KARACHI - The stock market witnessed another bearish session on Thursday as profit-taking along with some consolidation forced 100-share index to close down by 169 points (0.43%) at 39446.70 points.

Positivity prevailed during the early hours of the trade as the index rallied to make an intra-day high of 208 points on the back of recovering crude oil prices in the commodity market. However, the market failed to sustain its level as selling pressure was seen during the latter hours as the index fell to close at 39,447 points level, brokers said.

HTL (up 2.2%) extended its previous day gains on the back of the news that lube oil blending plant of Hi Tech Blending (Pvt) Ltd, wholly owned subsidiary of Hi Tech Lubricants Limited, has started its commercial production. POL (up 2.1%), PPL (0.9%) and OGDC (0.5%) in the E&P sector gained to close in green zone, as crude oil prices surged to trade above $40/bbl level.

Selling pressure was seen in the cement sector on the back of market expectation that there will be a decline in cement dispatch numbers for the month of July on the back of extended Eid holidays and heavy rainfall in the country during the course of the month. Major losers of the aforementioned sector were CHCC (down 2.8%) and DGKC (2.0%), stated analyst Nabeel Haroon.

Volumes decreased by 10% to 204m shares while value increased by 6.6% to Rs 11.3b/$108m. SNGPL came out to be the volume leader with 18m shares traded. Stock gained 2%.

Correction was observed in cement stocks as total sales are likely to decline for month of July. DGKC, MLCF and LUCK declined between 1.3%-2.3%. In expectation of healthy off-take for the month of July, interest led EFERT to gain 0.8%, dealers said.