KARACHI - Stocks closed lower at KSE on investor fears on uncertain political outlook ahead of year end corporate announcements.

Supreme Court statement on government’s failure to implement NRO verdict affected the sentiment. Market showed intra-day recovery led by blue-chip stocks on higher local commodity prices and strong valuations. The bench mark KSE-100 index shed by 0.97 percent or 107.13 points to close at 10933.18 levels, KSE- Allshares index fell 0.95 percent or 72.72 points to end at 7588.94, KSE-30 index lost 0.62 percent or 62.76 points to finish at 10061.00 points while the KMI-30 index down 0.66 percent or 132.18 points to finish the day at 19791.48 levels.

Trading took place in 329 companies where the price of 175 issues declined, 52 advance while the value of 102 stocks remain intact.  Habib Sugar Spot was the top traded company of the day with trading of 4.445 million share followed by the Hub Power Company, Lotte PakPTA, Soneri Bank Limited and Fatima Fertilizer Company with the turn over 4.411 million, 3.936 million, 3.116 million and 2.494 million shares respectively.

Mirpurkhas Spot was the highest price gainer of the day with an increment by Rs 1.47 to close at Rs 42.97 while Nestle PakistanXD led the major decliner of the day and lost Rs 109.26 to finish the day at Rs 2910.73.

Concerns for rupee depreciation and foreign outflow kept investors activity limited. Investors awaited pending resolution on CGT issues at KSE, said a leading analyst Ahsan Mehanti in his analysis.  Throughout the day market remained concerned on the much awaited decision of Supreme Court in NRO case.

Due to this uncertainty the index remained in a bearish mode throughout the day. Oil stocks remained under pressure especially OGDCL and PPL. However, fertilizer stocks performed well in anticipation of good dividend in the upcoming results, said Smar Iqbal an equity dealer from Topline Securities.