KARACHI: Pakistan equities bounced to close Wednesday green after three consecutive negative sessions that pulled benchmark KSE100 lower by near 4.6%. KSE 100 index posted an increase of 288 points to close at 44,186 points as fresh buying was seen after previous day’s decline of 3%. Wider market recouped some of the recent losses as select index names inched up on institutions-led cherry picking while politics continued to be a distraction and kept most investors at bay or selective, evident from under 190 million shares volumes on KSE All Index. Maple Leaf Cement received battering in early trade however recouped losses on reported foreigners buying at lows while Engro Foods hit third consecutive lower price limit after announcing disappointing earnings late last week. Top 5 index contributors included SNGP (+4%), ENGRO (+2.2%), HBL (+0.9%), OGDC (+1.7%) and DAWH (+3.4%) which added 146 points to the index. On the other hand, LUCK (-1.6%), PPL (-0.6%), SEARL (-2.3%), POL (-1.3%) and EFOODS (-5%) withheld 69 points. Interest was seen in the steel sector as INIL closed at upper lock whereas ISL was up 4%. Interest was seen in the steel sector as INIL closed at upper lock whereas ISL was up 4%. Traded volumes down 2% to 187 million shares whereas traded value was up 13% to Rs10.3bn/$98 million. Shares of 377 companies were traded of which 217 stocks closed higher and 145 declined while 15 remained unchanged. “Ultimately, flows will guide direction in days ahead, however, value buyers in our view will attempt to take advantage of the ongoing weakness despite political noise capping upside”, analyst at Elixir Securities commented. Published in Daily Times, August 17th 2017.