LSE equities move both ways

Equities moved both ways on the Lahore Stock Exchange (LSE) but finally closed in negative zone on account of profit taking, while heavy weight shares helped improve index amid ascending transaction volume.
The LSE-25 index improved by 69.19 points, closing at 4169.17 against 4099.98 of Monday, while trading turnover increased to 93.163 million shares as compared to 82.018 million shares traded a day earlier. PSO, OGDC, National Bank, Allied Bank, Faysal Bank, Pioneer Cement, Kot Addu Power, and PPL helped market index to close upward, while MCB Bank, Bank Alfalah, Bank of Punjab and PTCL remained under pressure due to profit taking.
The market, which opened on a healthy note, could not sustain in positive zone due to selling pressure. The investors preferred offloading to secure their positions.
The oil and energy sector shares including PSO, OGDC, PPL and Kot Addu Power maintained upward trend due to increase in oil prices locally and internationally. Similarly, National Bank, Allied Bank and Faysal Bank from the banking sector remained attractive for the investors, said Ahmad Nabeel of Invest and Finance Securities while commenting on the market sentiments.
Due to profit taking, shares of the banking sector including MCB Bank, Bank Alfalah, United Bank and PICIC Commercial Bank remained on downward side. The market experts were of the view that all the banking sector shares had touched highest levels. However, a correction of 150-200 points is being considered as good omen for the market future, he added.
He was of the view that market may see downward trend during the first two weeks of Ramazan. The market may take upward position after October 15 when the corporate results of first quarter of June ending year and third quarter of December ending year would start appearing. The market, after mid October, is likely to gain momentum, he maintained. The market is in overbought position and investors must be conscious and careful while taking long-term positions, as market may show technical correction at any time.
Declining stocks were just ahead of advancing ones, as out of a total of 82 active issues, 21 companies registered gains, 26 landed in negative column, while 35 stayed glued to its previous levels.
Among gainers, PSO improved by Rs 7.90, OGDC gained Rs 5.00; National Bank appreciated Rs 2.85 while Allied Bank and Faysal Bank were up by Rs 2.35 and Rs 1.45, respectively. Among losers, MCB Bank declined by Rs 3.30, Bank Alfalah lost Rs 2.40, Adamjee Insurance depreciated Rs 2.20, while Pak Oil Field and Bank of Punjab were down by Rs 2.00 and Rs 1.60, respectively.
Adamjee Insurance was the market leader whose 18.965 million shares changed hands followed by National Bank with total trading of 12.134 million shares.