LAHORE - The PSX closed negative after range-bound activity as the index made an intraday low and high of -121 points & +97 points. Market started on a positive note in the initial hours of the session but later traded sideways, eventually closing in the red zone, -28 points.  Market will continue to trade sideways until any further substantial developments in local politics. On the economic front, Pakistan’s Circular Debt crossed Rs1tn Mark.

Moreover, the expected Finance Minister Asad Umar is yet to decide by end of September whether to access IMF for the bailout, pegging more pressure to market sentiment. Mixed reactions were seen in Financials where ABL (-1.16 percent), UBL (-0.80 percent) and NBP (-1.89) closed in the red whereas MCB (+1 percent), BAHL (+1.44 percent) and BAFL (+1 percent) closed positive. In Cements, LUCK (-1.64 percent), DGKC (-1.76 percent), FCCL (-1.54 percent) and MLCF (-1.68 percent) ended negative as investors booked profits after value hunting was seen in major Cements in Tuesday’s rally. Wednesday’s major heavyweights namely, UBL (-0.80 percent), LUCK (-1.64 percent), HUBC (-0.50 percent) and PSO (-0.34 percent) cumulatively contributed -94 points to the index.

Traded volumes plummeted by 20 percent DoD to 191mn shares while value traded decreased to US$73mn. Top volume stocks were PIBTL (+3.92 percent), OGDC (+0.35 percent) and LOTCHEM (-1.13 percent). Moving forward, it is expected market to remain range bound with flows from local and foreign institutions directing the market and recommend investors to accumulate valued stocks on dips.