KARACHI - Bearish sentiments prevailed at PSX due to withdrawal of subsidy on fertiliser sector pushing index to shed 173.62 points or (0.35%) to close at 48,865.79 points.

ENGRO, FFC and EFERT contributed 128 points to the fall in index as stocks declined by 2.5%, 2.7% and 4.9% respectively, brokers said. Pressure was witnessed in the fertiliser sector on the back of news that the federal government has withdrawn subsidy extended to the sector. EFERT (slipped 4.99%) and FATIMA (4.98%) were major losers of the aforementioned sector. Textile sector extended its gains as long-awaited export package of Rs180 billion was unveiled by the government. Removal of duty on various raw materials, import of industrial machinery, and rebate on various textile segments were some of the incentives announced under this incentive package. NML (up 1.43%) and NCL (1.38%) were major gainers of the aforementioned sector, stated analyst at JS Global. Overall, volumes decreased by 16 percent to 413 million shares, while value declined by 3.3 percent to Rs20.1 billion/$193 million.