KARACHI -  Pressure remained in blue chip stocks at PSX on institutional uncertainty in global equities, the index closed slightly negative by 36.44 points or (down 0.07%) to close at 48,642.21 level.

Market opened on a positive note and rallied to make an intraday high of 292 points but came under selling pressure as the day progressed. Major decline was seen in OGDC as Privatisation Commission announced to sell 5 percent shares. Stock declined by 5 percent, brokers said.

ICI (rose 3.35%) extended its gain on the back of the news disseminated in the market yesterday that company’s board of directors have approved the agreement to form a joint venture company with Unibrands and Morinaga. ICI’s stake in the joint venture is up to 51 percent and the total project cost is of around Rs4.8 billion. The project is expected to come online in 2018.

Profit taking was witnessed in FFBL (decline 2.00%) as investors came in to book their profits after the stock price of the company increased by over 5 percent over the course of last two trading session, said analyst Nabeel Haroon. On the back of Roshan packaging book building, interest was seen in other packaging companies. PKGS, CEPB and MERIT gained between 1.5%-5%, said dealers at Equity Sales Topline Securities.

Overall, volumes decreased by 9 percent to 330 million shares, while value decreased by 2.2 percent Rs21.9 billion/209 million. PAEL was today’s volume leader with more than 19 million shares traded, where it gained to close on its upper circuit.