The share prices inched up on the Lahore Stock Exchange (LSE) on the last trading day of the week following good buying interest in MCB Bank and some other key scrips taking the market up by 49.43 points.
The LSE-25 Index finished the weekend at 4767.13 points versus 4717.70, showing a net rise of 49.43 points. Trade turnover slightly improved to 20.635 million shares from 18.731 million, increasing by 1.904 million shares.
Though the market made substantial gains despite last day pressure, investors were not comfortable because of its roughness and high volatility. Analysts said that either side course of the market did not allow people to play freely Friday. They, however, said that positive closing on the weekend implied internal strength of the market and it was also expected to make a positive opening on first day of the upcoming week. Some brokers said till final settlement of the issue of restoration of judges the market was continue showing a volatile movement. Today, MCB led the proceedings while Central Insurance Company ranked top among day's prime losers.
There was a bumpy drive on the market and its rough behaviour tormented investors, who are already disturbed by the prevailing political uncertainty, Mirza Muhammad Irfan Baig of Capital Vision Securities Limited said. After making a positive opening, the market soon came under pressure with the index declining by 80-90 points, he added. However, it again turned positive with buying in key chips. Afterwards, the reports that the issue of March 2005 stocks crisis had been referred to the Finance Committee, the trend again changed but it proved very short-lived as the market managed to absorb the pressure once again.
DG Khan Cement, MCB Bank and Nishat Mills announced their results, which were below expectations from investors point of view, but even then they performed well with MCB and Nishat Mills touching their upper circuit breakers, Irfan said.
Attock Refinery also fared better while Pervez Ahmed Securities was capped from the lower side. The Securities and Exchange Commission of Pakistan move to issue notices to some of the companies, whose shares witnessed an abnormal rise in the recent days caused pressure in the market but buying support in MCB and some other chips discounted impact. He said that now the market was very sensitive to the political news and the issue of settlements of the judiciary was likely to continue dominating trading in the coming sessions, he stated.
Out of a total of 113 traded scrips, 37 were up, 26 landed in negative column while 50 were equal to their overnight levels. In positive column, MCB Bank gained Rs 20.15, Indus Motors Rs 15.95, Attock Refinery Rs 13.80, Engro Chemicals Rs 11.50 and Adamjee Insurance Rs 7.20. Major losers included Central Insurance Company, which lost its worth by Rs 18.20, Packages Limited Rs 17.00, Pakistan Refinery Rs 5.45, JOVC Rs 4.65 and International Industries Rs 4.25. DG Khan Cement and Bank Alfalah were the volume leaders with 3.105 million and 2.638 million shares.