Bearish sentiment dominated the Lahore Stock Exchange on Wednesday and the equities registered declines across the board mainly on account of MQM leader Altaf Hussain's statement advising people in Karachi to store one-month ration. The LSE-25 index posted handsome decline of 102.82 points to close at 2967.50 points against 3070.32 points of Tuesday, while transaction volume marginally increased to 1.517 million shares as compared to 584,389 shares.
The market opened on a depressed note and remained in negative column during entire day's trading. Most of the investors avoided taking fresh positions. Market pundits attributed the day's trend to MQM leader Altaf Hussain's statement wherein he advised the Karachi people to store one-month ration.
According to them, the investors took the statement very seriously and termed it an indication that there would be no improvement in law and order situation in near future. Almost all blue chips led by oil and fertiliser sectors remained under selling pressure, as investors kept on offloading their holdings throughout the day to secure their positions.
Losers were far ahead of gainers, as of 103 active issues, just 2 companies registered marginal gains and 47 posted losses, while 54 companies stayed glued to their previous levels. Japan Power and Habib Bank showed improvement of 15 paisa and 10 paisa respectively, whereas Pakistan Oilfields lost Rs 10.38, PSO declined by Rs 9.31, MCB Bank shed Rs 6.19, Attock Refinery depreciated Rs 5.33, PPL was down by Rs 5.06 and OGDC lost Rs 5.01. Bank of Punjab was market leader whose 202,323 million shares changed hands, followed by National Bank with 187,188 shares.
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