KARACHI -  Stock market closed marginally down amid late session profit taking in selected scrips across the board. The 100-share index, after reaching up to the level of 42,413 points, declined by 19.63 points and closed at 42,113.91 points. Investors remained cautious ahead of US presidential elections, which are likely to impact foreign inflows, brokers said.

Market opened on a positive note and rallied to make an intra-day high of 280 points but came under selling pressure during the last hours of session as the index fell to close on a flat note (-0.05%).

Investor interest was seen in the cement sector on the back of the numbers released by APCMA that showed YoY growth of 12.87% in the cement dispatches for the month of October-2016. FCCL (4.86%) and CHCC (2.97%) were top performers of the aforementioned sector. FFBL in the fertilizer sector continued to garner investor interest as it gained to close on its upper circuit. This gain was on the back of EOGM announcement by the company in which a resolution to acquire FFBL Power Company Limited (FPCL) was announced. A coal based power plant of 110MW is being set up under FPCL; this coal based power plant will have a significant contribution to company’s bottom line going forward, said analyst Nabeel Haroon.

Overall, volumes increased by 44% to 480m shares, while value increased by 43% to Rs20.3b/$194m.

Strong sales data for cement Jul-Oct'16, reports on rising fertilizers off-take, likely announcement of govt's textile incentives package to boost exports played a catalyst role in record close.

BOP was volume leader with 57m shares traded. Profit-taking led HBL and UBL to decline by 0.9% and 1.1% respectively. FCCL led interest as investors expect its plant to come online which its plant coming online. FCCL gained 5%. Investors were attracted to PIBTL in anticipation of its operation to begin soon. Stock gained 4%, dealers said.