LAHORE - The Pakistan Stock Exchange closed its week negative at 41,742 points as the index made an intra-day high of +142 and a low of -237 points, respectively.

Market started on a positive note, but came under the duress in the second half of the trading session. On the economic front, Pakistan's foreign exchange reserves fell by 0.22 percent to $16.685b as of August 24. The foreign exchange reserves came in at $16.722b in the previous week. Moreover, the Ministry of Energy has moved a proposal to the Economic Coordination Committee (ECC) of the Cabinet for seeking 30 percent increase in gas prices for all categories and 186 percent for domestic consumers of SNGPL to bridge the gas company's revenue shortfall of Rs102b.

Financials and cements stocks cumulatively drove the market down, where selling pressure came in from the foreign institutions. From the banking sector, HBL (-0.32 percent), MCB (-1.19 percent) and UBL (-1.01 percent) closed in the red. Moreover, from the cement sector, LUCK (-1.94 percent), DGKC (-2.76 percent) and FCCL (-1.56 percent) closed in the negative zone. Friday's major heavyweights namely HBL (-0.32 percent), PPL (-0.02 percent), OGDC (-0.59 percent), MCB (-1.19 percent), UBL (-1.01 percent) and LUCK (-1.94) cumulatively contributed -87 points to the index. Traded volumes slightly declined by 17 percent DoD to 160m shares while value traded decreased to $57m. Top volume stocks were UNITY (+3.34 percent), EPCL (+1.19 percent) and BOP (+0.17 percent).

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