With dull trade activity, share values were range-bound on the Lahore Stock Exchange (LSE) following indifferent attitude on the part of key-players, while analysts ruled out any possibility of change in current trend in the forthcoming session. At close of the market, the LSE-25 index was registered at 2746.66 points versus 2746.31 of Tuesday, depicting a nominal rise of 0.35 points, while turnover was down to 36.529 million shares from its previous closing of 43.652 million shares, showing a decrease of 7.123 million shares.
The market range-bound for lack of interest from big players that led to low volumes. However, interest was observed in the banking sector and fertilisers, which provided some support to the sentiment, while the remaining shares depicted lacklustre.
The fuel and energy sector remained in positive zone during last several sessions despite overall sluggishness in the market that disappointed investors and stayed weak, brokers said.
They said the market almost maintained the last day's trend amid thin activity, and they saw hardly any change in the trading pattern during this week. However, any major news could change the direction, they added.
Mirza Mohammad Irfan, Equity Research Head of Capital Vision Securities Ltd, said the market has been moving in a zigzag way with range-bound activity for the last three weeks due to high badla rate, and there was also no change in its trading pattern on Wednesday, but the banking sector, particularly Askari Commercial Bank, remained bullish followed by Bank Alfalah and National Bank.
There was also no positive or negative news from any front, therefore, the market continued the previous trend with thin activity, he said.
Describing reasons for the persisting range-bound activity, Irfan said it was mainly because of high badla rate, adding some big shares are also spot and that is also a factor responsible for low volumes.
He also said that badla has gone up to 12.5 percent from 7-8 percent during the last three weeks.
According to him, due to high badla, the market is unable to come out of dullness persisting since last week. He, however, pointed out the badla rate has shown a decrease of 2 percent on Wednesday, and if the market succeeds in maintaining this level. Out of a total of 100 scrips changed hands on the day, 13 were up, 27 lost its values while remaining 60 were intact to its previous closing levels.
Among major gainers, Javed Omer Vohra & Co improved by Rs 3.00, Askari Commercial Bank Rs 1.55, Fauji Fertiliser 75 paisa, PIAC 55 paisa, and Bank of Punjab 45 paisa.
In negative zone, PSO shed Rs 1.55, Adamjee Insurance Rs 1.50, Pakistan Capital Market Fund 80 paisa, and PPL and Pakistan Oil Fields 70 paisa and 65 paisa, respectively. Bank of Punjab and Sui Northern were the volume leaders with 7.425 million shares and 3.831 million shares, respectively.