Karachi: Pakistan stocks closed the week on a negative note amid lackluster activity and lack of triggers. The benchmark KSE-100 index shed 345 points to close at 45,288 level. Market traded in negative territory from the start of the trading as Index names across major sectors carried bearish momentum and slided in dull trading. Institutional investors likely refrained from participating aggressively in the wake of domestic political noise, while most retail investors also preferred to stay on the sidelines ahead of long holidays. The textile sector dominated the day’s trading with 21.9 million shares traded followed by communication and oil and gas marketing with 11 million and 10.7 million shares traded respectively by the close of session. Meanwhile, Engro Foods hit lower price limit after posting poor result while Habib Bank too traded in red after announcing slightly lower-than-expected quarterly earnings. EFOODS tanked 12% with a dismal 2QLPS of Rs0.19; earlier in print MD highlighted tax changes significantly hampered sales. Due to political uncertainty and lack of investors’ interest the KSE-100 index shed 3.4% or 1589 points in the outgoing week. Participation thinned significantly as average volumes fell 46% WoW to 190 million shares while traded value declined 42% to Rs 9.6bn/ $92 million. After bouncing 2.1% last week investors sought to book gains as the political theater draws masses again – Ousted Tiger Nawaz Sharif and his PML-N crew careen down the Grand Trunk Road, taking every pit stop as an opportunity to criticize those who ‘dealt’ in his disqualification. During the week results were mixed; market caught wind of PAEL’s poor earnings well before as evident by 11% correction in 5 sessions preceding announcement. PSO rallied 5% WoW due to stellar full year earnings growth of 77% & bumper cash (Rs15) & stock (20%) payout. Sector wise; Engineering shed 7% WoW, Fertilizer (-5%), Cement (-4%), Power (-4%), E&P (-3%), Banks (-3%), Auto (-3%) and OMC (-2%). Insurance companies (+US$7.4 million) were the largest domestic buyers, while Foreigners sold $31.2 million during the week against selling $13.2 million last week; selling was concentrated in OMC ($8.5 million), Banks ($6.7 million), E&P ($6.3 million) and Cement ($4.3 million). Weekend session’s volume leader was Azgard Nine with 18.57 million shares traded followed by TRG Pak 6.2 million shares, Aisha Steel Mill 5.37 million shares, Sui Southern Gas Company 5.04 million shares and Dewan Motors 4.52 million. Analysts expect that the stocks will remain under pressure on political noise with cleric Tahir Qadri announcing a sit-in in Lahore city on Wednesday while ruling PMLN is expected to continue to aggressively defend ousted PM Nawaz. Investors will take cues from and closely track political developments over the long weekend. Published in Daily Times, August 12th 2017.