LAHORE - The PSX closed last day of the week positive after range-bound trading as the index made an intraday low and high of -233 points and +223 points, respectively.

Market kicked off negative in the initial hours of the session but later traded sideways to close 175 points positive.  On the economic front, forex reserves increased by $1.35 billion on official inflows. Moreover Pakistan and Iran may start parleys on IP gas project next month. Key sectors including E&Ps and financials drove the market whereas cements showed some respite at the bottom.

In cements, LUCK (-0.86 percent) DGKC (-0.45 percent) and FCCL (-0.28 percent) closed in the red. On the flip side, MCB (+1.40 percent), UBL (+0.04 percent) and BAHL (+0.10 percent) closed in the positive zone. Today's major heavyweights namely, OGDC (+0.66 percent), ENGRO (+2.17 percent), MCB (+1.40 percent), UBL (+0.04 percent) and FFC (+2.93 percent) cumulatively contributed +125 points. Traded volumes plummeted by 29 percent DoD to 203mn shares while value traded decreased to $75million. Top volume stocks were EPCL (-0.96 percent), UNITY (+4.54 percent), TRG (+1.50 percent), PAEL (-0.58 percent) and PIBTL (-4.44 percent). Efoods (+2.57 percent), closed in the green zone as it announced 1H2018 EPS of Rs0.67 with no DPS. Moving forward, it is expected the market to remain sideway until any further breakthrough on the political front.

Experts said that flows from local and foreign institutions directing the market and recommend investors to accumulate valued stocks on dips.