Bearish sentiments dominated on the Lahore Stock Exchange (LSE) on Friday where equities registered declines amid sluggish trend because of the investors' conscious approach who remained on the sideline. The LSE-25 index marginally decreased by 1.14 points and was ended at 3003.12 against 3004.26 of Thursday, while transaction volume considerably declined to 2.103 million shares, as compared to last day volume of 4.135 million shares.
The market opened on a mixed note and remained range-bound throughout the day. Because of the volatility in the market, the investors remained reluctant and avoided taking positions ahead of weekend, the analysts said while commenting on the market trend. Most of the blue chips remained under selling pressure, as investors offloaded their positions to avoid losses. As a result, Fauji Fertiliser, Fauji Fertiliser Bin Qasim, PSO, Adamjee Insurance, Nishat Mills, National Bank, Bank Alfalah, Lafarge Cement, D.G. Khan Cement, WorldCall Telecom, Ravi Textile and Southern Electric Power suffered losses. However, Habib Bank, MCB Bank, PPL, Pak Oil Fields, Kot Addu Power and Millat Tractors helped market avert more declines.
The market is unlikely to show visible change in its behaviour and expected to move in narrow range till the Eid ul Fitr, they said and added the negative news on the economic front because of the devastating flood has badly affected the market sentiments, they maintained.
The declining stocks were just ahead of advancing ones, as out of a total of 99 active issues, 22 companies posted gains, 27 landed in negative column, while 50 companies stayed unchanged at their previous levels. Millat Tractors gained Rs 20.16, ICI Pakistan was improved by Rs 3.11, Habib Bank was appreciated by Rs 2.00, while PPL was up by Rs 1.16.
In the minus column, Fauji Fertiliser was declined by Rs 4.43, PSO lost Rs 3.50, while Adamjee Insurance was depreciated by Rs 1.40. Lotte Pakistan PTA was the market leader whose 563,207 shares changed hands, while Silk Bank stayed as runner up with 309,754 shares.
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