Equities moved both the ways on the Lahore Stock Exchange (LSE) on Thursday and finally settled in green zone amid descending transaction volume on account of selling pressure in banking sector. The LSE-25 index marginally declined by 9.84 points and was closed at 3044.24 against 3054.8 of Wednesday, while trading turnover squeezed to 15.265 million shares, as compared to last day volume of 18.600 million shares.
The market opened on a healthy note and stayed in green zone for about one and half hour. After showing an improvement of 25 points, the market started declining mainly because of selling pressure in blue chips including Adamjee Insurance, Attock Refinery, OGDC, PSO, Mari Gas, Engro Chemical, National Bank, MCB Bank Arif Habib Securities, and Nishat Mills. However, the investors came back to buy shares of selective companies like Habib Bank, Pak Oil Fields, PPL, Nishat Chunian and PTCL that helped market recovery, which could not sustain till the end of trading.
According to the analysts, the investors were conscious while taking long term positions who opted profit taking to pocket the available margin. However, market is expected to improve gradually in last fortnight of the current month. The December ending year companies, particularly the banks may start announcing their schedule for holding Board meetings, which could attract the investors, they maintained.
The advancing stocks were ahead of declining ones. Of 99, 37 companies showed strength and were closed in positive zone, 30 companies recorded loss while values of 32 companies were ended at their overnight closing levels. Among gainers, Habib Bank was improved by Rs 5.83, IGI Insurance gained Rs 3.61, Millat Tractors was appreciated by Rs 3.33, while Pak Oil Fields and PPL posted an improvement of Rs 2.52 and Rs 1.98, respectively.
In the minus column, Adamjee Insurance lost Rs 2.55, Arif Habib Securities was declined by Rs 1.75, while Attock Refinery and OGDC were down by Rs 1.74 and Rs 1.56, respectively. Lotte Pakistan PTA with trading of 2.539 million shares topped the volume leaders followed by Arif Habib Securities with 2.222 million shares.
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