KARACHI - Stocks fell across the board on economic uncertainty after rupee free fall against dollar amid fears for surge in CPI inflation in the country.
At local equity market benchmark KSE-100 share index shed by 393.51 points or 1.73 percent to stop the day at 22387.31 points compared to 22780.82 points of the previous day.
Selling pressure continued at local bourse on third consecutive day of the trading week, economic uncertainty after rupee free fall against dollar was the major reason of the bearish spell, said reknown equity specialist Zafar Motti.
KSE-Allshare index off by 191.22 points or 1.17 percent to close the day at 16178.60 points, KSE-30 share index decreased by 340.32 points or 1.96 percent to finish the day 17048.08 points while KMI-30 share index misplaced 403.85 points or 1.06 percent to conclude the session at 37549.73 points.
Analyst at Arif Habib, Ahsan Mehati said revision in minimum bank deposit rates by 50bps, major fall in global commodities and rising circular debt in energy sector impacted the sentiments despite institutional support ahead of quarter end close.
The day turn over of stock market in term of shares was 163.331 million shares after opening at 193.764 million shares and the value of traded shares was reduced to Rs 5.633 billion from Rs 7.117 billion while the capitalisation of the market maintained at Rs 5.294 trillion compared to Rs 5.357 trillion of a day earlier.
Shares of 338 companies were traded on Friday where losers outnumbered the gainers 206 to 107 while the value of 25 stocks remained intact. Downhill trend was led by Rafhan MaizeXD down by Rs 210.77 to Rs 4789.18 followed by Island Textile off by Rs 47.45 to Rs 901.60. Nestle Pak and Wyeth Pak Limited were the biggest price gainers of the day increased by Rs 200 to Rs 6200 and Rs 135.56 to Rs 4148.89.
Bank of Punjab was the top traded company of the day with 14.979 million shares shed Re 0.47 to Rs 11.83. Telecard Limited was on the second position with 10.515 million shares as it closed at Rs 6.42 after opening at Rs 6.29. It was followed by National Bank with 10.315 million shares lost Rs 2.08 to Rs 51.88, PTCLA with 9.485 million shares off by Re 0.59 to Rs 26.88 and Media Times Limited with 7.185 million shares up by Re 0.35 to Rs 3.30.
In a weekly review, equity dealer Samar Iqbal said sharp volatility in Pak rupee, confusion on brokers Net Capital and State Bank move to increase minimum PLS rate by 50bps coupled with huge foreign outflow led the market to fall by 5pc to close the week at 22,387. Volumes in rupee term also declined by 27pc to Rs.6b. Telecom sector remained on investors radar as they are expecting better earnings after Government measures to curb grey trafficking.