LAHORE - Bear-run continued at the Pakistan Stock Exchange on Wednesday as investors continued to book profits owing to decline in WTI price. The 100-share index closed down 184.06 points at 44,049.05 points.

The index has lost around 1,000 points in last 5 trading sessions. Selling pressure was seen in banking stocks as investors weighed in on potential size of pension liabilities.

Traded volumes were up 2 percent whereas traded value was up 25 percent. Second tier stocks were volume leaders. Top 5 index point detractors included UBL (-4.1 percent), MCB (-2.9 percent), LUCK (-2.6 percent), OGDC (-1.6 percent) & NESTLE (-5 percent), which withheld 248 points from the index while FFC (+3 percent), PAKT (+5 percent), BAHL (+1.2 percent), NML (+2.1 percent) & EFERT (+1.3 percent) added 100 points to the index. On the sector front, commercial banks withheld 184 points whereas fertilizer sector added 66 points.

On Wednesday, Atlas Honda ALTH (ATLH) announced 3QFY18 financial results reporting earnings of Rs1.2 billion (EPS 11.3), up 17 percent YoY. Sales improved by 14 percent to Rs19.6 billion, whereas gross profits were up 18 percent to Rs2.1 billion. Pakistan Refinery (PRL) disclosed 3QFY18 results reporting loss of Rs203m (LPS Rs0.66) as against profit of 568m EPS Rs1.8 in same period last year. Net revenues of the company were up 23 percent, whereas gross margins declined from 3 percent to under 1 percent. BMA Capital Management notified the exchange that it has been appointed as Manager to the Offer by its client Mega Builder which has shown intention to acquire 423m shares of Dewan Cement (DCL) which constitute 87.5 percent of issued and paid–up capital of the target company (DCL). In another development, Dost Steel (DSL) notified the bourse that the company will start its trial production from 1st of February 2018.