Share prices moved erratically on Lahore Stock Exchange (LSE) and finally settled in negative zone on account of genuine investors' alienated behaviour; however volume remained on the higher side. The LSE-25 index closed at 4499.31 points as opposed to its previous closing at 4515.96 points, registering a fall of 16.65 points.
Volume mounted to 36.974 million shares from 31.684 million, depicting an increase of 5.290 million shares. The market moved both ways as, disturbed by rumours regarding change in the political scene of the country, key players appeared hesitant to leave safe heavens.
There was some upward fluctuation in turnover but, according to brokers, it was still very low and far from the desired mark. Mostly, the market remained directionless and fluctuated up and down throughout the day, which kept investors in a confused state of mind, an analyst said.
All major sectors including banks, oil and gas sector failed to make any headway, he added. Pakistan Oilfields and Arif Habib Securities Ltd, were the major gainers of the day while Standard Chartered Bank and PPL led the losers' column.
The rumours concerning change in the political set-up has shaken the market and every one seems very careful in investment, Javed Iqbal, chief executive of Javed Iqbal Securities Ltd, said.
After filling reference against the Chief Justice of Pakistan the government is also confused and disturbed, he added. Now the situation is that the market is relying on only day traders who go for only short positions. No long-term investor is visible in the market, however, foreign funds' interest is there which has diminished the chances for a major disaster of the market, he pointed out.
Foreign Funds presence is a ray of hope for the futures of the market, he maintained. According to him, foreign investors' presence indicates their confidence in the economic policies of the government and they foresee a better future economic scene of Pakistan.
But local investor is scared and is not ready to for long-term investment ahead of the general elections this year, he added. The prevailing political uncertainty could also defuse the impact of the quarterly corporate results, he feared.
Of 136 traded scrips, 29 were up, 27 landed in minus column while 80 were intact to their previous levels. Among major gainers, Pakistan Oilfields was up Rs 4.15, Arif Habib Securities Ltd, Rs 4.00, DG Khan Cement Rs 3.75, Sui Northern Rs 3.20 and Engro Chemical Rs 2.80.
In red zone, Standard Chartered Bank lost Rs 3.40, PPL Rs 2.10, PSO Rs 1.40, KASB Bank Rs 1.25 and Faysal Bank Rs 1.20. DG Khan Cement and Bank Alfalah led the market by volume with 4.617 million and 4.190 million shares, respectively.