Range-bound activity on LSE

The Lahore share market on Wednesday depicted range-bound activity and ended fractionally lower. The LSE-25 index moved down to 4297.17 points from Tuesday's 4309.19 points, with a slight decline of 12.02 points.
Overall turnover, however, improved to 29.958 million shares from 20.439 million shares, showing a rise of 9.519 million shares. Mostly, the market moved erratically, failing to take a clear direction due to lack of investors' interest.
Brokers said all key scrips stayed depressed. In view of previous day's bull-run, market players were expecting another good day, but were disappointed when the market behaved otherwise. All petroleum companies and key banks suffered losses. However, some interest was seen in ICI and cement scrips, especially in Lucky and DG Khan, which traded pretty well.
When the closing bell rang, losers outnumbered gainers. Dr Mohtasin Billah of Techno Fundamental Securities Ltd said that in absence of buying support, the market failed to maintain previous day's trend. There was uncertainty in the market due to prevailing national and international situation, and it was expected to continue, showing range-bound activity in near future, he said. The situation could further deteriorate in case of any US adventure against Iran, he added.
"As far as the issue of suspension of Chief Justice of Pakistan is concerned, the proceedings against him are likely to prolong. Therefore, it will continue affecting the sentiment."
Similarly, the market could also turn volatile with the start of the quality corporate results' season by the end of this month and then preparation for the federal budget. "So I don't see any breakthrough in the market till the budget announcement," he viewed.
Of 114 traded scrips, 15 improved in worth, 38 landed in minus column while 61 maintained their overnight positions. Among key gainers, ICI Pakistan was up Rs 3.00, Lucky Cement Rs 2.30, DG Khan Cement Rs 2.15, Askari Commercial Bank Rs 1.65 and Bank of Punjab Rs 1.40.
In negative zone, PSO shed Rs 4.60, Pakistan Oilfields Rs 3.40, UBL Rs 2.95, MCB Bank Rs 2.25 aand Adamjee Insurance Rs 1.90 Fauji Fertiliser was the volume leader with 5.190 million shares, followed by 4.613 million shares.