Depressed sentiments continued for the second consecutive day on the Lahore Stock Exchange (LSE) on Wednesday and the equities further declined amid decreased trading turnover because of lacking investors' interest who remained on the sideline.
The LSE-25 index was slide down by 29.67 points and was ended at 3723.53 against 3753.20 points of Tuesday, while transaction volume was further squeezed to 2.838 million shares, as compared to last day volume of 4.377 million shares. The market opened on a negative sign and remained under pressure due to selling pressure in oil and banking sectors' shares including Pakistan Oil Fields, National Refinery, Attock Refinery, Byco Petroleum, MCB Bank, Allied Bank, National Bank, Bank of Punjab and Askari Bank.
Engro Corporation, Adamjee Insurance, Sui Southern, NetSol Technologies, Lotte Pakistan PTA and Nishat Mills also could not sustain and ended with losses. However, before closing of trading, the market showed a slight recovery that lasted for an hour because of buying support in Pakistan Refinery, Engro Polymer and Chemical, Nishat Power, Nishat Chunian and Maple Leaf Cement. The sentiments could not remain intact as investors get out of the market to secure their positions that again pushed the index down.
The losers were more than the gainers. Of 111 active issues, 22 companies recorded gains, 38 depreciated their worth, while 51 companies stayed glued to their previous levels.
Pakistan Refinery gained Rs 2.50, SME Leasing was improved by 45-paisa, while Engro Polymer and Chemical was up by 27-paisa. On the contrary, Pakistan Oil Fields lost Rs 3.93, National Refinery was declined by Rs 2.70, MCB Bank was depreciated by Rs 2.35, while Engro Corporation and Attock Refinery were down by Rs 2.16 and Rs 1.92, respectively. Bank of Punjab with trading of 714,527 shares topped the volume leaders, while Nimir Industrial Chemical with 335,615 shares stayed as runner up.
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