KARACHI – The Karachi stock market suffered more losses on Friday on foreign selling in bluechip energy and oil stocks.

The KSE 100-index fell by 0.56 per cent or 62.53 points to close at 11125.35 points. KSE allshare-index lost 0.50 per cent or 38.79 points to end at 7716.86, KSE 30-index slumped by 0.40 per cent or 41.16 points to finish at 10165.59 while the KMI 30-index ended down 0.68 per cent or 137.04 points to end the day at 19980.36.

Market analysts said that concerns over rupee depreciation, economic uncertainty and gas shortfall for industrial sector kept investors activity limited.

“Rise in local urea prices by Rs210/bag by Engro and higher international oil prices on fears for supply disruptions after unrest in Iran and West relations kept valuations strong and institutional investors supported the index ahead of announcement expected on pending CGT issues at KSE,” said Ahsan Mehanti, Director Arif Habib Investment in his analysis.

Syed Faran Rivi, a Technical Analyst, said that we recommend traders to wait and adopt buy on dip policy in market as market trading channel is indicating more pressure to come and targeting market towards 10500. Trading took place in 306 companies during the course of the day. Prices of 105 issues declined, 96 advanced while the value of 105 scrips stayed unchanged.

Hub Power Company was the top traded company of the day with the trading of  5.524 million shares in its scrips, followed by the Fatima Fertilizer Company, Lotte PakPTA, Engro Corporation and Fauji Fertilizer with turnover of 5.222 million, 3.563 million, 2.415 million and 2.209 million shares respectively.

UniLever Pakistan Limited was the top price gainer company of the day with an increment by 56.90 rupees to close at 5283.00 rupees while on the other hand Nestle PakistanXD led the major decliners of the day with a decrement by 38.18 rupees to finish the day at 3163.18 rupees.