KARACHI: Stocks slipped a httle after record climb to a four-year high as bulls took a breather on Wednesday. The KSE-100 index declined by 64 points, or 0.13 per cent, and settled at 48,127.

Market experts said that a healthy correction was due after the index had ascended unimpeded over the month of May and first day of June, making record gainsof3,929points.

The start was as usual in the positive and the Index rose tointraday high by 95 points. But selling emerged from mutual funds; insurance companies and brokers who booked profit.

Individuals and banks held fast to their faith in stocks and mopped up much of the liquidity. Yet the index succumbed to selling pressure and faltered to intraday low by 231 points.Renewed buying at dips helped index to recover much of the lost ground.

Wednesday`s favourites exploration & production and cement went out offavour and most scrips on those sectors lost values.

Profit-taking was also seenonthe banks andferdlisers. Yet, selected scrips on the power sector stoodout as exceptions; Kapco and PSO gained on the back of expectation of release of payment related to circular debts as deadhne approaches to pay 40pc duesto 20 IPPs on June 7, which was earlier approved by the Cabinet committee.

Increase in international coal prices drove investors away from cement sector.Refineries looked up with NRL, ATRL and PRL closing in the green on the back of news that government was likely to approve the new refineries policy in the upcoming budget.

Activity was witnessed in the auto sector where HCAR, SAZEW, GHNI and PSMC were the major gainers on reports of massive rise in demand on the back of liquidity in the hands of savers.

Sectors contributing to the bearish performance were E&P (50 points), cement (29 points), banks (25 points), technology (23 points) and fertiliser (11 points). The major scrips that pulled the index down included HBL (35 points), OGDC (21 points), PPL (17 points), Lucky Cement (15 points), and T RG (14 points).

The trading volume declined 25pc day-on-day to 1.05bn shares. WorldCall and other sideboard items contributed 35pc to the total turnover.