KARACHI - Pakistan Stock Exchange (PSX) started week on a bearish note, with benchmark 100-share index losing 412 points to close at 46,466 points.

Decline in stock prices is plausibly a result of jitters felt from the political impact of recently ousted PM's rally. EPCL (down 2.08%) declared its financial results for 1H2017; an EPS of Rs1.58 was announced that stood below investors' expectations for the quarter, said analyst at JS Global.

Major laggards were LUCK (down 1.96%), HUBC (1.58%), and ISL (4.81%) as they cumulatively wiped away 87 points from the index. On a sector wise level, commercial banks dragged down the market by 51 points, with UBL (down 1.16%), NBP (0.54%) and MCB (0.73%) were among the major losers from the sector. Owing to lower global oil prices, OGDC (down 1.10%), POL (1.45%) and PPL (down 0.63%) from the E&P sector also ended in the red zone, while PSO (up 0.84%) from OMCs gained on account of positive investors' expectations for its financial result that will be announced today.

Stock closed sharply lower after corporate results fell short of expectations in fertilizers and banking sector, said analyst Ahsan Mehanti at Arif Habib Corp. Weak banking spreads, concerns for surging circular debt in energy sector, falling global crude prices, foreign outflows and concerns for political noise played a catalyst role in bearish close at PSX.

Volumes were lower at 241m shares, compared to 346m shares in the previous session. While traded value declined to Rs10b /US$97mn.

Scrips of total 394 active companies participated in the session of which 100 concluded in positive, 281 in negative while 13 remained unchanged.