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Share values rebounded on Lahore Stock Exchange (LSE) following positive outcome of Thursday's SECP high-ups meeting with brokers to settle the issues pertaining to new risk management measures, thumping the four-day losing streak.
The LSE-25 index surged by 156.26 points or 3.38 percent reaching 4776.24 points compared with 4619.98 points of Thursday. Volume improved to 45.714 million shares from 28.374 million of the preceding session, increasing by 17.340 million shares or 61 percent.
The market welcomed the news of amicable settlement of the outstanding issues between brokers and SECP with regard to value at risk (VaR) management system and bulls continued to rule right from open to the close. According to market experts, after positive outcome of the meeting held between SECP authorities and the representatives of stock exchanges there was no solid reason for pressure.
A good trading was observed across the board on Friday with banks and oil sector staying on top of gainers list, brokers said. However, they pointed out that OGDC was depressed and finally ended with a weak note. National Bank and Pakistan remained in the forefront while Union Bank and Nishat (Chunian) led the declines.
After witnessing roller coaster behaviour in four days, the market outperformed on the weekend in response to settlement of SECP-brokers row over VaR issue, Ahmed Nabeel, head of operations, Invest & Finance Securities Ltd, said. KSE index lost almost 528 points in four days while gained 300 points in one day (Friday), which means it recovered 60 percent of what it lost in four days.
Similarly, LSE recovered 156.26 points of 414 points lost in earlier four sessions. Elaborating reasons for the post Eid bearish outlook of the market, he said it was due to lack of co-ordination between SECP and KSE on in-house badla phasing out issue and other VaR measures.
Moreover foreign buying especially in OGDC added up to pressure, he pointed out. A research report released by a foreign house about OGDC performance triggered pressure, he said, adding according to the report, OGEDC was over-priced.
About the current bearish spell, Ahmed Nabeel said whenever a crisis emerged in the market it was mainly because of lack of coordination between the regulator and brokers as well as rapid and change in rules of regulations.
About possible turn of the market in future, he said correction was expected to re-emerge at 11,500 level at KSE, therefore, investors were advised to invest in selective chips only, and banks could be a better choice for them.
Out of 110 traded scrips, 41 were up, 19 landed in red zone while 50 stayed pegged to their previous price levels. In positive zone, National Bank was up Rs 3.80, Pakistan Oilfields and UBL Rs 3.50 each, MCB Bank Rs 3.00 and Javed Omer Vohra & Co Rs 2.80.
Among major losers, Union Bank shed Rs 2.00, Nishat (Chunian) Rs 1.20, Pakistan Premier Fund Rs 0.85, Pakistan Industrial Credit Rs 0.70 and Lucky Cement Rs 0.60. OGDC and Bank of Punjab were the volume leaders with 5.825 million shares and 5.264 million shares, respectively.

Copyright Business Recorder, 2006

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