KARACHI: Pakistan equities closed negative Friday after another range-bound session as the index made an intraday low and high of -125 points & +191 points, respectively. Market traded sideways in the initial hours of the session but later traded weak to close 82 points negative. An equity analyst Danish Ladhani says market will likely remain similar to outgoing week until any further developments. On the economic front, Pakistan plans to borrow more than $4 billion from the Saudi-backed Islamic Development Bank (IDB) as part of its attempts to restore dangerously low stocks of foreign currency. Moreover, foreign exchange reserves of the State Bank of Pakistan (SBP) increased by $19 million to $10.369 billion during the week. Engro Fertiliser (EFERT) lost 1.45 percent value after reporting first half 2018 consolidated Earnings per Share (EPS) at Rs5.35, up 74 percent year-on-year (YoY) with interim dividend of Rs4/share. Mixed sentiments were seen in the Cements where Lucky Cement (LUCK) gaining 1.40 percent and Pioneer Cement (PIOC) gaining 0.07 percent closed positive whereas DG Khan Cement losing 1.90 percent and Fauji Cement Company Limited (FCCL) losing 2.04 percent closed in the red. Moreover, mixed sentiments were also seen in the Financials where Habib Bank Limited (HBL) losing 0.40 percent and MCB Bank losing 0.43 percent closed in the red, while on the flip side United Bank Limited (UBL) gaining 1.33 percent and Habib Metropolitan Bank (HMB) gaining 0.24 percent closed positive. Friay’s major heavyweights namely, HBL (-0.40%), ENGRO (-0.42%), MCB (-0.43%), POL (-0.57%) and HUBC (-1.43%) cumulatively contributed -55 points to the decline. Traded volumes surged up by 21 percent day-on-day (DoD) to 250 million shares while value traded increased to $ 99 million. Top volume stocks were Pak Elektron (PAEL), Engro Polymer Chemical (EPCL), LLotte Chemical (LOTCHEM), Unity Foods, K-Electric. Ladhani expects market to remain range bound until the new government is formed. Published in Daily Times, August 11th 2018.