LAHORE - Stock market remained negative during the first half of the day and made an intra-day low of -202 points, however recovery was seen during the second half as the 100-share index made an intra-day high of +469 points, to eventually close 64 points up at 42,138 points.

This recovery came after the former Chief Justice Nasirul Mulk was announced as the caretaker prime minister of Pakistan. Market was lackluster with total volume of 139 million shares. PAEL (+4.52 percent) from the cable & electrical sector led the market volume as 16 million shares of the scrip were traded in the market. Investors' interest was witnessed in the banking space as SBP in its May-2018 Monetary Policy Statement (MPS) made an increase in the policy rate by 50bps to 6.50 percent for the next two months.

UBL (-0.39 percent), MCB (-0.70 percent), HBL (-0.05 percent) and NBP (-1.95 percent) cumulatively contributed -29 points to the index. E&P sector lost value to close in the red as crude oil prices fell to trade at 66.71 USD/bbl in the international market. OGDC (-2.02 percent), POL (-1.11 percent) and PPL (-1.11 percent) were the major loser of the mentioned sector. Negative sentiments were witnessed in the cement sector where MLCF (-2.30 percent), DGKC (-1.45 percent) and CHCC (-0.70 percent) lost value to close in the red trajectory.

Moving forward, it is expected that market will remain volatile with flows from local institutions and foreigners directing the market.