The Pakistan Stock Exchange (PSX) on Wednesday recorded a trading volume of one billion shares for the first time in 16 years, thanks mainly to contributions by a handful of 'penny stocks'.

The session was very concentrated in terms of the number of stocks that boosted the huge volume, with WorldCall Telecom Ltd (WTL) alone contributing 37 per cent. Another 51pc of the historic volume was driven by only three, and mostly penny, stocks, according to stock strategist Khurram Schehzad.

Among the 10 volume leaders, WTL remained at the top by contributing 370 million shares, the price of stock closing at only Rs1.68.

K-Electric Ltd (KEL), another low priced scrip at Rs4.54, was the second-highest traded stock with a volume of 107m shares.

Telecard rounded off the top three contributors. Other volume leaders were also low priced.

Meanwhile, the stock market fell for the fourth consecutive day on Wednesday, with the KSE-100 index down 30.48 points to 46,644 points as the 47,000 level is showing strong resistance.

Cement sector performed against the trend where out of 19 stocks, 17 gained in the range of 2.5pc to 7.5pc.

NRL, in the refinery sector, also staged a rally in the last hour of trading. Most other sectors including banking, autos, steel, technology and pharma saw heavy profit-taking.

Exploration and production (E&P) stocks, which were showing signs of recovery due to recent record increase in international oil prices, suffered heavy battering on Wednesday.