KARACHI: Stocks closed bearish for the third consecutive day amid political turmoil and pressure in oil stocks due to plunge in global crude prices. The KSE 100 index shed further 237.95 points to close at 40526.81 level. Market was partially driven as a result of disclosure of financial results of various companies of which PIOC and MTL supported the index by 12 points cumulatively on account of delivering above expected results while HUBC dragged the index by 33.08 points owing to lower than anticipated earnings. During mid-day trading, news reports surfaced regarding EFERT being granted a stay order against the collection of GIDC, allowing the scrip to hit intra-day high of Rs 66.31 per share, said report by Global Research. Fertilizer stocks outperformed the index on strong financial results. Political uncertainty, weak economic outlook and major fall in global equities played a catalyst role in the bearish close at PSX, said senior analyst Ahsan Mehnti. Volumes during the day decreased by 5.4 percent to 348 million shares while value increased by 13 percent to Rs 12.9 billion /$124 million.. On Tuesday 367 million shares worth Rs 11 billion exchanged hands. Volumes were led by K-Electric and Bank of Punjab with 60 million and 41 million shares traded respectively. Other volume leaders were Dost Steel (27 million), Engro Fertilizer (14 million), Hum Network (12 million) and TRG Pak (12 million). Result announcements: MCB Bank announced 3Q2016 consolidated earnings of Rs 6.9 billion (EPS Rs 6.2) as compared to Rs 6.6 billion (EPS Rs 5.9) in the similar period last year. Alongside the results, bank also announced interim cash dividend of Rs 4 per share, in addition to Rs 8 per share interim dividend already paid during the year. The results were above market expectations. Earnings of MCB in 3Q2016 increased by 4 percent YoY mainly driven by improved non-interest income, up 58 percent YoY to Rs 5.8 billion. Non-interest income of the bank increased due to higher gain on sale of securities of Rs 3.4 billion in 3Q2016 against Rs 1.1 billion in 3Q2015. Net Interest Income (NII) of the bank was down 13% YoY to Rs10.5bn. Fauji Fertilizer Company also announced 3Q2016 results, reporting profit of Rs 3.7 billion (EPS Rs2.94), down 10 percent YoY. Revenues stood at Rs 18.6 billion, up 16 percent YoY. As per market estimates, gross profit margins fell by 7.6ppts YoY to 34 percent during the outgoing quarter (after adjusting for other income).Furthermore, finance cost of the company rose to Rs842mn, witnessing a 13 percent rise YoY. The company also announced cash dividend of Rs1.75 per share. Hub Power Company announced its 1QFY17 consolidated financial results, reporting profit of Rs 2.5 billion (EPS Rs2.13), down 3 percent YoY. Revenues fell 11 percent YoY, to Rs 23.9 billion. The company posted a gross profit of Rs 4.1 billion, down 8 percent on the back of higher operating expenses during the outgoing quarter. Admin costs stood at Rs 350 million, showing an increment of 8 percent YoY. The company also announced cash dividend of Rs1.50 per share Political scenario: For the last couple of weeks the share market, despite positive sentiments, is under constant pressure and witnessing bearish spells mainly due to the uncertain political outcome of a sit-in and blockade of Islamabad announced by PTI’s Chief Imran Khan. Analysts are expecting different possible outcomes and their impacts on Pakistan stock market. Analysts at Topeline Securities have drawn six possible outcomes of sit-in and blockade of federal capital.(1) The sit-in happens as planned.