KARACHI -  Stocks market finally broke its bullish streak as the PSX shares index lost around 326 points to close at 49,785 level (down 0.65pc) after closing in the green zone for four consecutive trading sessions previously.

Downside contributors were ENGRO (slip 2.3pc), HUBC (2.5pc), PPL (2.9pc), SEARL (4.9pc) and HBL (1pc), eroding 225 points, while INDU (gain 5pc), THALL (5pc), PAKT (4.9pc), PSMC (5pc) and MTL (2.4pc), added 90.4points to the index, stated analyst at Topline brokerage.

However, INDU and PSMC in the automobile sector gained to close on their respective upper circuits on the back of their respective result announcements. INDU posted earnings of Rs130.34/share in its 9MFY17 result announcement yesterday along with a dividend of Rs30/share taking the payout to date to Rs80/share. PSMC announced its 1QFY17 result today in which it posted earnings of Rs15.88/share, which were higher than market expectations. MLCF (-1.41pc) lost value to close in the red zone as the cement company declared its result for 9MFY17 in which it posted earnings of Rs7.68/share. SNGP (-0.51pc) declined as investors came in to book their profits in the gas utility after its 9MFY17 result announcement in which it posted earnings of Rs9.63/share, said analyst at JS Global.

Stocks closed lower amid higher trades on institutional profit-taking in overbought scrips. Falling global crude prices, dismal payouts in the quarter-end earning season and investor concerns for current account deficit, foreign outflows played a catalyst role in bearish close, observed analyst Ahsan Mehanti. Volumes declined by 5 percent d/d to 381 million shares while traded value was down 15 percent to Rs19 billion/$181 million.