Share prices moved in upward direction on Lahore Stock Exchange (LSE) on Monday with active support from Engro Chemical, Adamjee Insurance and selective banks and oil sector following reports about increase in CFS cap limit.
The LSE-25 index ended with a gain of 37.91 points compared with previous day's closing of 4,545.84. Today there was a lot of difference between the weightage of indices between Karachi and Lahore as the former finished with a significant increment of 134.51 points.
However, according to LSE officials, this difference was due to higher number of companies in the KSE index and there was nothing unusual in it. KSE comprises 100 active companies while LSE has only 25, an LSE official pointed out. Overall turnover climbed up to 52.711 million shares from 38.364 million shares, registering a raise of 14.346 million shares.
Soon after the start of trading, the market turned minus but gradually improved later, on account of buying interest in fertilisers, banks and some oil sector shares. According to stock analysts, the market maintained the upward tempo despite negative factors of suicide attack on a public meeting of the Federal Interior Minister Aftab Ahmed Khan Sherpao last week, in which scores of people were killed and over 50 injured in Charsadda.
Due to weekly holidays, the impact of this tragic incident was defused and was hardly felt on the market today, they added. Volume also showed a significant improvement because of launch of Unified Trade System between Islamabad and Lahore Stock exchanges.
The market behaved well ignoring the fears of law and order problems, which have further worsened in wake of life attempt on Interior Minister, Mirza Muhammad Irfan of Capital Vision Securities Ltd, said. According to him, the main driving force was the report of enhancement of CFS cap limit.
Quoting his sources he said that the regulator had met this long-standing demand of the brokers and the limit was likely to be enhanced in a week period. He said that the good corporate earnings have also tempted people to go for fresh deals.
All the corporate results declared by the companies, so far, are good which is good for the market. Pakistan Oilfields also announced good quarterly earnings on Monday.
Of total 138 traded scrips, 51 were up, 18 landed in minus column while 69 stayed glued to their preceding levels. Among major gainers, Engro Chemical improved by Rs 6.70, Adamjee Insurance Rs 5.95, UBL Rs 5.00, PSO Rs 4.50 and Arif Habib Securities Ltd Rs 4.10.
In minus zone, Attock Refinery was minus by Rs 5.05, Standard Chartered Bank Rs 2.45, Honda Atlas Cars Rs 1.95, Nishat Mills Rs 1.15 and Prime Commercial Bank Rs 1.10. Fauji Cement and Fauji Fertiliser Bin Qasim were the volume leaders with 6.822 million shares and 6.345 million shares, respectively.
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