Equities moved both ways on the Lahore Stock Exchange and finally closed in red zone because of, in experts' opinion, technical correction while turnover squeezed following lack of interest by investors.
The LSE-25 index declined by 32.85 points and closed at 4905.83 against 4938.68 of Thursday while transaction volume restricted to 23.098 million shares as compared to 27.692 million shares traded a day earlier.
United Bank, Habib Bank, Allied Bank, from the banking sector, Fauji Fertiliser Company and Fauji Fertiliser Bin Qasim from fertiliser sector, supported the market while MCB Bank, Engro Chemical, PPL, PSO, Attock Refinery, remained under pressure.
The market, according to the investors' expectations opened on a depressed note and remained in minus column during the first trading session. As soon as, the second session started after the Juma prayers the market started improving following fresh buying that was seen on dip.
The recovery move also encouraged the small investors to pick selective shares that helped market touch another new high of 15150 at the KSE, said Syed Muhammad Ishaq of Abbasi and Company while commenting on the market sentiments. However, simultaneously, profit taking was also seen at the end of trading that did not let the market sustain, he added.
The market remained depressed for first two days but recovered its position and resultantly presented oil driven rallies that helped market touch new highs in last two days. "We were expecting correction on last trading day because the market is in its consolidation phase and correction at this stage is being considered a good omen for the market future," he said.
Pundits are optimistic about the market future following oil and fertiliser sectors support. The foreign investors are reluctant to get in the market because of political uncertainty and prevailing law and order situation in the country.
If they return to Pakistani market, the market may present bullish trend, he said adding that mid term investment in oil, fertiliser and cement sectors could yield good margin to the investors but they must be conscious and only buy on dip.
Declining stocks were ahead of advancing ones as out of a total of 127 active issues, 19 improved their values, 42 went down while 66 stayed glued to their previous levels.
Among gainers, the Fauji Fertiliser Company improved by Rs 6.80, United Bank gained Rs 6.65, Pak Oil Fields moved up by Rs 6.05 while ICI Pakistan and Habib Bank were up by Rs 6.00 and Rs 3.70.
In the minus column, MCB Bank declined by Rs 9.70, Engro Chemical lost Rs 5.50, Silver Star Insurance shed Rs 4.55 while Central Insurance and Pakistan Tobacco Company were down by Rs 4.25 and Rs 4.00. The Fauji Fertiliser Bin Qasim was the volume leader trading with 3.129 million shares.