Share prices have drifted lower on the Lahore Stock Exchange following mounting worries by investors and amid fears by Opposition parties about the election credibility. The market on Monday remained mostly under pressure with no phenomenal movement in blue chips keeping the index on the lower side.
The LSE-25 Index ended at 4,450.43 points, compared with previous session's 4,461.82 points, bearing a loss of 11.39 points. Turnover slightly improved to 15.008 million shares from 12.751 million shares, depicting an increase of 2.751 million shares.
Market experts uncertainty among the investors was intensifying and preferred to wait and see said since the election was closing in on. A majority of people thinks if the opposition parties fail to achieve desired results, they may reject the polls and go for agitation. So the uncertainty might go beyond the elections and they will have to wait for a longer period, even after the election. With this mindset, investors' alienated attitude may continue in the coming sessions, brokers said. Today, fertilisers, some banks and partially the oil distribution and exploration sector made advances while refineries were the worst hit by pressure.
Oil Refineries were the key victims of pressure on news of discontinuation of gas supply to them by oil distributing companies, said Mirza Muhammad Irfan of the Capital Vision Securities Ltd. No official statement, either from the refineries or the gas distribution companies, confirmed the news. Oil refineries remained under pressure with Attock Refinery touching its upper cap limit. Other srcips who were capped on the lower side were JOVC and Arif Habib Bank. He said the current volume was alarmingly low and without improvement in it the market was unlikely to pick up momentum.
Out of a total 114 trades scrips, 13 soared, 49 landed in minus column while 52 were intact to their preceding levels. Among major gainers, Engro Chemical improved its worth by Rs 6.70, National Bank Rs 2.00, Pakistan Oilfields Rs 1.40, PSO Rs 1.40 and IGI Investment Bank Re 1.00. In negative column, National Refinery was down by Rs 18.40, Attock Refinery Rs 11.20, ICI Pakistan Rs 11.20, ICI Pakistan Rs 8.50, Pakistan Refinery Rs 8.50 and Pakistan Reinsurance Rs 8.50. NIB Bank and Bosicor Pakistan were the volume leaders with 3.299 million and 1.789 million shares.