KARACHI - Stocks closed bearish on first trading day on Monday, amid pressure in energy and fertiliser stocks post major earning announcements at PSX, the benchmark shares index closed down 446.59 points or (0.9 percent).

Volatility prevailed in the market during the first half of the trading session; whereas heavy profit taking was witnessed in the market during the second half of the day as the index lost 447 points to close at 48,929 level, brokers said. Banking sector, however, closed higher, as the sector heavy weights HBL (rose 1.2 percent) and UBL (1.5 percent) gained to close in the green zone.

Profit taking to some extent was witnessed in the cement sector, as sector heavyweights DGKC (slip 2.0 percent), MLCF (2.7 percent), LUCK (0.3 percent) and POWER (5.0 percent) lost value to close in the red zone.

NML (dip 4.4 percent) in the textile sector lost value to close in the red zone as the company declared its 1HFY17 result.

In its result company posted EPS of Rs7.25/share with no cash payout, which was slightly below market expectations. HUBC (decline 2.0 percent) in the power sector lost value to close in the red zone as the company declared its 1HFY17 result. In its result company posted EPS of Rs4.38/share with an interim dividend of Rs1.50/share which was slightly below street estimate, stated analyst at JS Global.

Weak earning announcement by HUBCO, OGDCL invited late session pressure in the future rollover week.

Weak global stocks and crude prices, concerns for foreign outflows and dismal payouts in fertiliser and banking sector played the role of a catalyst in bearish close at PSX, market participants said.

Overall, volumes decreased by 7.8 percent to 344 million shares, while traded value declined by 27.5 percent Rs14.7 billion/ $140 million.