Equities suffered losses on the Lahore Stock Exchange (LSE) amid ascending transaction volume while banking sector helped market recovery. The LSE-25 index improved by 14.46 points closing at 4380.56 points against 4366.10 points of Monday while trading turnover increased to 23.037 million shares as compared to 15.895 million shares traded a day earlier.
MCB Bank, Faysal Bank, Bank Alfalah and PICIC Investment Fund maintained upward trend while Pak Oil Field, PPL, PSO, Attock Refinery remained under pressure. The market, which opened on a healthy note, remained in positive zone during most of the day on account of fresh buying in the banking sector.
The market, just in 15- minute sharply moved up because of recovery. Negative sentiments disturbed the local market mainly on account of client level netting issue, end of corporate results and finally geo-political scenario, said Ahmad Nabeel of Invest and Finance Securities while commenting on the market sentiments.
He said the global market declined by more than 8-percent in just five working days whereas KSE-100 fell by five percent due to sympathetic effects and fear of foreign selling.
If panic gripped the foreigners and they start selling which was obvious from Tuesday's trading, the market may suffer heavy losses, he added. Global economies are also going to slow down, therefore USA and China may see further fall in their stocks markets and pressure may emerge in the Asian and European markets also, he maintained. Due to reduction in Pakistan Investment Bond's rate from 12 to 37 base points, market showed some strength. He was of the view that the investors must adopt sell on strength policy to yield margin out of their investment.
Declining stocks were ahead of advancing ones as out of 118 active issues, 17 companies registered improvement, 41 went down while 60 stayed glued to their previous levels.
Among gainers, MCB Bank gained Rs 3.90, Faysal Bank improved by Rs 1.90, D.S. Industries appreciated by Rs 1.60 while Bank Alfalah and Nishat Mills were up by Rs 1.45 and Rs 0.80, respectively. Adamjee Insurance declined by Rs 10.90, Pak Oil Field lost Rs 7.10, PPL depreciated by Rs 6.40, while PSO and National Bank were down by Rs 4.30 and Rs 3.00, respectively.
Bank Alfalah was the market leader whose 4.550 million shares changed hands followed by Fauji Fertiliser Bin Qasim with total trading of 2.578 million shares.