KARACHI - Stocks battered at KSE on economic uncertainty after ADB cautioned on political, security issues and flood losses causing downside risk to economic growth forecast in Asian Development Outlook 2014 update, analyst observed here on Friday.
The KSE benchmark 100-share index shed 234.62 points or 0.78 percent to end the day at 29705.65 points compared to 29940.27 points of the previous day.
Ahsan Mehanti Analyst at Arif Habib Corp said govt decision to freeze power tariff amid political crisis raised investor concerns for pending $550m IMF tranche release, funding rising current account deficit and over Rs230b circular debt in energy sector despite stronger earning outlook in auto, cement and fertilizer sectors owing to rehabilitation in flood affected regions.  KSE-Allshare index off by 187.32 points or 0.85 percent to stop the trading at 21780.32 points, KSE-30 index decreased by 163.98 points or 0.80 percent to finish the session at 20252.52 points while KMI-30 index fell by 249.45 points or 0.51 percent to conclude the session at 48425.92 points.  Market traded 160.322 million shares after opening at 154.392 million shares and the value of traded shares was declined to Rs 7.811 billion from Rs 8.500 billon while the capitalisation of the market maintained at Rs 6.920 trillion compared to Rs 6.979 trillion of a day earlier.
Trading took place in 415 companies where 163 closed in positive and 232 in negative while the value of 20 stocks remained intact. Nestle Pak.XD was the top price loser of the day decreased by Rs 212 to Rs 7538 followed by Bata (Pak) down by Rs 90 to Rs 3200. Highest increased reflected in the price of Phillip Morris Pak and Shezan Inter up by Rs 32.02 to Rs 672.48 and Rs 25.98 to Rs 980.98.
Samar Iqbal Equity expert at Topline Securities said lower than expected profit announcement by NCL and announcement by Efoods about sell off of North American business affected the overall market sentiment.  Future roll over also had some negative impact on market while NCL announced June earnings PKR 3.20 and 10pc cash, she added.
Active list was topped by Nishat (Chunian) with 17.878 million shares up by Re 0.54 to Rs 40.79. Lafarge Pak was the second highest on volume chart with 14.298 million shares as it closed at Rs 16.77 after opening at Rs 16.67. It was followed Telecard Limited with 8.770 million shares added Re 0.07 to Rs 4.17, Pak Elektrick Ltd with 7.122 million shares off by Rs.1.19 to Rs 27.19 and PIAC(A) with 4.491 million shares marginally fell by Re 0.01 to Rs 6.04.