LAHORE   -  The KSE-100 index of Pakistan Stock Exchange plunged by a whopping 880 points or 2.29 percent on last day of the week.

Moreover, the index came under pressure after word on the street suggested that major heavyweights, LUCK, UBL and HBL, could be removed from the MSCI large cap index in the upcoming Semi-Annual review on the 13th of November that took toll on the benchmark, pushing it near the 37,518 points. Furthermore, on the economic front, the International Monetary Fund launched formal bailout talks with Pakistan where they have required "absolute transparency" of Pakistan's debts, including those owed to China.

The top heavyweights, HBL (-1.88 percent), OGDC (-1.82 percent), ENGRO (-3.46 percent), PPL (-2.10 percent), MCB (-3.01 percent), POL (-2.87 percent), UBL (-1.90 percent), FFC (-2.92 percent) and LUCK (-5 percent) cumulatively contributed -410 points. LUCK was the major laggard that closed to limit down while DGKC (-4.64 percent) and MLCF (-4.65 percent) closed near to lower circuit. Pressure was also seen in the financials where HBL (-1.88 percent), MCB (-3.01 percent) and UBL (-1.90 percent) were the major laggards.

SEARL (-2.12 percent) in the pharma's announced FY18 results where the company reported consolidated EPS of Rs14.55 with a cash payout of Rs5.00 and a bonus of 15 percent. In the E&Ps, POL (-2.87 percent) announced 1st quarter consolidated EPS of Rs12.57 with no cash payout. ATRL (-0.99 percent) in the refineries reported a LPS of Rs1.97 with no dividend. Traded volumes slightly improved by 0.6 percent DoD to 135mn shares while value traded increased to $41m. Top volume stocks were TRG (-5 percent) and KEL (+1.96 percent).

Moving forward, it is expected that investor's sentiment will remain choppy. Therefore, the KSE100 performance shall remain under pressure along with selling pressure from foreign investors.