KARACHI - Stocks witnessed oscillated session as PSX shares index rose by 211 points but profit-taking in the second half, amid last day of futures roll-over, led the market to close down by 54.26 points and to close at 49,008 level.

Market opened on a positive note and rallied to make an intraday high of 212 points. This positivity prevailed in the market for most of the day. However, pressure was witnessed in the market during eleventh hour as the index declined to close (down 0.11%) lower than its previous day close, brokers said.

BAFL in banking sector declined to close on its lower circuit as the banking company declared its result for 2016. In its result, the company posted EPS of Rs4.96/share with no dividend payout.

NCL (5%) declined to close on its lower cap as the company declared its result for 1HFY17 in which it posted EPS of Rs4.68/share. Selling pressure was witnessed in the scrip after the result announcement on 30 percent YoY decline in its 2QFY17 EPS. Moreover, no dividend announcement by its subsidiary NCPL, in its result announcement for the quarter, further weighed down on investor expectation regarding future earnings of the company, stated analyst at JS Global.

Analyst Ahsan Mehanti said pressure remained in blue chip oil stocks amid concerns for foreign outflows, surging circular debt in the energy sector and dismal payouts in the earnings season. Institutional support in blue chip banking, fertiliser and cement stocks supported the index to close above session lows. Consolidation post major earning announcements at PSX played a catalyst role in bearish close in the futures contracts rollover week.

Overall, volumes increased by 3.3 percent to 275 million shares, while value rose by 8.4 percent to Rs14.1 billion/$135 million.