KARACHI - Another bleak session was witnessed at PSX, as the benchmark shares index traded between an intraday high of 129 points and intraday low of 555 points, finally closing at 47,949 levels, losing 426 points or (0.88 percent).

Heavy weights like HBL and HUBC contributed 98 points to the fall in index while stocks declined by 1.2 percent and 1.8 percent, respectively. During first half of the session, some interest was seen in Oil and Gas Exploration stocks on the back of uptick in international oil prices. However, oil stocks came under pressure in second half due to above mentioned factors, said dealers at Topline brokerage.

BOP closed negative as the bank announced its 2016 result. In its result, the company posted EPS of Rs3.13/share and announced 70 percent Right shares at a premium of Rs2 per share. POL (slip 1.32%) and PPL (0.50%) closed in the red in the E&P sector as crude prices reversed course and declined. OMC sector closed in red, while SNGPL (rose 0.13%) closed positive on the back of news that the government of Pakistan begins splitting gas utilities to get loans, market participants said.

Investor concerns over outcome of regulatory actions on non-compliant brokerage firms and leverage product issues played a catalyst role in bearish close, said Ahsan Mehanti, analyst at Arif Habib Corp.

Volumes stood low at 241 million shares versus 272 million shares traded yesterday. Top volume leaders of the bourse were ANL (up7.3%), JSCL (4.6%) and BOP (slip 6.2%). Stocks of 386 companies in all were traded, of which 84 gained in value, 285 declined and 17 remained unchanged.

Volumes were led by Azgard Nine with 34 million shares traded, Bank of Punjab with 25.6 million shares traded and Jahangir Siddiqui Co with 19.9 million shares traded. Brokers expect the market to remain volatile as pressure is likely to persist due to the rollover week.