Bullish trend prevailed on the Lahore Stock Exchange (LSE), where cement sector helped equities recover earlier losses following fresh buying on account of news regarding increase in cement prices.
The LSE-25 index improved by 21.37 points, closing at 5524.19 against 5502.82 of Monday, while the transaction volume marginally declined to 77.596 million shares as compared to 78.048 million shares traded a day earlier.
Pak Oil Field from the oil sector, DG Khan Cement, Lucky Cement, Fauji Cement from the cement sector and Faysal Bank, National Bank, Bank of Punjab, Union Bank from the banking sector helped market to stay in positive zone while PPL, Sui Northern, Nishat Mills, Bosicor Pakistan, and Picic Growth Fund remained under pressure.
The market which opened on a healthy note remained in positive zone during the entire Tuesday's trading. It, however, moved within narrow range due to lack of interest on the part of small investors. Though, it was a dull day, the cement sector played important role in providing support to the market, said Ahmad Nabeel of Invest and Finance Securities while commenting on the market sentiments.
News that enhancement in cement prices by Rs 10 per bag, generated buying interest in the cement sector shares. The cement, instead of fixed price of Rs 325.00 per bag is being sold in the market at Rs 360.00 and above. This attracted the investors as well as institutions, which made fresh entries that helped equities recover earlier losses, he added. However, the oil sector could not play any significant role due to stability in oil prices in the international market, he said.
Nabeel also said that unconfirmed news that Etisalat would buy more shares of PTCL from the market making this telecommunication giant more attractive as it is performing well and giving boost to the stock business. Under the prevailing sentiments, the experts are of the views that the market could touch new high level in coming days.
However, the correction is also due within next couple of days which is being considered healthy sign for the market future, he added.
Advancing stocks were just ahead of declining ones as out of a total of 102 active issues, 27 companies registered gains, 23 went down, while 52 stayed glued to their previous levels.
Among the gainers, Pak Oil Field appreciated by Rs 5.15, Lucky Cement gained Rs 5.10, Faysal Bank improved by Rs 4.35, while ICI Pakistan and National Bank of Pakistan were up by Rs 3.50 and Rs 2.20, respectively.
In the minus column, PPL declined by Rs 2.20, Sui Northern lost Rs 1.85, Engro Chemical depreciated by Rs 1.50, while Pak Electron and Nishat Mills were down by Rs 1.20 and Re 1.00, respectively.
OGDC was the market leader whose 10.207 million shares followed by Fauji Cement with total transaction of 10.117 million shares.
Comments
Comments are closed.