The KSE-100 index movements Friday were reflective of a seesaw, where the local bourse juggled between green and red, making an intraday low of -310 points, and an intraday high of +188 points to close at 39,049 levels, down 41 points. Lack of participation as investors wait for the clear road map but overseas Pakistani workers remitted US$ 10718.78 million in the first half (July to December) of FY19, showing a growth of 10 percent compared with US$ 9744.75 million received during the same period in the preceding year, said an analyst at Trust Securities.Macros remained depressing as the central bank reported that Pakistan’s foreign exchange reserves dropped 1.74 percent, or $240 million, during the week ended January 4. Total volume was recorded at 124 million shares, up 10 percent from the last session. K-Electric (KEL) gaining 1.6 percent and Sui Southern Gas Company Limited (SSGC) losing 5 percent led the volumes with more than 22 million shares changing hands.On the news front, the Pakistan Tehreek-e-Insaaf (PTI) led government has decided to revise downward all the macroeconomic targets through the upcoming mini budget, including slashing down the real Gross Domestic Product (GDP) growth target while allowing upward revision in the budget deficit for the current financial year. Friday’s major attraction came from Pharma sector on the back of the news that the Drug Regulatory Authority of Pakistan (DRAP) with the approval of the federal government, announced up to 15 percent hike in the prices of medicines, apart from life-saving drugs.SEARL with 5 percent gains, ABOT with 5 percent gains, FEROZ with 5 percent gains, GLAXO with 5 percent gains and AGP with 5 percent gains all closed at their respective upper circuits. Mixed sentiments were witnessed in the banking space where Habib Bank Limited (HBL) gaining 0.7 percent and Bank ALflah Limited (BAFL) gaining 1.1 percent closed in the green zone, whereas United Bank Limited (UBL) losing 0.3 percent and Allied Bank Limited (ABL) losing 1.0 percent closed in the red zone. An equity analyst Maaz Mulla expects the local equity market to remain choppy and volatile on the back of serious economic concerns.Published in Daily Times, January 12th 2019.