LSE index up 12.78 points

The oil sector led the equities up amid bullish sentiment on Lahore Stock Exchange on Friday mainly on account of the Presidential Ordinance that was promulgated on Thursday to make significant increase in oil prices. The LSE-25 index rose by 12.78 points to 2256.54 against 2243.76 of Thursday, while transaction volume was restricted to 11.034 million shares as compared to 14.019 million shares traded a day earlier.
The market opened on a healthy sign and sharply moved up by 24 points during first 15-minute trading. The tempo failed to sustain and profit taking in Arif Habib Bank, Javed Omer Vohra and Fauji Cement kept the market under pressure for some time. However, buying support, particularly in oil sector shares like PPL, Attock Refinery, PSO and OGDC, helped the market stay in green zone.
Besides other blue chips, Engro Chemical, Fauji Fertiliser, Engro Polymer and Chemical, Lucky Cement, and D G Khan Cement also performed well in strengthening market sentiment. Just before the closing of first trading session, the market took a little dip, but recovery in the second session dragged the market into positive zone.
According to analysts, the Presidential ordinance encouraged the investors, who, expecting a rise in the oil companies' profitability due to price increase in the petroleum products, stayed on buying course. Moreover, MCB Bank, Bank Alfalah, NIB Bank and Pace Pakistan also attracted the investors. However, the shares' turnover reduced because of the investors' conscious approach who remained on the sidelines on the weekend.
Advancing stocks were ahead of declining ones as out of a total of 106 active issues, 32 companies posted gains, 21 landed in negative zone, while 53 companies stayed glued to their previous levels. Among gainers, Engro Chemical improved by Rs 3.27, PPL gained Rs 2.72, Lucky Cement appreciated by Rs 2.21, while Attock Refinery and PSO were up by Rs 1.87 and Rs 1.55 respectively.
Nimir Industrial Chemical lost 93-paisa, Javed Omer Vohra declined by 72 paisa while Allied Bank and Royal Bank of Scotland were down by 40 paisa each. Pace Pakistan was the market leader whose 1.778 million shares changed hands, followed by D G Khan Cement with 1.497 million shares.