Equities moved both ways on the Lahore Stock Exchange (LSE) and finally settled in a negative zone amid an ascending transaction volume on panic selling while small investors remained on the sidelines. The LSE-25 index fell down by 203.84 points to close at 4,845.77 against 5,049.61 of Friday while trading turnover increased to 51.733 million shares as compared to previously traded 46.485 million shares.
Javed Omer Vohra and Co, Arif Habib Securities, Adamjee Insurance, Attock Refinery, ICIC Pak and PSO closed in green zone while PPL, OGDC, United Bank, National Bank, Habib Bank, Askari Bank and Bank of Punjab remained under pressure.
The market opened on a positive sign but failed to sustain and started declining. However, on every dip, fresh buying provided support dragging the market into a green zone. The upward and downward trend continued throughout the day. Just before the closing of market, pressure was seen in OGDC that forced the market closure in negative zone. The investors were conscious and reluctant to take position due to uncertain sentiments.
The market remained directionless keeping investors away from the buying course. It was difficult to understand the reason generating the sluggish trend because the current political situation remained outside the business. The market kept moving all the days even in the hearing of important cases by the Supreme Court. The Karachi double bomb causalities coupled with a string of attempts on forces failed to restrict the market going up, said Mirza Muhammad Irfan of First Capital Equities.
He described the bearish move as a technical correction, saying the market needed more correction failing which the risk would be augmented. Another correction of 400-500 points would be in the interest of market future, he added. He said the foreign fund mangers were still focusing on the Pakistani market having more potential as compared to other markets. This is also evident from the increasing figure of special convertible rupee accounts because of foreign influx.
The declining stocks were ahead of advancing ones as out of a total of 132 active issues, 30 companies registered gains, 42 went down, while 60 stayed glued to their previous levels.
Among gainers, Attock Refinery improved by Rs 12.35, Adamjee Insurance gained Rs 11.30, ICI Pak moved up by Rs 10.05 while Pak Suzuki Motors and Javed Omer Vohra and Co were up by Rs 10.00 and Rs 8.90, respectively.
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