KARACHI – Pakistan Stock Exchange (PSX) shares index extended losses on Wednesday and declined by 302 points as investors continued to book gains in heavy weight stocks which rallied considerably in the run up to MSCI review.

Top drags on the index were MCB (down 3.5%), HBL (0.9%), HUBC (1.2%), AICL (4.6%) & UBL (0.6%), eroding 162 points, while ISL (up 2.1%), DAWH (0.9%), MTL (1.1%), SEARL (0.9%) & ENGRO (0.3%) added 38 points to the index.

On the sector front, banks shed 146 points while engineering led with 12 points contribution as ISL gained 2.1%, stated analyst Adnan Sami Sheikh at Topline Securities.

Analyst Ahsan Mehanti said stocks closed lower amid major fall in global equities and institutional profit-taking after MSCI announced results. Textile stocks outperformed on likely package in federal budget and FM focus on 6pc GDP growth. Inclusion of International Steel invited mid session support. Pre-budget uncertainty and foreign outflows played a catalyst role in bearish close.

Analyst Arhum Ghous said NRL, in the refinery sector, lost value to close at Rs821.66 (-1.09%). AGTL, in the auto sector, gained to close (4.54%) higher than its previous day close. The company has strengthened its business ties with CNH Industrial Italia for the next 10 years and will assemble and sell ‘New Holland’ CNHI tractors in Pakistan. Decline in E&P sector can be attributed to crude oil prices as they declined to trade at (WTI $48.82/bbl level). POL (down 0.88%) and OGDC (0.02%) were the major laggards of the aforementioned sector.

WTL was volume leader as almost 39m shares of the company exchanged hands.

Retail favorites led volumes with DSL churning out 25m shares in anticipation of plant commissioning, which as per last official communication from the company would fall in May 2017.

Volumes remained flat at 372m shares, while traded value shed 22% to $173m as activity was concentrated in 2nd tier names.