Bearish sentiments dominated on the Lahore Stock Exchange on Monday and the equities registered losses amid selling pressure in oil and banking sectors' shares. The LSE-25 index fell down to 3774.83 against 3849.50 of last Friday, denoting a decline of 74.67 points while transaction volume was increased to 3.897 million shares as compared to previous volume of 2.585 million shares.
The market opened on a healthy note and stayed in green zone almost throughout the day. However, positive sentiments could not remain in tact ahead of closing of trading. The investors preferred to get out of the market at available margin and thus offloaded their positions in Attock Refinery, Pakistan Oil Fields, PSO, OGDC, PPL and Byco Petroleum of the oil sector.
Similarly, MCB Bank, United Bank, Bank of Punjab, National Bank of Pakistan, Bank Alfalah and NIB Bank from the banking sector also remained under pressure. Adamjee Insurance, Millat Tractors, Sui Northern, Fauji Fertiliser Bin Qasim, Lotte Pakistan PTA and Nishat Mills also failed to perform positively and ended in negative column.
However, Treet Corporation, Hub Power, Dadabhoy Cement, Engro Corporation, Nishat Chunian, Dewan Farooq Motors and Nimir Industrial Chemical resisted pressure and showed marginal increase in their worth.
The declining stocks were far ahead of advancing ones, as out of a total of 113 companies, 22 posted gains, 48 stayed in negative zone, while values of 43 companies remained unchanged at their previous levels. ICI Pakistan gained Rs 1.76, Tariq Glass Industries was improved by Rs 1.06, Treet Corporation was appreciated by Rs 1.03 while Hub Power and SME Leasing were up by Rs 1.00 each.
On the contrary, Attock Refinery lost Rs 6.97, MCB Bank was declined by Rs 6.45, Pakistan Oil Fields was depreciated by Rs 5.55 while PSO and Millat Tractors were down by Rs 4.87 and Rs 3.40 respectively. Fauji Fertiliser Bin Qasim was the market leader whose 476,643 shares changed hands followed by Lotte Pakistan PTA with trading of 398,419 shares.
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