LAHORE - Pakistan Stock Exchange, which closed almost flat the previous day, lost 680 points or 1.56 percent in Wednesday’s trading session amid lack of any triggers. The benchmark KSE 100-share index closed at 43,002.83 points.

Investors remained concerned over lack of clarity on external account outlook and any major likely inflows under Amnesty Scheme. This coupled with pressure on oil in international market, trade tensions between US and China and mixed trends witnessed in international markets kept investors on the sidelines.

Index heavy weight stocks like HBL (-3.5 percent), NESTLE (-5 percent), UBL (-2.7 percent), OGDC (-2.1 percent) & LUCK (-3.2 percent) remained under pressure, deducting 320 points from the index.

Experts said that a bloodbath was seen at the local bourse. This pressure in the market was on the back of likely redemptions in mutual funds. Market kicked off sideways in the early hours, however declined later, hitting the day's low of -728 points towards close. Major heavyweights namely HBL (-3.54 percent), OGDC (-2.10 percent), ENGRO (-1.22 percent), UBL (-2.73 percent), MCB (-1.59 percent), POL (-1.97 percent), FFC (-0.20 percent) and LUCK (-3.21 percent) cumulatively contributed -319 points.

Traded volumes slightly improved by 11 percent DoD to 136m shares while value traded increased to $57m. Top volume stocks were TRG (+0.10 percent), LOTCHEM (0 percent), POWER (-2.11 percent) and PAEL (-4.58 percent). Active participation was seen in POWER as the the company notified completion of expansion financing. The project is expected to complete by May-2019. All the major sectors came under pressure including financials, cements and energy where HBL (-3.54 percent), UBL (-2.73 percent), MCB (-1.59 percent), LUCK (-3.21 percent), DGKC (-2.43 percent), PPL (-0.01 percent) and OGDC (-2.10 percent) closed negative.

Sector-wise data showed that commercial banks withheld 246 points from the index whereas cements contributed 88 points to index decline.

Trading activity improved as volumes were up by 11 percent while traded value was up 20 percent. As per the notice sent to PSX by Meezan Bank (MEBL), Noor Financial Investment Company has successfully consummated the divestment/sale of 36.1m shares in MEBL, constituting a total of 3.4 percent of the total issued and paid up capital of bank pursuant to which the sale shares have been acquired by various foreign institutional investors at a purchase price of Rs72.30 per share.

Experts said said that Financial Action Task Force is set to review Pakistan’s Action Plan and announce a decision regarding Pakistan’s inclusion in ‘black-list’ of countries that financially aid terrorism on Friday, 29th of June. Spokesperson for FATF informed that the meeting will begin on Monday, 25th June, and will review Pakistan’s Action Plan up until Friday before announcing the decision later that day.