Equities stayed bullish on Lahore Stock Exchange (LSE) on last trading day of the week, while the index crossed 5,500 points, registering a net gain of 2.18 percent.
The LSE-25 index closed at 5537.99 points compared with 5419.59 at the last session, posting a rise of 118.40 points or 2.18 percent. Volume, however, was on the lower side and retreated to 67.230 million shares from 73.498 million shares, showing a decline of 6.268 million shares or 8.52 percent.
The market showed positive signs when it resumed trading after a day's break, with oil and gas sector playing the leading role. The LSE was closed on Thursday. Analysts said buying interest in oil and gas sector took the index to new height and closed above 5,500 level.
Pakistan Oil fields, PPL and OGDC were the prime moving forces behind the bullish rally in the market, while National Bank, Engro Chemical and MCB Bank were major losers. Analysts said the PPL and OGDC, which have massive weight in the index kept the market in the positive zone throughout the day and the trend was also followed by cement, especially Lucky Cement.
The market gained almost 500 point during the whole week and on the last day it traded in the bullish zone with oil and gas sector, including PPL, OGDC and Pakistan Oilfields closing at their upper cap limits, said Ahmed Nabeel, head of operations at Invest & Finance Securities Ltd.
According to him, foreign selling also halted this week and after touching its low of $410 million, it bounced back to $432 million which is a positive factor, he added.
News of mega oil and gas discoveries in NWFP and reports that Pakistan oilfields has completed a development well, 50km south of Islamabad with an oil production capacity of 2,455 BPD and 819 MMCF per day gas triggered the bullish trend and it went up sharply.
About future trend, he said, March future contract is closing, therefore, one should trade carefully. However, the market could show good performance on Monday and might reach a new high on the support from oil and gas sector. It seems big players have full control of the market; therefore, it is better for traders and small investors to be on sidelines, he said.
Out of a total of 96 traded scrips, 15 were up; 29 landed in minus zone; while 52 remain intact to their previous level. Among major gainers, Pakistan Oilfields was up Rs14.50; PPL (Rs12.30); OGDC (Rs6.55); Lucky Cement (Rs2.90); and Fauji Fertiliser (Rs2.10).
In negative zone, National Bank shed Rs4.50; Engro Chemical (Rs3.25); MCB Bank (Rs2.00); Faysal Bank (Rs1.95) and Union Bank (Rs 1.60). OGDC and Lucky Cement were the volume leaders with 16.328 million shares and 7.391 million shares, respectively.
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