Equities on Thursday maintained downward slide amid bearish sentiments on the Lahore Stock Exchange (LSE) and finally landed in red zone under the lead of oil and banking sectors' shares. The LSE-25 index was declined by 26.59 points and was closed at 3083.88 against 3110.47 points of Wednesday, while transaction volume further decreased to 2.204 million shares, as compared to last day volume of 2.643 million shares.
The market opened on a depressed note and maintained downward move during the day's trading. The market showed some recovery ahead of closing of trading but could not sustain and succumbed of selling pressure. According to the market pundits, the investors were reluctant taking positions because of prevailing uncertainty on the political front. The rumours regarding change in the present set up is the main source of disturbance for the investors, they said.
The oil sector kept the market under pressure while banking sector also failed to support market sentiments. As a result, OGDC, PPL, Attock Refinery, Pak Oil Fields, Madame Insurance, Engro Corporation, Habib Bank, United Bank, National Bank, Bank Alfalah, Lucky Cement, D.G. Khan Cement and Sui Southern suffered losses. However, Millat Tractors, Treet Corporation, Fatima Fertiliser, Faysal Bank, Arif Habib Securities and MCB Bank showed strength and posted marginal gains.
The losers were more than the gainers, as of 111 companies, 17 posted gains, 38 stayed in negative column, while values of 56 companies remained unchanged at their previous levels. Millat Tractors was improved by Rs 6.49, Treet Corporation gained Rs 1.11, Flying Cement was appreciated by Rs 1.00 while Kot Addu Power and Nimir Industrial Chemical were up by 70-paisa and 65-paisa, respectively.
OGDC was declined by Rs 1.91, Adamjee Insurance lost Rs 1.73, Engro Corporation was depreciated by Rs 1.72, while PPL and Attock Refinery were down by Rs 1.68 and Rs 1.56, respectively. Lotte Pakistan PTA was the market leader whose 441,120 shares changed hands followed by Bank of Punjab with 264,667 shares.
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