The KSE-100 index declined by 342.24 points or 0.86 percent to close at 39,271.94 points. Trading activity also remained low as daily volumes on the ready counter decreased to 92.773 million shares as compared to 122.244 million shares traded Tuesday.
Foreign investors remained net sellers of shares worth $3.6 million. The market capitalization declined by Rs 50 billion to Rs 7.899 trillion. Out of total 333 active scrips, 218 closed in negative, only 96 in positive while the value of 19 stocks remained unchanged.
K-Electric was the volume leader with 13.222 million shares. However, it lost Re 0.07 to close at Rs 6.29 followed by Bank of Punjab that closed at Rs 12.85, down Re 0.05 with 10.695 million shares. Abbott Lab and J.D.W. Sugar were the top gainers with Rs 17.42 and Rs 10.33, respectively to close at Rs 658.89 and Rs 295.18. Mari Petroleum and Wyeth Pak were the top losers with Rs 29.59 and Rs 29.01, respectively to close at Rs 1,306.63 and Rs 1,030.00.
BR Commercial Banks Index decreased by 56.63 points or 0.67 percent to close at 8,356.46 points with total turnover of 13.524 million shares. BR Cement Index declined by 82.67 points or 1.96 percent to close at 4,127.54 points with 4.664 million shares.
BR Oil and Gas Index plunged by 71.59 points or 1.45 percent to close at 4,867.59 points with 9.708 million shares. BR Tech. & Comm. Index lost 9.21 points or 0.92 percent to close at 994.78 points with 7.045 million shares. BR Power Generation and Distribution Index closed at 6,155.30 points, down 60.73 points or 0.98 percent with 13.624 million shares.
Ahsan Mehanti at Arif Habib Securities said a bearish activity was witnessed at PSX amid thin trade on institutional profit-taking amid ongoing political and economic uncertainty. Auto and textile stocks outperformed amid the ECC approvals on checks over imported vehicles and allowance of duty free cotton imports. He said investors'' fears over slide in growth rate, concerns for pending circular debt and uncertainty over terms of the IMF bailout package played a catalytic role in bearish close at PSX.