LSE equities mixed

Equities moved in a zigzag way on alternate buying and selling bouts on Lahore Stock Exchange (LSE) on first day of the week, with all the key shares remaining subdued while the index touching 4400 level.
The LSE-25 index depicted a marginal increase of 13.85 points to reach 4400.37 points as compared to 4386.52 of the previous session. Turnover declined to 66.909 million shares from 74.515 million, showing decrease of 7.606 million shares.
Beginning of the market was bullish and in initial hours, the stocks moved up sharply following buying interest in banks, cements and gas shares, but afterward it turned volatile, stock analysts said, adding the trend was unpredictable that disturbed investors.
According to brokers, there was much excitement among the investors when the market took a sharp upturn in early trading but subsequently erratic movement disturbed them, especially the small investors. Majority of people squeezed their positions in last minutes, fearing major falls that forced the index to end with a marginal gain. The scrips, which led the proceedings during the session, were Pakistan Oilfields and Bank of Punjab followed by some cements and OGDC, while PSO and PTCL were the key sufferers.
The market on Monday witnessed various high and low levels because of volatile movement that reflected lack of confidence among the players', who were believed to be afraid after the KSE index touched 9,000 level, said Mirza Muhammad Ejaz Ullah Baig, Director, Capital Vision Securities Ltd.
The market opened higher with around 50 points and then, after taking short dips fluctuated further upward taking the index 150 points up. However, later it turned highly volatile, mainly on account of profit-taking in banks, he added. He said that there is also a forecast of high profit-taking in banks, as most of them have reached saturation point.
"I think people are scared to move ahead at the 9,000 points level of KSE," Mirza Ejaz Ullah Baig, said. Cement sector, he maintained, has attained its high level where no one is ready to take risk and seems in mood of profit-taking, he pointed out. He added that more or less same is the situation in case of banks, which have already touched high levels.
The index based shares especially PTCL and PSO also depicted weakness. In absence of badla people preferred off-loading before close of the market over holding positions for other day. But other than above factors, the trend still seems bullish with growing interest in cements and gas shares. Selective banking shares have also room for further improvement, but the banks whose rates are already extraordinarily high could undergo profit-taking, he pointed out.
Out of a total of 91 scrips changing hands on Monday, 15 stayed up, 35 closed in minus column, while 41 did not alternate their previous positions. Among major gainers, Pakistan Oilfields improved by Rs 8.50, Bank of Punjab Rs 2.85, Engro Chemical Rs 2.55, Lucky Cement Rs 2.10 and UBL Rs 1.85. In minus zone, PSO shed Rs 8.00, PTCL Rs 2.60, PPL Rs 2.10, Kohat Cement Rs 2.00 and Pakistan Industrial Credit Rs 1.95.
PTCL and National Bank were the volume leaders with 16.549 million shares and 9.938 million shares, respectively.