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The Lahore Stock Exchange (LSE) on Monday presented a rising trend and the equities registered gains across the board amid fresh buying following the positive development on political front, particularly after lifting of Governor Rule on Punjab.
The LSE-25 index jumped 75.27 points high closed at 2143.71 against 2068.44 of last Friday, while the transaction volume also significantly increased to 35.673 million shares, as compared to 28.221 million traded on last day of the previous week.
All the oil sector shares like PPL, Pak Oil Fields, Shell Pak, National Refinery, PSO, and Attock Refinery supported the market, while Engro Chemical, Habib Bank and Bank Alfalah also helped it to stay in positive zone. However, Bank of Punjab, Askari Bank, and Nishat Mills remained under pressure.
The market, while continuing last weeks positive sentiments, took a healthy start at 2070 and showed vertical move during first 30- minute of trading. The index not only crossed 2100 level but closed well above at 2143 points.
The analysts were of the view that almost all the shares would have opened with upper caps, if the terrorist attack on the police-training academy, Munawan, near Lahore that claimed lives of dozens of people including police officials and injuring 95 had not taken place. As a result of positive slant, the market absorbed the terrorist incident, except taking a dip during mid day following selling pressure on account of profit taking.
The market pundits said the upward on the market is likely to continue for the next couple of days, but it could also come under pressure because of profit taking. Gainers were more than the losers, as out of a total of 131 active issues, 65 companies recorded gains, 10 registered loss, while values of 56 companies remained unchanged at their previous week closing levels. Of gaining companies, Shell Pak improved by Rs 11.75, PPL gained Rs 8.47, Pak Oil Fields moved up by Rs 8.19, while National Refinery and PSO were up by Rs 7.74 and Rs 7.18 respectively.
On the contrary, Packages Limited declined by Rs 3.68, Gandhara Industries lost Rs 1.00 and Sui Northern and Dewan Cement went down by Rs 0.81 and Rs 0.44 respectively. However, NIB Bank was the market leader, whose 3.226 million shares changed hands followed by Maple Leaf Cement with a trading of 3.090 million shares.

Copyright Business Recorder, 2009

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