LSE shares drift lower

Share prices drifted lower on the Lahore Stock Exchange, losing 2.7 percent since investors lacked confidence following political uncertainty and mounting tension on Pak-Afghan border. The LSE-25 Index fell by 106.96 points to reach 3,826.58 points from 3,933.54 points.
Daily average turnover further declined to 10.990 million shares from 11.525 million of the previous session. The market painted a dull picture from open to close of the market as investors appeared alienated from the trade activity. Brokers said that volume was constantly on the declining edge and reached the mark where market people's concern was quite natural.
They added that political unrest and mounting tensions between Pakistan and Afghanistan after Afghan president's threat to attack Pakistan had weakened the market sentiment. The prevailing situation is so bad that no body is ready to take risk, a broker said. Some banking stocks and Adamjee Insurance moved in forward direction while the boarder market showed a dismal picture, analysts said.
There is no interest in the market and investors is totally at distanced awaiting improvement in the existing state of affairs in the political field, Amer Hussain Khan of the Invest and Finance Securities said. He said there was no support at the existing levels and big players were using mounting tensions between Afghanistan and Pakistan as an excuse for downturn of the market. He said volume had dried up reflecting a terrible outlook of the market.
The state of the economy the reports say is not good and the entire financial sector has turned weak which has forced investors to adopt a careful approach, he maintained. As far as foreign investor's interest is concerned, constant SCRA outflow goes on and there seems no let-up in it till the political situation takes a positive turn, he added. Because of this uncertain state of affairs, the market is expected to stay dull till something positive happens, Amer Hussain observed.
Of total 89 active issues, 10 surged, 49 retreated while 30 were intact to their previous levels. Among key gainers, Habib Bank was up Rs 7.11, Allied Bank Rs 2.95, Adamjee Insurance Rs 2.20, DS Industries Rs 2.01 and KESC Rs 9.75. In negative zone, MCB Bank was down Rs 14.55, Attock Refinery Rs 11.00, Engro Chemical Rs 7.50, National Bank and Arif Habib Securities Rs 7.35 each. NIB Bank and Arif Habib Securities led the market by volume with 1.212 million and 059 million shares.