LSE stays range-bound

The share market, the Lahore Stock Exchange (LSE), has hardly seen a change in sentiment with the equities continuing painting a dull picture to finish with a nominal gain while volume is further lowering.
The LSE-25 Index finished the session at 4457.31 points compared with lat closing at 4451.69, depicting a slight increase 5.62 points. The turnover lowered to 16.968 million shares from 23.276 million shares, decreasing by 6.308 million shares.
There was hardly any activity in the market staying range-bound because of losing interest from investors, analysts said on Thursday. Since the political uncertainty still stands and market people fear delayed general elections, activity has fallen drastically.
"Unless some supporting development on economic or political front takes place, it seems there is a little chance for any clear change in the market direction," a leading broker said.
On Thursday, the Engro Chemical and the First Capital Equities moved upward while the UBL and the Adamjee Insurance treaded a downhill course.
Activity was range-bound and sluggish on Thursday, clearly indicating that a majority of the players were on sidelines, said Amer Hussain, head, equity sales, Invest and Finance Securities Limited.
Some interest was seen in fertilisers and the energy sector, but they failed to change the market sentiment, he said, adding the people actually were awaiting the monetary policy and impact of the United States Federal Reserve's interest rate cut over the word markets.
Since foreign outflow, especially from the US was continuing, the local investors were reluctant to go for a fresh investment. There were also reports flowing from Britain but its impact was hardly seen in the market. The long-term outlook of the market seems good, but even then the people are advised to be careful till February 18.
In all 118 scrips changed hands of which 37 were up, 24 down while positions of 57 stayed put. Among key gainers, Engro Chemical improved by Rs 7.50, First Capital Equities Rs 3.50, Allied Bank and Pak Suzuki Motors Rs 3.00 each, while Pakistan Oilfields Rs 2.90.
In negative column, UBL was down by Rs 3.10, Adamjee Insurance and BOC Pakistan Rs 1.50 each, while Arif Habib Securities and Attock Refinery shed Rs 1.05 each.
Bosicor Pakistan and NIB Bank led the market in terms of turnover with 4.854 million and 1.401 million shares respectively.