Share values moved both ways on Lahore Stock Exchange (LSE), where the index finished with a weak note, as impact of technical correction has persisted since the start of the week. The LSE-25 index slightly retreated to 2716.53 points from Wednesday's 2719.26, registering a marginal decline of 2.73 points.
The volume also stayed on the lower side at 55.398 million shares as compared with 63.642 million shares of the previous session, declining by 8.243 million shares.
The market picked up in first half of the session that made people to think the impact of the correction was finally over, but later, the pressure emerged in key chips, including PSO, PPL, and banking stocks that forced them to change their mind.
Stock analysts said the profit-taking surfacing in second half of the session, disappointed investors, adding the market might undergo pressure again on Friday, because of off-loading by individual investors and traders on the last trading day of the week.
The market is still in correction phase and is consolidating early gains, but it may end during the coming week, a broker said, adding fuel & energy, banking and cement are potential sectors and are expected to lead the market both in terms of value and volume.
The market remained highly volatile, and showed an erratic movement that disappointed investors, who were expecting good trading on Thursday after witnessing two consecutive weak sessions, said Mirza Ejaz Ullah Baig, director, Capital Vision Securities Ltd.
The market was much active in early session with the index up by 50 points, but afterwards it turned volatile, due mainly to end of the spot period of some of scrips that caused pressure in the market. The volume was low, but due to late session, the profit-selling improved. Though turnover stayed low as compared to last day, but it was not discouraging, he added.
He said: "The correction phase is expected to end by next week, therefore, I look forward good trading on Monday."
Out of a total of 79 scrips that changed hands on the floor, 10 improved their worth, 33 were down, while 36 stayed intact to its previous closing levels.
Among prime gainers, Bank Alfalah surged by Rs 1.05, Hub Power Company 65 paisa, Engro Chemical 50 paisa, PTCL 35 paisa, and Nishat Mills 25 paisa.
In minus zone, PSO shed Rs 2.65, Askari Commercial Bank Rs 1.30, PPL Rs 1.25, MCB Rs 1.15, and National Bank Rs 1.10.
The DG Khan Cement was the volume leader with 6.650 million shares followed by the Fauji Fertiliser Bin Qasim with 5.883 million shares.
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