KARACHI - Intense selling was witnessed at the Karachi Stock Exchange as the SBP delayed the monetary policy review to 15 August 2009 while the KSE 100-index lost 80 points or 1.02 percent on Friday. Investors at the market remained uncertain over unexpected delay in significant cut in discount rates expected in monetary policy review this weekend. Moreover, reduction in foreign exchange reserves, instability in rupee value and foreign selling played an important role in negative activity at the KSE. The index was unable to breach the year to date height of 7,900, ample resistance from all front restricted the index movement. During the day index gained 94 points with reasonably better volume. Hopefully the selling pressure will be absorbed sooner or latter and index may possibly cross over the 8,000 height convincingly. Delay in monetary policy statement hinted towards the IMF next tranche and its implication on monetary policy. IMF is more likely to dictate the interest rate environment in the country, said research analyst Bilal Asif. Market has been impacted by the delay in monetary policy as a suspicious move. Apart from that result season is in full swing as companies have already started declaring results. Future counter is likely to be operational within few days time with 18 stocks. The KSE 100-index opened with a gain of 4.94 points and market witnessed intraday low of 7731.47 points on the last trading day of the week. Index closed the day at 7,783.39 points, shedding 80.47 points. Trading activity was further decreased to 193.048m shares on Friday as compared to last trading sessions 213.670m shares on Thursday. Total trading value of the stock exchange moved up to Rs 8.855b against Rs 8.524b of last session. Market capitalisation dropped to Rs 2.294tr as compared to last sessions Rs 2.315tr, showing a loss of Rs 21b. Out of 372 active scrips at the KSE, 176 gained value, at least 179 lost while the value of the shares of 16 stocks remained unchanged. OGDC once again become a victim of 90,000 mark resistance as selling pressure pushed the stock backwards rather forwards. AICL after facing tough resistance from 100,000 mark travelled in the opposite direction registering gains of around Rs4.60/share. ICI crossed over the Rs154 mark registering astonishing gains after the market reopening. After a long time, Maple Leaf was crowned as the volume leader of the day with a turnover of 15.893 million shares on Friday, followed by DGKC with 15.756m shares, Adamjee Insurance 13.363m shares, Fauji Cement 9.3m shares, Azgard Nine 8.974m shares, WorldCall Telecom 7.191m shares, Lucky Cement 7.107m shares, OGDC 7.063m shares, JSCL 7.048m shares, Pak Reinsurance 5.168m shares namely. Top gainers at the stock market include Rafhan Maize, up by Rs75.06/share to close at Rs1,576.31 with a small turnover of only 37 shares on Friday, Wyeth Pak gained Rs49.47/share and its value was improved to Rs1,286.37, Treet Corporation added Rs14.45/share, closing at Rs332.54, Siemens Pak Engineering up by Rs8.50/share and closed at Rs994, Pak Services added Rs8/share to close at Rs198. Conversely, Unilever Foods lost Rs26/share to close at Rs1275 with the trading of only 4 shares, Nestle Pak down by Rs19.76/share and its total value was decreased to Rs980.24, Lakson Tobacco down by Rs4.50/share and closed at Rs165, PPL lost Rs4.20/share to close at Rs189.85, Hinopak Motor down by Rs3.95/share, closing at Rs150, BOC Pak lost Rs3.55/share to close at Rs120.65.