Bullish sentiment dominated on Lahore Stock Exchange on Monday where banking and fertiliser sectors led the equities upward while profit taking in oil sector restricted the market to a narrow range resulting in low trading turnover. The LSE-25 index gained 37.84 points and closed at 2290.36 points against 2252.52 points of Friday, while volume reduced to 13.167 million shares as compared to 16.018 million shares.
The market took start on a healthy note with a visible gain of 22 points and kept on moving up and down almost throughout the day. Just before closing, it showed vertical rise to gain over 40 points despite selling pressure in oil and energy companies including Attock Refinery, PPL and Sui Southern Gas that did not allow the index to further rise. ICI Pakistan, Royal Bank of Scotland, Nimir Resins, and Kohat Cement also remained under pressure.
MCB Bank, National Bank, Bank Alfalah, Bank of Punjab, OGDC, PSO, Adamjee Insurance, Fauji Fertiliser, D G Khan Cement, Lucky Cement and Arif Habib Securities performed well and kept the market in green zone. According to analysts, the market was likely to sustain on rising side and buying support may remain intact to keep the market bullish in coming days. Gainers were more than losers, as out of 103 active issues, 43 posted gains, 21 landed in minus column, while 39 stayed glued to their previous levels.
Among gainers, MCB Bank improved by Rs 2.49, Haseeb Waqas Sugar gained Rs 2.04, OGDC and Pakistan Reinsurance appreciated by Rs 1.91 each, while Fauji Fertiliser was up by Rs 1.85. Attock Refinery lost Rs 1.03, PPL declined by 77-paisa while ICI Pakistan Royal Bank of Scotland were down by 72 paisa and 50 paisa respectively.
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