As a consequence of political parties and lawyers countrywide protest calls, the local share market showed an inconsistent movement and finally ended with a marginal decline, amid sluggish trade activity. The LSE-25 index finished the session with 18.39 points decline at 4286.87 points as compared to Tuesday's closing of 4305.26 points.
Volume, however, depicted upward movement, reaching 27.998 million shares from 23.839 million of the preceding session, improving by 4.159 million shares.
The market maintained its overnight upward thrust and moved up significantly, but following news of protests came under pressure, with the index moving down sharply, brokers said. However later recovery took place and the market regained lost strength to close with only a marginal loss, they added.
On adjournment of Supreme Judicial Council (SJC) hearing till 3rd of next month against the Chief Justice of Pakistan (CJ), the market people anticipated relief in the ongoing protests in the country and the market recovered on Tuesday. The low prices of the scrips were also a driving force behind the last day's interest from the investors. The sentiment again turned depressed when news of protests in federal capital and other parts of the cities reached the market on Wednesday. Adamjee Insurance and Kohat Cement were the key gainers of the day while UBL and Engro Chemical were quoted major recipient of losses.
In early hours people witnessed a good trading and the index, at one stage, shot up by over 100 points, Javed Iqbal, chief executive of Javed Iqbal Securities Ltd said. But at midday on news of protests, the sentiment started weakening and the index entered minus column, with a net loss of 80-90 points, he added. However, due to last minutes recovery, losses were limited, he pointed out. Political uncertainty has disturbed the sentiment and people are nervous fearing law and order problem in the country, he maintained.
Other than the political factors, there is nothing negative, with also no change in other indicators, he further said. Political turbulence that started in wake of the filing of presidential reference against the CJ has shaken the market, he said. People prefer day trading and no one is ready to take long positions, fearing further deterioration in political situation ahead. "Till settlement of the issue, I don't see any improvement in the market movement," Javed Iqbal observed.
Out of a total of 120 traded scrips, 17 were up, 38 landed in negative column while 65 stayed pegged to their overnight positions. Among major gainers, Adamjee Insurance was up Rs 3.50, Kohat Cement Rs 1.50, Bank of Punjab Rs 1.45 while MCB Bank and Askari Commercial Bank Rs 0.95 and Rs 0.75, respectively. In negative zone, UBL lost Rs 5.50, Engro Chemical Rs 5.30, Javed Omer Vohra Rs 4.70, PPL Rs 3.80 and National Bank Rs 3.25. Bank Alfalah and Lucky Cement were the volume leaders with 7.038 million and 3.207 million shares, respectively.
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