Share values depicted an unsymmetrical movement on the Lahore Stock Exchange (LSE) on Thursday, but finally ended easier following profit-taking, notably in oil and banking sectors.
The LSE-25 index declined by 18.35 points to 4478.96 points from Wednesday's 4497.31 points, while the turnover slipped to 49.564 million shares from 71.156 million of the previous session, registering a phenomenal decrease of 21.592 million shares.
The market moved unevenly and failed to settle down because of profit-taking seen at every level during the session. Majority of people appeared in mood of profit-taking because of their worries over the issue of Kalabagh dam, brokers said. However, despite such apprehensions, interest was also observed in some cements and banks shares, which helped the market resist pressure and curtail losses, they added.
According to analysts, the market is taking short corrections on daily basis, which is good for its health, hence, people should not worry. DG Khan Cement, Pakistan Oil Fields and Nimir Industrial Chemical moved up and added fresh gains to their worth, while MCB Bank, PSO, and ICI emerged as major losers.
People seem a bit disturbed because of Kalabagh dam issue and preferring profit-taking, otherwise the market is standing on very sound footing and faces no threat from any side, said Javed Iqbal, chief executive, Javed Iqbal Securities Ltd.
After December, the results of a number of companies will start pouring in and people are hopeful about it, he said, adding that news regarding profits of banks are encouraging, while there are also good reports of auto sector results.
Javed Iqbal said the auto sector is likely to turn very attractive for investors. The most important thing is that for the last one week, the market has been moving with daily corrections, which is a positive factor and helping it to strengthen its base, he pointed out.
He said the market seemed to be very attractive for genuine and long-term investors, but their target should be at least six-month investment. "I believe the current levels are very charming for long-term investment, however, day-to-day trader will have to be very careful. When the market picks up pace from the existing levels, it might not take breather before breaching the 10,000 levels", he viewed.
"In my opinion, our market is best yield giving market in the world and that is why foreign investment continues pouring in from many countries", he said.
Overall, 100 scrips changed hands on Thursday, of which 15 improved theirs worth, 33 landed in minus column, while 52 were intact to their previous levels.
Among key gainers, DG Khan Cement was up Rs 1.15, Pakistan Oilfields Re 1.00, Nimir Industrial Chemical 55 paisa, Lucky Cement 40 paisa, and Hub Power Company 35 paisa.
In negative column, MCB Bank shed Rs 3.60, PSO Rs 2.50, ICI Pakistan Rs 2.00, Bank of Punjab Rs 1.90, and UBL 70 paisa. PIAC and National Bank were the volume leaders with 7.352 million shares and 5.909 million shares, respectively.
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