Share prices took a positive turn on Lahore Stock Exchange (LSE) on the last trading day of the week, following fresh buying interest in banks, cements, fertilisers and PTCL, leading the index 1.23 percent up with declining transactions volume.
The LSE-25 index improved by 49.43 points to 4,051.38 from Thursday's 4,001.95 points. Volume was down by 13.458 million shares to 62.608 million as compared to 76.067 million shares of the previous session.
The market opened with a positive note on the basis of fresh buying in fundamentally strong and dividend-oriented shares such as banks, cements, fertilisers and partially in petroleum sector, kept moving in upward direction. PTCL, disturbing the entire market sentiment during the previous session due to a report appearing in a UAE paper, showed upward tendency following a fresh report saying that Etisalat did not want pullout. This boosted investors' confidence in the market and it gained strength, stockbrokers said.
According to them, if there is no negative news regarding PTCL, the market will keep going ahead during the upcoming week. National Bank and UBL were the key performer on Friday, while Adamjee Insurance and PPL depicted weakness.
The market moved roller coaster throughout the week ending the last trading day with a bullish note, said Ahmed Nabeel, head of operations at Invest and Finance Securities Ltd.
The index on Friday gained 74 points at KSE and 49.43 points on LSE on account of foreign media news report that Etisalat will not withdraw from the take over of PTCL. Oil sector gaining momentum on the international hike in prices of crude oil, which touched 67 dollars mark on Friday.
He further said that cement sector is very aggressive because of fundamentals of corporate earnings and growth. The news of announcement of D.G. Khan Cement in near future might contribute significantly to the market giving further rise in share, he added. As far as banking sector is concerned it is moving ahead of all the sectors due to its growth and profitability. Moreover oil and gold prices are on the positive side and the latter is touching new peaks, he said. He advised the investors to buy in cement, bank and fertiliser sectors scrips.
In all, 85 scrips changes hands on the floor, of which 35 were up, 9 landed in minus zone, while 41 stayed intact to its previous levels. Among major gainers, National Bank was up Rs 3.85, UBL Rs 2.80, Pakistan Oilfields Rs 2.80, D.G. Khan Cement Rs 2.70 and Lucky Cement Rs 2.55. In negative column, Adamjee Insurance shed Rs 3.15, PPL Rs 2.00, Kot Addu Power Company Rs 0.60, PSO Rs 0.35 and Dewan Salman Fibre Rs 0.25. D.G. Khan cement led the proceedings in terms of volume with 11.440 million shares followed by PTCL with 9.976 million shares.
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