KARACHI - Pakistan Stock Exchange (PSX) closed in red on weekend, with the benchmark 100-share index losing 57.68 points and closing at 43,078.38 points.

Market remained negative during the first half of the day, making an intra-day low of 789 points; however recovery was seen during the second half as the index made an intra-day high of 51 points to eventually close 58 points down, dealers said.

Poor investor sentiments in the banking sector weighed down the index by 29 points as MCB (down 0.16%), HBL (0.81%) and UBL (0.28%) closed lower. ENGRO (down 1.62%) announced its 1H2017 results, where the company posted an EPS of Rs7.21 (down 32% YoY), accompanied with a DPS of Rs7.0. HMB (-0.18%) also posted its 1H2017 result, posting an EPS of Rs2.14 (down 6% YoY), in line with our expectations, stated analyst at JS Global.

E&P sector recovered the most as all stocks closed in the green zone and contributed 165 points to the index. PPL (up 5%) from the aforementioned sector closed at its upper circuit.

Stocks closed lower amid concerns for political uncertainty and weak financial results. Surge in global crude prices amid falling United States inventories and reports that Nawaz Sharif and his sons would not appear for an accountability hearing invited mid-session support, observed analyst Ahsan Mehanti.

Foreign outflows, concerns for economic uncertainty and dismal trade deficit data for July 2017 played a catalyst role in the bearish close at the PSX, he added.

Volumes remained thin at 188m shares, however traded value increased to Rs11b/$107m.

ANL from the textile composite sector led the volumes chart with an exchange of 18m shares, followed by Aisha Steel with 14m traded shares and TRG Pak with 13m shares.

Shares of total 378 companies were traded in the session of which 203 declined, 154 advanced while 21 remained unchanged.

Brokers expected that market to remain volatile due to political uncertainty; however a temporary relief rally is expected in the market.