LAHORE - PSX closed negative after witnessing range-bound activity as the index made an intraday low and high of -104 points & +184 points, respectively.

Market traded in the positive zone in the initial hours of the session but later traded sideways to close down 48 points negative. On the economic front, according to Economist Intelligence Unit (EIU), Pakistan may fail to persuade IMF for bailout owing to political resistance from both the US and China, adding more jitter to the market.

Key sectors including E&Ps and Cements drove the market whereas Financials showed some respite at the bottom. In Cements, LUCK (+2.05 percent) and DGKC (+3.63 percent) closed in the green whereas MLCF (+4.53 percent), PIOC (+4.39 percent), KOHC (+4.21 percent) and FCCL (+4.01 percent) closed near their respective upper circuits following an expected price hike in the south players by Rs10/bag. On the flip side, HBL (-0.89 percent), MCB (-1 percent) and UBL (-1.13 percent) closed in the red. Today's major heavyweights namely, HBL (-0.89 percent), ENGRO (-1.01 percent), OGDC (-0.14 percent), MCB (-1 percent), UBL (-1.13 percent) and FFC (-0.79 percent) cumulatively contributed -95 points to the index. Traded volumes increased by 56 percent DoD to 239mn shares while value traded increased to US$80mn.

Top volume stocks were LOTCHEM (2.75 percent), PAEL (+2.07 percent), FCCL (+4.01 percent), PIBTL (+7.74 percent) and TRG (-0.09 percent). Moving forward, It is expected the market to remain range bound with flows from local and foreign institutions directing the market. Experts recommend investors to accumulate valued stocks on dips.