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Bears continued to dominate the Lahore Stock Exchange on Tuesday where equities posted losses amid selling pressure following report about allied forces' advancement on the Pak-Afghan border. The LSE-25 index further slipped by 69.87 points to close at 3328.44 against 3398.1 of Monday while the volume significantly improved to 10.880 million shares as compared to 4.158 million shares traded a day earlier.
PSO, OGDC, Sui Southern and Hub Power from oil and energy sector helped market aver more declines while MCB Bank, Habib Bank, National Bank, Adamjee Insurance, Attock Refinery, Engro Chemical and Arif Habib Securities remained under pressure and closed in red zone.
The market opened on a depressed sentiment and fresh buying in select shares could not avert market closure in red zone. The circuit breakers for the first time after two and half weeks unlocked. This resulted in considerable increase in the turnover.
Short recovery was also seen for a short time and it was expected that the market would rebound to close in positive zone following fresh entries. However, the momentum could not sustain and reacted to the report that the allied troops, equipped with heavy arms and ammunition, started advancing towards the Pak-Afghan borders. The news created panic among investors who started offloading their holdings to get out of the market. The stocks that could not be sold in the last 15 days were disposed of in a single-day trading.
Losers were more than the gainers as 15 companies out of a total of 92, recorded gains, 45 registered losses, while 32 closed at their overnight values. Among gainers, PSO improved by Rs 8.00, Sui Southern pocketed Rs 0.90, while Hub Power and PICIC Energy Fund were up by Rs 0.49 and Rs 0.45.
In the minus column, MCB Bank lost Rs 14.22, Engro Chemical declined by Rs 12.43, Adamjee Insurance shed Rs 12.11 while Attock Refinery and Habib Bank were down by Rs 10.98 and Rs 10.21. NIB Bank with transaction of 1.678 million shares topped the volume leaders while Arif Habib Securities stood as runner up with 1.431 million shares.

Copyright Business Recorder, 2008

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