Share values fell after majority of players off-loaded their positions fearing violence during the strike on Monday, however, last minutes recovery in oil sector averted chances of a massive battering. The LSE-25 index ended with a loss of 21.03 points to 4,459.92 from 4,480.95 points of the previous session.
Turnover improved to 37.699 million shares from 29.375 million shares, registering a decline of 8.323 million shares. As anticipated by analysts, the market took a negative start with key shares receiving heavy falls, but later recovery took place gradually, helping the index to regain most of early losses.
According to analysts, oil sector played a pivotal role in recovery starting gradually after mid-session. Shell Pakistan and Engro Chemical performance was outstanding while other shares like PSO and Pakistan Oilfields and Attock Refinery also showed positive signs.
On the other side, UBL and Kot Addu Power topped losers' column. When the closing bell rang, gainers were more than losers, which, according to analysts, indicates internal strength of the market. Most of people on Monday preferred off-loading, on account of strike call given by the opposition parties to condemn incidents of violence in Karachi on Saturday last, Mirza Muhammad Irfan, equity research head of Capital Vision Securities Ltd said.
After remaining under pressure in initial hours, the market started recovering on buying in Engro Chemical, Attock Refinery and other oil sector scrips, especially Shell Pakistan. Engro Chemical and Attock Refinery on Monday outperformed and reached their upper cap limits, he added.
Despite all fears caused by law and order problem due to recent incidents of Karachi, SACRA figure is constantly soaring which means that foreign investors are still entering the market to take advantage of the existing low levels, he observed. Moreover the KSE index has managed to sustain above 12,000 level, which is a very positive indicator and will help in building local investors' confidence, he pointed out.
Overall, a total of 142 scrips changed hands on the floor, of which, 58 were up, 7 stayed in minus zone while 77 were intact to their previous levels. In positive column, Shell Pakistan gained Rs 16.55, Engro Chemical Rs 14.50, Attock Refinery Rs 10.25, PSO Rs 8.00 and Adamjee Insurance Rs 7.60.
In minus column, UBL lost its worth by Re 1.00, Kot Addu Power Company Rs 0.75, Crescent Commercial Bank Rs 0.40, Hub Power Company Rs 0.35 and PIAC Rs 0.15. Fauji Fertiliser was the volume leader with 7.518 million shares followed by Bank Alfalah with 7.419 million shares, respectively.