Share values moved both ways on Lahore Stock Exchange (LSE) but, following pressure in pivotal scrips, the index closed in minus zone with shrinking volume of transactions. The market opened on a negative note, but later in the day moved erratically and finally settled in red zone.
The LSE-25 index was down by 29.44 points to 4582.19 points from 4611.63 points of the previous session. Turnover declined to 30.935 million shares from 48.934 million of the past session, declining by 17.998 million shares.
According to stock analysts, due to last week's surge, in which, the market gained 119 points, it took a little breather to consolidate itself. Activity was also dull because of various key scrips' going spot.
About the impact of the presidential reference against Chief justice of Pakistan, the analysts said the market players were least bothered about it. However, they appeared a bit confused following the decision of lawyers' community to observe countrywide strike to show their resentment over the move, they viewed. The sentiment could stay depressed again on Tuesday in view of the lawyers' announcement to observe 13th of March as black day, they said.
Mirza Muhammad Irfan, equity research head of Capital Vision Securities Ltd, said there was very little impact of the developments taking place in the wake of presidential reference against the Chief Justice of Pakistan. The market gained 1.26- percent on past weekend, although the news came during the trading hours, he added.
On Monday, the market took a weak start and, after moving up and down finally the index finished with a loss of 0.63-percent. But, he pointed out; the underlying sentiment was bullish as advancing stocks were far ahead of the declining ones when the closing bell rang.
The sentiment of the market was not bearish and it ended in minus zone only due to movement in a few index-based shares, he maintained. Except the index moving shares, most of banks, cements and partially oil sector scrips performed better and closed in green zone, he added. Another reason for low activity was the spot position of some of key banking shares, he added.
He said that bulls could regain strength again in a day or two on the back of growing interest in cement stocks on account of increase in cement demand. The market has also ignored federal industries minister's statement that the government will not allow the cement manufactures to increase prices. On Monday, despite decline in key shares, Lucky Cement reached its upper cap limit followed by Javed Umer Vohra and Co, Irfan said. He further said since enforcement from 5th of this month, the CLN system has been running smoothly and the brokers will get used to it gradually. 'If political scene remains undisturbed, the market will continue moving smoothly', he observed.
Of 123 traded scrips, 36 improved in worth, 22 stayed in minus column while 65 were unchanged. Among major gainers, Arif Habib Securities gained Rs 9.00, UBL Rs 7.50, Javed Omer Vohra & Co, Rs 6.00, Lucky Cement Rs 5.30 and PPL Rs 4.00. In minus zone, Pakistan Oilfields shed Rs 5.05, National Bank Rs 2.90, MCB Bank Rs 2.00, PSO Rs 1.75 and OGDC Rs 0.70. Bank Alfalah and DG Khan Cement were the volume leaders with 5.220 million and 4.143 million shares, respectively.
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