KARACHI -  Pakistan Stock Exchange continued its downward trajectory on third consecutive session as the benchmark 100-share index conceded another 30 points and closed at 40,924.14 points. Volatility prevailed in the market, dealers said.

HUBC (down 2.36%) lost value for the second consecutive day on the back of announcement by the company that its joint venture company M/s China Power Hub Generation Company (CPHGC),which is undertaking 2x660 MW coal based power plant, is in discussion with the Government of Pakistan over improvement in Required Commercial Operation Date (RCOD). In case of unfavorable outcome of the discussion, project size could potentially be reduced to 1x660MW coal based power plant. FRSM (0.64%) gained on the back of the news that the company has planned to establish a food company by the name of ‘Uni-Food Industries Limited’ with an initial investment of Rs280m. UBL (1.85%) gained to close in the green zone as the banking company declared better than expected result for its 3Q2016.

In its result, company posted EPS of Rs5.77 along with an interim cash dividend of Rs3/share taking the 9M payout to Rs9/share. In the refinery sector, NRL (down 3.06%) and ATRL (1.34%) were major losers of the sector, as both the refinery companies declared their results for 1QFY17, which were lower than the street estimates, observed analyst Nabeel Haroon.

Overall, volumes increased by 32.4% to 506m shares, while value decreased by 5.3% to Rs12.4b/ $119m.

Rumors of increase in cement bag prices led some interest in DGKC, MLCF & FCCL. Stocks gained between 0.6%-2.4%.

UBL announced EPS of 5.77/share along with Rs.3 dividend. Stock price closed up by 1.5%. Above expected EPS of 18.85/share led APL to gain by 4.1%. EFOODS announced below expected EPS of 0.83/share. Stock price increased by 0.6%, said dealers at major brokerage.