KARACHI -  Lackluster activity prevailed in the market for most part of the day as volumes stood low and index continuously juggled between the positive and negative zone and finally lost 362.28 points or (0.73 percent) to close at 49,392.44 points.

Later on, heavy selling pressure was observed in the market during the eleventh hour as investors came in to offload their holding eyeing political uncertainty and strong vigilance by the regulator (SECP) in the near future, brokers said.

FFBL (rose 1.65%) in the fertiliser sector extended its previous day gain on the back of the news that there has been record DAP sales in the month of February 2017. This increase in DAP sales was mainly due to aggressive buying by the dealers in anticipation of increase in local DAP prices amid rising international DAP prices. On the contrary, other fertiliser manufacturers lost value to close in the red zone on the back of market consensus that there will be a decline in urea sales number due to be released for the month of February 2017. FFC (decline 1.49%) and EFERT (1.59%) were major losers of the fertiliser sector.

TPL gained to close on its upper circuit on the back of material information disseminated in the market yesterday that its subsidiary TPL Life Insurance Limited has submitted an application with Pakistan Stock Exchange (PSX) proposing initial public offering of its shares and listing thereof on PSX, stated analyst at JS Global.

International crude fell sharply which led the local market to decline by 362 points or 0.73 percent to close at 49,392 level. POL, OGDC and PPL declined between 1.7 percent to 2.6 percent and contributed 91 points to the fall, while PSO and SNGPL contributed 51 points to the decline in index. HBL and LUCK supported index by 57 points combined, said dealers at Topline brokerage.

Overall, volumes decreased by 10 percent to 220 million shares, while value rose by 13 percent to Rs13.9 billion/$133 million. ANL was today's volume leader as more than 12 million shares of the textile company exchanged hands.