LAHORE - The equities closed negative with benchmark KSE100 Index settling down at 46,072 levels, after making an intraday high of +18 points versus an intraday low of -295points, down by almost 260 points or 0.6 percent.

Market kicked off on a positive note traded sideways most of the day but later on in the second half of the session succumbed to pressure as the Supreme Court of Pakistan announced its final landmark verdict against the ousted PM Sharif. In its brief decision, the Supreme Court (SC) ruled that disqualification under Article 62(1)(f) of the Constitution was for life.

On the economic front, foreign exchange reserves decline by $157million to $17.639billion.

Moreover, power sector receivables crossed Rs805 billion mark. Friday's major heavyweights namely HBL (-0.73 percent), OGDC (-0.89 percent), PPL (-0.74 percent), UBL (-1.68 percent), ENGRO (-0.20 percent), LUCK (-2.47 percent), MCB (-1.65 percent), POL (-0.12 percent) and FFC (-0.21 percent) cumulatively contributed -184points. Moreover, traded volumes plunged by 41 percent DoD to 197mn shares while value traded decreased to $76million. Top volume stocks were KEL (+0.71 percent), EPCL (-1.73 percent), FFL (+0.95 percent) and FCCL (-2.21 percent).

Investors were active in KEL as the federal cabinet ratified the decision of Cabinet Committee on Privatization (CCoP) for issuance of National Security Certificate (NSC) for sale of 66.40 percent shares in K-Electric Limited to Shanghai Electric Power. Moreover, Financials and Cement sectors once again closed in the red due to profit taking. Moving forward, it is expected that overall activity to remain volatile and under pressure in the coming sessions with flows from foreigners and local institutions guiding the market direction.