KARACHI - Continuing its downward journey, Pakistan Stock Exchange (PSX) remained volatile throughout the day on Wednesday and the 100-share index shed another 107 points and closed at 40,503 points.

Index point losers included MARI (down 4.7%), SNGP (4.2%), FFC (2.2%), LUCK (1.6%) & KTML (4.4%), eroding 115 points; while PSEL (up 4.5%), HBL (0.3%), UBL (0.8%), POL (1.3%) & INIL (2.8%) added 79 points.

Sector-wise data showed that commercial banks and fertilizer sectors contributed 120 points to index decline on cumulative basis. On the other hand, index heavy weight E&P sector added 18 points, led by increase in oil prices.

Foreigners bought $7m worth of stocks making it the third consecutive day when net buying was seen by the foreigners, said dealer at Topline Securities.  

Mixed sentiment were witnessed in the cement sector where KOHC (up 2.76%), LUKC (0.02%), DGKC (0.31%) closed positive and on the flipside FCCL (down 0.43%), MLCF (0.88%) and PIOC (0.74%) closed in the red zone.

E&P sector gained to close higher than its previous day close as crude oil prices edged higher for third consecutive day in the global economy. POL (up 1.24%) and OGDC (0.55%) were the major gainers of the mentioned sector, said dealer at JS Global.

Market volumes also remained low at 129m shares, 30% down from the last trading day. While traded value also declined to Rs5.3b/$51m. KEL remained volume leader with 12m shares exchanging hands.

Symbols of 387 active companies were traded in the session of which 223 finished in decline, 127 in advance while 17 remained unchanged.

Dealers believe negativity in the market will continue on the back of political uncertainties and concerning economic indicators.