Equities moved both ways on Lahore Stock Exchange on Tuesday and ended in the red zone amid descending transaction volume on account of lack of interest on the part of investors. The LSE-25 index marginally slid down 6.87 points to 2848.41 points against 2855.28 points. Trading turnover squeezed to 12.434 million shares as compared to 15.702 million shares traded a day earlier.
Majority of the blue chips including PSO, Pak Oilfields, PPL, Shell Pak, ICI Pakistan, Fauji Fertiliser, Habib Bank, United Bank, National Bank, Bank Alfalah, Hub Power, Lucky Cement, DG Khan Cement, Fauji Cement Company, Nishat Mills remained under selling pressure and closed in minus column. On the contrary, Engro Chemical, OGDC, Nishat Chunian, Bank of Punjab and Sui Northern resisted declines and closed with gains.
The market opened on a depressed note and kept on declining almost throughout the day. The market stayed in negative zone till midday. However, some buying in companies like Engro Chemical, OGDC, Nishat Chunian, Bank of Punjab and Sui Northern helped market recover its position.
According to analysts, the market is expected to witness mixed sentiment, as profit taking may continue on each trading session. However, buying on dip could provide some relief but investors must remain conscious while taking positions and should only go for dividend-oriented companies, which could yield a good amount of margin on their investment.
As many as 20 companies out of a total of 116 showed strength and registered gains, 51 landed in negative column while values of 45 companies remained unchanged at their previous levels.
Mari Gas posted gain of Rs 2.77, Packages improved by Rs 2.72 while Agri-auto Industries and Engro Chemical were up by Rs 2.51 and Rs 1.60 respectively. Pak Oilfields declined by Rs 4.43, PSO lost Rs 4.41, ICI Pak shed Rs 2.93 while PPL and Shell Pak were down by Rs 2.46 and Rs 2.00 respectively. Bank of Punjab with trading of 4.505 million shares was market leader for the second consecutive day.
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