KARACHI: Despite hefty foreign selling, the Pakistan Stock Exchange (PSX) 100 index consolidated at around record all-time high of 49000 in the outgoing week managing to gain 0.4 percent. “Two major developments during the week drove the equity market included cessation of subsidy on fertilizers (barring imported urea) followed by increase in prices by local manufacturers and announcement of much awaited Rs180 billion exports package by the government,” said Syeda Humaira Akhtar, an analyst at JS Research. The local bourse largely remained range-bound on selling pressure from both local and foreign investors, with the benchmark KSE-100 index closing at 49,210 points, up 0.35 percent or 172 points. Exploration and Production (E&P) and fertilizer were the major sectors that trimmed index gains. Bearish trend in E&P’s is likely attributable to profit taking while news of subsidy withdrawal on urea by government dampened investor sentiment, said an analyst at Elixir Research. On the other hand, power sector and commercial Banks provided the much need support. “With limited triggers ahead, we expect market to consolidate at current levels however sector specific news (Textiles, Fertilizer) and earnings season kick-off may ignite some fresh momentum,” the analyst said. Pakistan Petroleum Limited (PPL), Engro Fertiliser and Engro were the major laggard during the outgoing week, cumulatively dragging index by 196 points. On the other hand, MCB alone contributed 107 points followed by Hubco and Kapco respectively. News regarding increase in equity stake by Hubco management in the 2x660MW power projects from 26 percent to 47.5 percent served as a major catalyst for the stock. Market activity slightly declined during the week with average daily volume receding by 0.8 percent Week on Week (WoW). Foreigners remained net sellers during the week, with significant increase in the quantum, offloading $46.5 million worth of shares, with selling primarily concentrated in Fertilizer ($14.2 million) and cement ($13.1million) sector. In terms of activity, average traded volumes jumped by 20 percent WoW while value increased by 7 percent WoW. Moreover, total net outflows from foreign investors clocked-in at $47 million.