KARACHI - Stock market again showed mixed trends on Wednesday, moving from positive territory to negative amidst the announcement of financial results of key corporates. The 100-share index gained 156 points and closed at 45,063 points.

The day started with optimism which reflected in the index crossing 45k level and sustained for quite some time. POL’s results served as the catalyst to change the index direction from a high of 587 points at one time to decline of 125 points after results. POL’s results affected the stock prices of OGDC and PPL as well, being affectees of the windfall levy on TAL block.

Surging data on textile exports for Jul-Dec'17, robust financial results in steel sector, likely approvals on privatisation of Mari Petroleum, rising local cement prices played a catalyst role in bullish close, brokers said. Yesterday's major index movers were LUCK (up 4.90%), HBL (2.17%), DGKC (4.90%) and HUBC (1.75%) as they cumulatively contributed 214 points to the index gain.

On the flipside, POL (down 5%), PPL (3.23%), FFC (2.39%) and OGDC (1.32%) were the major laggards of the index, cumulatively taking away 201 points from the index. POL from the E&P sector declared its 1HFY18 results where the company posted an EPS of Rs20.13/share and a cash payout of Rs17.50/share, sharply below experts and street estimates. Moreover, OGDC (down 1.32%) and PPL (3.23%) from the said sector declined to close negative.

A rally was witnessed in the cement sector as investors cherry picked, where LUCK (up 4.90%), DGKC (4.90%), FCCL (4.76%) and CHCC (3.75%) closed higher than their previous day close, said dealer at JS Global. Volumes also improved by 50% DoD as a total of 340m shares were traded during the trading session. TRG (-0.14%) from the tech sector led the market volumes with 29m shares exchanging hands.