Bearish sentiments prevailed on the Lahore Stock Exchange on Monday and the equities registered declines amid descending transaction volume due to lacking interest on the part of investors who remained on the sideline. The LSE-25 index lost 59.4 points to close at 3989.69 against 4049.09 of last Friday while trading turnover was decreased to 2.472 million shares compared with previous volume of 3.74 million shares.
The market was opened on a depressed note and remained under pressure throughout the day mainly on account of investors' cautious approach who avoided taking positions. Buying was seen in some bluechips like Pakistan Oil Fields, OGDC, PPL, PSO, Packages Limited, Engro Corporation, Fauji Fertiliser Bin Qasim, Askari Bank, Wateen Telecom and Engro Foods that helped market avert more declines.
However, Dawood Hercules Corporation, Fauji Fertiliser, Nishat Mills, Pak Electron, Arif Habib Corporation, Pakistan Reinsurance, DG Khan Cement, Dandot Cement, MCB Bank, Nimir Industrial Chemical, KESC, PTCL, Southern Electric Power and Silk Bank remained under selling pressure. The losers were more than the gainers, as out of a total of 85 active issues, 11 companies posted gains, 29 stayed in minus column, while values of 45 companies remained unchanged at their last week closing.
Packages Limited gained Rs 5.87, Pakistan Oil Fields was appreciated by Rs 1.3, while OGDC and PPL were improved by 83-paisa and 50-paisa respectively. In the minus column, Dawood Hercules Corporation lost Rs 1.99, Nishat Mills was declined by Re 1, while Pak Electron and Arif Habib Corporation were down by 79-paisa and 69-paisa respectively. NIB Bank with trading of 400,000 shares topped the volume leaders followed by Fauji Cement with 374,000 shares.
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