Karachi: Pakistan equities closed bearish in the mostly directionless market amid profit taking and concerns for foreign outflows. The main KSE100 Index closed 188 points or 0.38 percent down to 49,434 level. After a listless open, the wider market traded dull and in a narrow range for most part of the day as both institutional and retail investors kept participation to a minimum. Strong resistance was seen near the 50000 level as investors were confused about the direction of the market in the coming days. A surging trade deficit, falling exports, and weak global oil prices invited late session pressure in the oil sector amid consolidation post major earning announcements at PSX. Support was witnessed in banking stocks on reports of rising banking spreads, Ahsan Mehanti, senior stock analyst observed. Despite positive news flow over local liquidity given PSX payment and changes in regulations for local AMCs, the wider market failed to show any signs of excitement with very selective participation in index names and volumes on benchmark KSE100 index dipping by as much as 30 percent against the previous weeks’ average. As the market struggles to find a clear direction on thin volumes, few select stocks namely, Lucky Cement, Hub Power and MCB Bank came to the rescue, according to analysts at Elixir Securities. Engro Fertilizers, in a material notice after-market hours, notified of IFC converting its debt into company’s shares that, according to analysts, will have an insignificant dilution impact. Cement was again under pressure for lack of positive triggers which resulted in the fall of major stocks in the range of 0.5 % to 2.5%. The upcoming hearing at the Lahore High Court further effects sector sentiment which resulted in the fall of ASL and ISL by 3 percent and 4.2 percent respectively Overall, volumes declined by 23 percent to 302 million shares, while value declined by 44.1 percent Rs 9.6 billion/ $91 million. SILK led the volume with 59 million shares changing hands. Analysts expect range bound trading in near-term. However, flows primarily from local AMCs in Index names can help resume the uptrend with Chartists eyeing 50, 000 as an immediate target level for KSE100 Index.