 percent.