Bullish trend on LSE

Bullish trend prevailed on Lahore Stock Exchange (LSE) where equities appreciated their worth amid ascending transaction volume following fresh entries by the institutions on account of failure of opposition's no-confidence move against the Prime Minister.
The LSE-25 index further improved by 66.78 points closing at 4,355.42 against 4,288.64 of Tuesday, while shares volume increased from previous trading of 30.232 million shares to 39.898 million shares. MCB Bank, Allied Bank, Askari Commercial Bank and Prime Commercial Bank from the banking sector, Pak Oil Field, Attock Refinery and Sui Northern Gas from oil and gas sector helped market closure in positive zone while Adamjee Insurance, Bank of Punjab and National Bank suffered losses due to profit taking.
The market opened on a healthy note and remained in the positive zone throughout the day. Although, the market took downward trend during the day's trading, but despite that it stayed in the green zone. The sentiments were encouraging due to failure of opposition's no trust move on Tuesday.
According to experts, the market had not taken into consideration negative developments like killing of Nawab Akbar Bugti and bomb blasts in Hub and Liberty Market a day earlier. The market move was totally based on institutions, which played their key role in keeping the market in green zone.
They were of the view that market is unlikely to maintain the momentum because financial results of the corporate sector has no role to play in future. Almost every big company that contributes to the market index has already announced its half-yearly results that successfully kept the market in plus column, they added.
The turnover, according to the experts, is still considerably low because of absence of retail investors who are reluctant to invest in stocks, they said.
Gainers were more than the losers, as out of a total of 102 active issues, 44 companies recorded gains, 11 lost their values, while 47 stayed glued to their previous levels.
MCB Bank improved by Rs 6.25, Allied Bank gained Rs 5.70, Pak Oil Field appreciated by Rs 5.00, while Javed Omer Vohra and Attock Refinery were up by Rs 4.90 and Rs 3.45, respectively. Southern Electric Power lost Rs 0.75, Adamjee Insurance declined by Rs 0.50 while Crescent Commercial Bank and Bank of Punjab were down by Rs 0.45 and Rs 0.40, respectively. MCB Bank was the market leader, which was traded with 4.613 million shares followed by D.G. Khan Cement with 4.009 million shares.