KARACHI: Pakistan equities closed the week on a positive note as the benchmark KSE-100 index gained 530 points to close at 42,088. Activity in THE wider market remained upbeat as recent clarity on legal issues faced by former prime minister and expectations of a relief package for the market, helped rebuild investors’ confidence. Although, THE morning session saw somewhat limited activity and range bound trading where most volumes went through in small and mid cap plays. From the onset of afternoon session, KSE-100 Index saw a sharp climb upward, helped by gains in blue chips across major sectors on reported local buying. On results front, Habib Bank recorded a loss in the quarter. The result was largely in line with market expectations after the bank paid a fine to the US regulator. HBL bank reported loss of Rs 14.2 billion (LPS Rs9.7) during 3Q2017 mainly on the back of a fine of Rs 24 billion ($225 million) imposed on HBL’s New York operation during the quarter. The bank also skipped dividend payout during the quarter to support capital adequacy ratio (CAR) of the bank on the back of the huge penalty. Volumes edged up to 261 million shares traded, valued at around Rs 12.9 billion. Out of the 386 traded stocks, 270 advanced, 99 declined and 17 remained unchanged. Volumes were led by Engro Polymer with 20.7 million shares traded, followed by Azgard Nine with17.6 million, TRG Pak with15.9 million, Aisha Steel Mill with 2.93 million, and Dost Steels with 1.50 million. Analysts expect the market to inch up next week with sectors and stocks tracking institutional flows and earnings announcements. However, investors would remain sensitive to data of foreigner trading as any large outflow at highs from them can halt current momentum. Published in Daily Times, October 21st 2017.