KARACHI -  Profit-taking halted the upward streak of PSX on weekend, Friday, with share index lost 306.52 points or (0.62%) and to close at 49,210.50 points.

Market opened on a positive note as the index gained to make an intraday high of 156 points but came under selling pressure during the second half where investors booked profits, brokers said.

Banking sector led the decline in the market, as index heavyweights UBL (down 2.64%) and MCB (1.83%) lost value to close in the red zone. Profit-taking continued in the textile sector as the sector extended it loss to close (1.79%) lower.

GATM (4.82%) and NML (1.80%) were the major losers in the aforementioned sector. Fertiliser sector also closed marginal lower (0.22%) than its previous day close even after the news that fertiliser manufacturers have increased prices by Rs210/bag and Rs300/bag for urea and DAP, respectively. FFBL (up 1.11%) in the fertiliser managed to close in the green zone, stated analyst Nabeel Haroon.

Overall volume declined by 514 million shares compared to 563 million shares changed hands yesterday, while traded value remained flat at Rs23.6 billion/$225 million. Ist Dawood Bank emerged as volume leader with 29 million traded shares. Brokers expect the bearish momentum to persist in the market.