Led by banking and petroleum sectors, equities averted declines on Lahore Stock Exchange (LSE) amid ascending transaction volume on account of fresh buying in selective shares.
The LSE-25 index improved by 40.01 points, closing at 4240.67 against 4200.66 of Monday, while trading volume increased to 74.443 million shares as compared to 58.451 million shares traded a day earlier. Banking and petroleum sectors remained attractive for the investors who made fresh entries in anticipation of further appreciation in its shares values. However, some blue chips including D.G. Khan Cement, Nishat Mills, OGDC, PSO and Fauji Cement remained under pressure due to profit taking.
The market opened on a healthy note and remained in positive zone throughout the day, despite the fact that Tuesday was Badla day. The banking sector shares have touched the level that was due in January/February next year. According to analysts, some potential investors including foreigners are picking banking and petroleum sector shares. The foreign investment is coming in Pak Oil Field and PSO in oil sector, besides banking sector shares, said Ahmad Nabeel of Invest and Finance Securities, while commenting on the market sentiments.
Another reason of appreciation in the value of Pak Oil Field was discovery of 2000-barrel oil per day, which not only attracted the foreign buyers but also the local investors, he added. Though the country is facing ever-biggest disaster, yet the stock experts are optimistic about market future. They believe that rehabilitation of quake affectees would give boost to the construction industry, which in turn would generate demand for cement, steel, engineering equipment and electricity goods etc, he added. Only intra-day trading in selective shares could yield good margin, he opined.
Declining stocks were ahead of advancing ones as out of a total of 80 active issues, 21 companies registered gains, 26 landed in negative column, while 33 stayed glued to its previous levels. National Bank improved by Rs 7.20, MCB Bank gained Rs 5.85, Pak Oil Field soared by Rs 5.45 while PPL and Bank of Punjab were up by Rs 4.05 and Rs 3.50, respectively. PSO declined by Rs 2.00, D.G. Khan Cement depreciated Rs 1.60, Nishat Mills lost Rs 1.55 while Lucky Cement and Adamjee Insurance were down by Rs 1.15 and Rs 1.10, respectively.
National Bank was the market leader whose 13.693 million shares changed hands followed by D.G. Khan Cement with total transaction of 12.268 million shares.