KARACHI: Pakistan stocks lost direction on Wednesday as the Panamagate verdict euphoria subsided as the market closed marginally high with KSE100 Index oscillated between green and red for most part of the day. The main index gained 42 points to settle at 49827.51 level. Quarterly results of key stocks kept investors interest intact in the wider market. On results front, Fauji Fertilizers closed lower on profit taking after its results came inline with estimates, while both Cherat Cement and Kohat Cement tanked after their earnings and payout significantly missed street estimates, disappointing investors. Meanwhile, Index heavy Engro Corp and MCB Bank managed a decent close after their results came broadly inline with estimates, analysts at Elixir Securities said. On Wednesday the volumes were led by commercial banks, followed by chemical and engineering stocks. Top volume leaders were Summit Bank with 22 million shares traded followed by Azgard Nine 21 million, Engro Polymer 20 million, Aisha Steel Mill 20 million shares, and Bank of Punjab’s 18 million shares were traded at the bourse. Shares of of 388 companies were traded, of which 167 closed in green, 202 in red and 19 remained unchanged. Market players expect that the current results season will keep interest alive. However, ongoing futures roll-over week will likely keep a check on any bounce back for remainder of this week. “We see Index testing new highs early next month on excitement over earnings, clarity on domestic politics and greater EM flows following MSCI EM upgrade expected during the month of May”, they added.