Equities recovered some of Monday's losses on Lahore Stock Exchange (LSE) amid ascending transaction volume on account of fresh buying. The LSE-25 index improved by 93.26 points, closing at 5424.07 against 5330.81 of Monday.
While trading turnover increased to 66.605 million shares as compared to 57.743 million shares traded on Monday. Banking, oil and cement sectors helped market improvement while Dewan Salman Fibre and Union Bank remained under pressure.
The market, which opened on a healthy note, remained in positive zone during the entire day's trading. The market bounced back from Monday's blow when KSE-100 index declined by four-percent amid reduced trading volume on account of disappointment over US President's visit to Pakistan, said Ahmad Nabeel of Invest and Finance Securities, while commenting on the market sentiments.
Now the earning season seems to finish while exact information about the size of recent discoveries in oil and gas sector has not yet been made available to the investors due to which speculation is infusing volatility in this sector, he added.
It has been observed that stock market suffered huge losses amid crash like situation at least four times during last six years in the Islamic month of Safar. On 5th of Safar (Monday), equities registered significant declines. Ongoing sentiments have made the investors more cautious who should only focus on fundamentals instead of paying heed to the rumours to secure their positions.
The market experts are optimistic about bullish trend in near future, and market may gain another 800-1000 points in the current month. The possibility of correction cannot be ruled out. Therefore, the investors are advised to offload their positions at 11,500 level. PTCL, cement and oil sectors have potential to yield good margin to the investors, he opined.
Advancing stocks were ahead of declining ones, as out of a total of 101 active issues, 49 companies improved their values, 5 went down, while 47 stayed glued to their previous levels. Among gainers, National Bank appreciated by Rs 24.50, PSO improved by Rs 13.50, MCB Bank gained Rs 11.25, D.G. Khan Cement moved up by Rs 10.50 while Lucky cement, Adamjee Insurance and PPL were up by Rs 8.90, Rs 8.50, and Rs 8.00, respectively.
In the minus column, Nishat Chunian lost Rs 2.35, Union Bank declined by Rs 0.50, while Prime Commercial Bank was down by Rs 0.10. D.G. Khan Cement was the market leader whose 10.700 million shares changed hands followed by National Bank with total transaction of 8.654 million shares.
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