Mixed trend on LSE

Reacting to MQM's decision to back-out from the dialogue process with the government, equities showed mixed trend on the Lahore Stock Exchange (LSE), while Pakistan State Oil (PSO) and Pakistan Telecommunication Limited (PTCL) helped market closure in positive column.
The LSE-25 index gained 15.30 points, and closed at 4675.72 against 4660.42 of Monday, while volume increased to 48.817 million shares as compared to 30.157 million shares traded a day earlier. Banking and cement sectors resisted declines while oil sector shares remained under pressure.
The market which opened on depressed note remained confused throughout the day's trading. However, heavy weights in term of index value like PTCL and PSO provided significant support to the market. The sentiments were not so encouraging due to the three-day Badla and investors entered the market to secure their positions.
The news regarding MQM's decision to stay away from the dialogue process with the government on the resignation issue made the investors disappointed. However, this factor could alone not left negative impact on the market due to heavy buying in PSO and PTCL, said Ahmad Nabeel of Invest and Finance Securities while commenting on the market trend.
PTCL and PSO presented maximum high levels of Rs 42.95 and Rs 383.70 due to major players' interest in both shares. PSO's appreciation was attributed to its upcoming results, which forced the investors to believe in 45 earning per share.
If investors' expectations were met, the real value of PSO could stay in Rs 400-450 range. PSO had been facing upper cap limit for the last three trading days, he added.
He was of the view that market could take small level correction but bullish trend may continue till the market touched 11000-11200 index, he maintained. He apprehended that increase of around 50 basis points for auction of Rs 38 billion treasury bills on Wednesday could cause little shock to the market.
Advancing and declining stocks were equal as out of total of 86 active issues, 25 companies each appreciated and depreciated their values 25, while 36 stayed glued to their previous levels.
Among gainers, PSO improved its value by Rs 11.05, United Bank gained Rs 8.00, Engro Chemical moved up by Rs 7.00 while National Bank and Union Bank were up by Rs 6.40 and Rs 4.70, respectively, the dealers added.
In the negative column, Javed Omer Vohra lost Rs 12.40, Pak Oil Field declined by Rs 8.30, PPL depreciated by Rs 5.40, while PICIC and Fauji Fertiliser were down by Rs 2.00 and Rs 1.65, respectively. D.G Khan Cement was the market leader whose 7.487 million shares changed hands followed by PPL with total transaction of 6.277 million shares.