Bearish sentiment prevailed at Lahore Stock Exchange on Monday and the equities registered declines under the lead of blue chips amid decreased trading turnover on account of lack of interest on the part of investors. The LSE-25 index lost 36.81 points and closed at 3144.04 points against 3180.85 points of last Friday, while volume reduced to 11.157 million shares as compared to 15.117 million shares.
The market opened on a depressed note and kept on declining almost throughout the day. The market witnessed a slight recovery an hour before closing, but selling pressure did not let the market stay in green zone. Most of the blue chips including PSO, Pakoil Fields, OGDC, Attock Refinery, MCB Bank, National Bank, Habib Bank, Bank of Punjab, Bank Alfalah, Arif Habib Securities, Lafarge Pakistan Cement, Lotte Pakistan PTA, Maple Leaf Cement, and D G Khan Cement suffered losses. However, Pakistan Reinsurance, Kot Addu Power, Allied Bank, and Nishat Mills (R) resisted declines.
Declining stocks were ahead of advancing ones, as of 105 active issues, 26 companies showed strength and closed in positive column and 44 landed in negative column, while values of 35 companies stayed glued to their previous levels. Nishat Mills (R) gained Rs 16.09, First Capital Equities appreciated by Rs 2.10 while Pakistan Reinsurance improved by Rs 1.15.
PSO declined by Rs 3.15, MCB Bank lost Rs 2.90, and Pak Oilfields shed Rs 2.47, while Nishat Mills and OGDC were down by Rs 2.30 and Rs 1.61 respectively. Maple Leaf Cement with trading of 3.101 million shares topped the volume leaders, followed by Lotte Pakistan PTA with 3.362 million shares.
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