The benchmark KSE-100 Index on Thursday gained 208 points or 0.6 percent, to close at 36,788 levels. The local bourse made a high and a low of +331 & -80 points, respectively.Market came under duress due to selling pressure by the local institutions. The KSE-100 remained positive through most of the session as trade deficit for March improved to USD 2.2 billion, down 5 percent MoM with exports increasing 5 percent MoM. March remittances increased 11 percent MoM to USD 1.7 billion though they were almost flat YoY. PAMA recently reported auto sales numbers for March 2019 at 22.9000 units, an increase of 15 percent month-on-month (MoM), taking nine months of FY19 sales to 185.8000 units, a drop of 4 percent year-on-year (YoY).Mixed sentiment was seen in Refineries where Attock Refinery Ltd (ATRL) (+2.7%) and National Refinery Limited (NRL) (+0.1%) announced their nine months of FY19 results: ATRL reported a consolidated LPS of Rs28.39 with no cash payout while NRL reported nine months FY19 LPS of Rs64.85, with no cash payout. Cements came under pressure as MLCF (-5%), CHCC (-4.7%), PIOC (-4.6%) closed red. LUCK (+2.1%) closed positive while ACPL (+5%) on announcement of nine months FY19 consolidated EPS: Rs10.01 closed limit up.Mixed views in the Financials where HBL (+0.7%) and MCB (+0.5%) closed in the green. PPL (+0.6%), OGDC (+1.5%), ENGRO (+0.4%), HBL (+0.7%), MCB (+0.5%), HUBC (+1.5%), FFC (+0.3%), and POL (+0.5%) were top scrip that cumulatively contributed +105 points to the positive closing. Traded value stood 7 percent up at $31 million and volume stood at 144 million shares. Furthermore, major contribution to total market volume came from TRG (-0.4%), FCCL (-3.3%), MLCF (-5%) and KEL (+1.4%).Danish Ladhani, an equity analyst expects the market to remain choppy and volatile. He recommends investors to stay cautious in the short run ahead of MSCI rebalancing and IMF meeting this week.