KARACHI - Stock turned bearish on weekend amid higher trades on investor concerns over foreign outflows, resultantly the benchmark shares index lost 207 points and finally close at 46,877 points.

Market remained positive during the initial hours of the day, to make an intraday high of 157 points. However, it turned negative to close at 46,877 level, down 207 points, as profit booking was witnessed in the last 90 minutes of the trading session, said analyst at JS Global.

MCB (down 1.36pc), NBP (slip 0.29pc) and UBL (slip 0.69pc) from the Commercial Banking sector also shed points due to investors profit-taking, cumulatively took away 39 points from the KSE-100 index. OGDC (down 0.95pc) and POL (dip 1.08pc) lost points as oil moved lower on concerns of rising production. EFERT (up 3.45pc) from the Fertiliser sector gained points as the fertiliser company announced its 1H2017 result. In its result, company posted earnings of Rs3.07/share and announced dividend of Rs2.5/share. Steel sector also lost points due to the selling pressure. ISL (down 1.46pc), ASTL (decline 1.29pc), and DSL (slip 1.04pc) were the losers from the aforementioned sector.

Higher global crude prices, speculations on likely refunds to ailing textile sector next week, upbeat oil consumption and cement sales data for July 2017 invited mid-session support in textile, oil and cement sectors. Economic uncertainty and concerns for political noise played a catalyst role in bearish close at PSX, said analyst Ahsan Mehanti at Arif Habib Corp.

Volumes stood at 346 million shares as compared to 455 million shares in the previous trading session, while traded value declined to Rs13.4 billion/$127.3 million. Bank of Punjab led the volume with 42 million traded shares, followed Azgard Nine with 25 million traded shares and Aisha Steel with 23 million traded shares were stood second and third. Total 407 active companies participated in the session of which 211 closed in red, 173 in green while 23 remained unchanged.