KARACHI - Dull session was witnessed at the PSX on weekend amid institutional profit-taking, concerns for foreign outflows and weak economic outlook, resultantly the shares index declined by 110 points or (0.22%) to close at around 49,556 level.

Volatility prevailed in the market as the index traded between an intraday high of 114 points and intraday low of 235 points to finally close at 49,556 level, brokers said. EFOODS (rose 1.40%) and ENGRO (3.68%) gained to close in the green zone as the former declared its 2016 result. In its result, the company posted EPS of Rs3.11 along with a dividend of Rs10/share, inclusive of Rs9/share as a special dividend. Even though the EPS of EFOODS was lower than street estimate, one-time special dividend came as a positive surprise for investors.

ENGRO is set to benefit from payout declared by its subsidiary (EFOODS) as the payout would translate into an after tax inflow of Rs5.11/share for the holding company. PIBTL (up 2.68%) gained on the back of the news that dry terminal is all set to come online by next month. ISL gained to close on its upper circuit for the third consecutive day of the week on the back of expansion announced by the company. In its expansion plan, the company intends to add Cold Rolling Mill and related facilities to its production line, which will take the total cold rolling capacity of the company to 1 million tons per annum, stated analyst at JS Global. Speculations on financial results invited support in selected cement, textile and fertiliser stocks after EFoods record cash payout announcement. Dismal earnings announcements in fertiliser sector and cautious activity on regulatory oversight played a catalyst role in bearish close in the earnings season, observed dealers at major brokerage.

 Overall, volumes decreased by 24 percent to 338 million shares, while value also declined by Rs18.6/$178 million. KEL (rose 1.06%) was today's volume leader with more than 46 million shares traded.