Mixed sentiments prevailed on the Lahore Stock Exchange (LSE) where equities remained under pressure and registered losses amid decreased volume on account of profit taking, however, institutional support helped improve market index.
The LSE-25 index moved up from 4244.02 of Monday to 4288.64 denoting an increase of 44.62 points, whereas transaction volume declined to 30.232 million shares compared with overnight figure of 34.221 million shares. The index moved up and down within a range of 50 points but finally finished with an improvement of over 44 points. National Bank, PPL and OGDC performed well while MCB Bank, D.G. Khan Cement, Bank of Punjab and Pak Oil Field remained under pressure due to profit taking.
The market, which opened on a depressed note stayed in negative zone during the entire day's trading but during last half an hour, the market took upward turn following fresh buying by the institutions. The market had lost almost 9-percent during the last week but showed recovery of 4-percent just in two-day trading.
The equities could have suffer more losses due to killing of Nawab Akbar Bugti and subsequent violence in some parts of the country besides polling on no-confidence move against the prime minister, said Ahmad Nabeel of Invest and Finance Securities while commenting on the market trend. Equities have come down to attractive levels where investment could yield good margin of profit. The market stayed most of the time in negative zone but institutions came forward during last trading hour which helped market recovery, he added.
Among oil sector shares, Pak Oil Field and PSO registered declines due to Pak Oil Field results. The investors were expecting high payout, which could not be fulfilled; hence they preferred offloading to pocket the available margin. Moreover, oil prices are on declining trend internationally and came down to US $70.75 per barrel that also adversely affected the oil companies, he asserted. It seems that the institutional buying interest had negated the negative development in Balochistan, particularly killing of Akbar Bugti and law and order problem, he maintained.
He was of the view that bulls run would not stay more in next month and market could take downward move because of outcome of audit reports of brokerage firms. Of the 100 trading companies, 24 improved their worth, 27 recorded losses while 49 closed at their previous level.
Arif Habib Securities showed significant improvement of Rs 25 from Rs 509 to Rs 534, National Bank appreciated by Rs 5.75, Adamjee Insurance gained Rs 5.00, while ICI Pak and PPL were up by Rs 4.25 and Rs 3.95, respectively. Pak Oil Field lost Rs 4.00 from Rs 340 to Rs 336, PSO declined by Rs 2.60, MCB Bank depreciated by Rs 2.35 while D.G. Khan Cement and Bank of Punjab were down by Rs 2.30 and Rs 1.90, respectively. MCB Bank with total trading of 3.634 million shares topped the volume leaders.
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