LSE index loses 35.70 points

Bearish trend prevailed at Lahore Stock Exchange (LSE) on Tuesday where equities declined across the board amid ascending transaction volume because of selling pressure and profit taking.
The LSE-25 index lost 35.70 points, closing at 4665.16 against 4700.86 of Monday, while trading turnover increased to 34.175 million shares from 24.645 million shares traded a day earlier. Lucky Cement, DG Khan Cement and World Telecom resisted declines, while Javed Omer Vohra and Co, Arif Habib Securities, PPL, MCB Bank, National Bank remained under pressure.
The market opened on a negative note and stayed most of the time in red zone. Soon after trading resumed, the market started recovering. Being unable to sustain, it landed in negative column. Investors were already conscious and reluctant to take fresh positions because of political uncertainties and the United States' stance with regard to Pakistan.
The news that President George Bush had ruled out unilateral strikes in Pakistani territory, after credible information about al Qaeda top leaders, scared the investors who distanced themselves from the buying course, said Abbasi and Co Chief Operating Officer Muhammad Ishaq Abbasi.
And, a statement by PML President Shujaat Hussain, hinting at exercise of various options, including imposition of emergency in the country, showed uncertainty on the political front.
Abbasi said that the market could remain range bound because of investors' lack of interest. He said that political stability was must for the market's future, but investors might take a chance on dip to yield margin.
Declining stocks were ahead of advancing ones as out of a total of 113 active issues, 14 companies improved their values, 50 went down while 49 stayed glued to their previous levels.
Among gainers, Pioneer Cement gained Rs 1.50, Lucky Cement improved by Rs 1.45, Soneri Bank and D.G. Khan Cement appreciated by Rs 1.10 each while Engro Chemical and Orix Investment Bank were up by Rs 1.00 and Rs 0.95 respectively.
In the minus column, Adamjee Insurance declined by Rs 9.00, Javed Omer Vohra and Co lost Rs 8.90, MCB Bank depreciated by Rs 4.45, while PPL and Allied Bank were down by Rs 4.05 and Rs 4.00. Bosicor Pakistan was the market leader whose 4.447 million shares, followed by Fauji Cement with trading of 3.231 million shares.