Share values showed negative signs following a technical correction that led the index to downward column on the Lahore Stock Exchange (LSE), where the volume also remained on the lower side for lack of interest on the part of key-players. The LSE-25 index moved down by 8.81 points closing at 2719.52 as compared with the previous finish at 2728.33 points, while the volume retreated to 47.344 million shares from 64.263 million, registering a decline of 16.918 million shares.
Stock analysts said the market showed negative vibes soon after the trading began, and then it kept moving both ways amid thin trading activity for lack of interest on the part of potential investors, who stayed on sidelines, while others took to profit-taking. They, however, said there was no negative news, and the bearish spell emerged because of a small correction that was expected.
Brokers said the market may extend the correction due to which we might witness another weak session.
They said Lucky Cement, Askari Commercial Bank, and Dewan Farooq Motors fared better and added that fresh gains to its worth, while Fauji Fertiliser emerged as major loser followed by PSO and Nishat (Chunian).
Mirza Ejaz Ullah Baig, director, Capital Vision Securities Ltd, said the market took a weak start and subsequently, in early hours, the index was down by 21 points.
He, however, said later interest emerged in selective chips that pushed the index in plus column, but soon the pressure re-surfaced that dragged the index in the negative column again, adding at one time, the index moved down by 41 points, but later it recovered to finally end with a marginal loss.
Baig said there was no negative news in the background, and the downturn was caused by technical correction that might persist in the forthcoming session. However, the underlying sentiment is positive and the market seems to recover soon, he added.
He pointed out that the market has responded positively to the maiden address of Prime Minister Shaukat Aziz to the nation, adding the package announced by him in his speech is a positive development for the market, and it looks set to tread an uphill course in future.
Moreover, people are very optimistic about the corporate results for the December closings, he said, adding though December closing announcements are made in January, the inside reports about the results start pouring in even before December. Therefore, in this backdrop the sentiment seems positive, especially the outlook of banks, fuel and energy stocks looks healthy, he said.
As far as the cement sector is concerned, people are awaiting some big announcements regarding new dams, and if it happens the entire sector will bubble up, he added.
Out of a total of 96 traded scrips, 16 were up, 24 landed in negative column while 56 were intact to its previous levels.
Prominent gainers were Lucky Cement, which improved by Rs 1.30, Askari Commercial Bank 90 paisa, Dewan Farooq Motors 85 paisa, Crescent Commercial Bank and Crescent Standard Investment Bank 80 paisa each.
Among major losers, Fauji Fertiliser lost Rs 4.60, PSO Rs 2.70, Nishat (Chunian) Rs 2.40, PPL and Adamjee Insurance 65 paisa each.
Fauji Fertiliser Bin Qasim was the volume leader with 8.727 million shares followed by Bank of Punjab with 6.542 million shares.