KARACHI: Pakistan equities closed Monday marginally positive with benchmark KSE100 index settling below 45,400 points levels, up 0.25 percent day-on-day (DoD). Market kicked off negative as the pressure came in from major banking and cement stocks, however the index recovered. Stocks traded in a narrow range in early hours and later select names across oils and banks pushed KSE-100 Index on a positive climb. Wider market activity however was sub par as only $ 47 million worth of shares exchanged hands on KSE-All Share Index. Budget-related news-flow over the weekend on various proposals pertaining to subsidy for Power sector, reduction in Super Tax on Banks and withdrawal of 5 percent withholding tax (WHT) on bonus shares failed to generate any serious excitement in the market. On results front, earnings of Pakistan State Oil (PSO) gaining 1.8 percent outperformed street expectations, while High-Tech Lubricants (HTL) losing 5 percent hit lower price limit after announcing poor earnings. Bank Alfalah gaining 1.4 percent closed in green on rumors of Lucky Cement (LUCK) losing 0.4 percent eyeing a majority stake in the bank. Elixir Securities’ analyst Jawwad Abubak expects range-bound trading this week with key institutional players staying on sidelines and pre-budget snooze keeping broader market activity on the lower side. Moreover, traded volumes plunged by 22 percent DoD to 113 million shares while value traded decreased to $ 47 million. Top volume stocks were UNITY (+5%), SSGC (+3.48%), FFL (+3.21%) and LOTCHEM (-2.37%). From the OMC sector, PSO (+1.93%) and HTL (-5%) declared their nine months FY18 results. Engro gained 0.27 percent as it declared its first quarter 2018 result, where the company posted an EPS of Rs8.01 and announced an interim cash payout of Rs5/per share. From the banking space HMB (+2.18%) declared its 1Q2018 result, where the bank posted an EPS of Rs1.50 with no cash payout. An equity analyst Maaz Mulla expects overall activity to remain volatile and under pressure in the coming sessions with flows from Foreigners and Local institutions guiding the market direction. Published in Daily Times, April 24th 2018.