AGL 38.09 Decreased By ▼ -0.07 (-0.18%)
AIRLINK 136.34 Increased By ▲ 2.15 (1.6%)
BOP 9.20 Increased By ▲ 0.35 (3.95%)
CNERGY 4.72 Increased By ▲ 0.03 (0.64%)
DCL 8.85 Increased By ▲ 0.18 (2.08%)
DFML 38.34 Decreased By ▼ -1.44 (-3.62%)
DGKC 85.45 Increased By ▲ 0.30 (0.35%)
FCCL 35.15 Increased By ▲ 0.25 (0.72%)
FFBL 76.21 Increased By ▲ 0.61 (0.81%)
FFL 12.66 Decreased By ▼ -0.08 (-0.63%)
HUBC 108.70 Decreased By ▼ -0.75 (-0.69%)
HUMNL 14.73 Increased By ▲ 0.63 (4.47%)
KEL 5.58 Increased By ▲ 0.18 (3.33%)
KOSM 7.96 Increased By ▲ 0.21 (2.71%)
MLCF 40.78 Decreased By ▼ -0.59 (-1.43%)
NBP 70.94 Increased By ▲ 1.24 (1.78%)
OGDC 195.25 Increased By ▲ 1.63 (0.84%)
PAEL 26.96 Increased By ▲ 0.75 (2.86%)
PIBTL 7.46 Increased By ▲ 0.04 (0.54%)
PPL 168.02 Increased By ▲ 4.17 (2.55%)
PRL 26.19 Decreased By ▼ -0.17 (-0.64%)
PTC 20.34 Increased By ▲ 0.87 (4.47%)
SEARL 92.75 Increased By ▲ 8.35 (9.89%)
TELE 7.84 Decreased By ▼ -0.15 (-1.88%)
TOMCL 35.49 Increased By ▲ 1.44 (4.23%)
TPLP 8.91 Increased By ▲ 0.19 (2.18%)
TREET 17.29 Increased By ▲ 0.11 (0.64%)
TRG 59.27 Decreased By ▼ -1.73 (-2.84%)
UNITY 31.02 Increased By ▲ 2.06 (7.11%)
WTL 1.37 No Change ▼ 0.00 (0%)
BR100 10,901 Increased By 125.5 (1.16%)
BR30 32,654 Increased By 420 (1.3%)
KSE100 101,357 Increased By 1274.6 (1.27%)
KSE30 31,488 Increased By 295 (0.95%)

Fears of political uncertainty following the situation arising out of the presidential reference against the non-functional Chief Justice (CJ) of Pakistan kept the Lahore share market under pressure on Wednesday and the LSE-25 index lost 75.14 points, or 1.64 percent.
The LSE-25 index closed in minus column at 4499.13 points from 4574.27 points of Tuesday. The volume stood at 30.562 million shares as compared to 48.945 million of the previous session, registering 18.382 million shares decline. The market underwent heavy losses because of what the brokers said its 'belated response' to presidential reference against the non-functional CJ.
On last Friday last, the news had come during trading hours but the market had ignored it, they added. Its impact was further defused due to the weekly holidays, and on Monday, the market people again did not give any weight to the issue. But, on Wednesday the reaction of the market was pertinent amid strong protests of lawyers' community and political leadership, which triggered uncertainty among investors that led to pressure, they stated.
Pak Suzuki and some low profiled banks gained while PPL and MCB led losers' column. When the market closed, losers were far ahead of the gainers. The issue of chief justice was the main factor for the day's immense pressure, coupled with declining trend in international markets, Umair Butt, Director, Dosslani Securities Ltd, said. "As long as political uncertainty exists, the market may not turn to its normal course, as no one would be ready to take risk at this stage," he said.
The Supreme Judicial Council (SJC) has adjourned the hearing of presidential reference against the CJ till Friday; therefore, the market people are expected to await the decision, he added. Apart from this issue, fall in world markets also added to the negative sentiment. Global markets were down by 1 to 2.5 percent amid decline in crude oil prices in the international market.
The market remained under pressure right from open to close, with oil sector main victim, Butt said. Banking stocks were also down, while cement sector, after touching its highs, came down, he added. At one stage, recovery also took place, but to no avail, as the sentiment continued to be bearish, he stated. Due to most of banks being spot, falls were limited, otherwise the size of loss could have doubled, Butt opined.
According to some analysts, amid the prevailing political uncertainty people might adopt a wait and see policy till settlement of the issue of CJ. Of the 118 scrips traded, there were 12 gainers against 47 losers, with 59 unchanged.
Prime gainers were Pak Suzuki Motors, up Rs 8.90, Soneri Bank Rs 1.85, Pakistan Cement Rs 0.25, Japan Power Generation Rs 0.20 and Prime Commercial Bank Rs 0.10.
PPL lost Rs 7.20, MCB Bank Rs 5.50, National Bank Rs 5.00, UBL Rs 4.90 and Adamjee Insurance Rs 4.00. Lucky Cement and Maple Leaf Cement led by market by volume with 4.546 million shares and 3.735 million shares, respectively.

Copyright Business Recorder, 2007

Comments

Comments are closed.