Equities maintained downward trend for the third consecutive day on the Lahore Stock Exchange (LSE) on Wednesday and closed with losses amid lacking buying support on account of negative news on the economic front.
The LSE-25 index marginally increased by 4.86 points to close higher at 2829.22 against 2824.36 of Tuesday while transaction volume squeezed to 71,500 shares as compared to 109,100 shares traded a day earlier.
The market while continuing depressed sentiments opened on a negative note and because of lacking support kept on moving in the red zone. The experts were of the view the international markets are also passing through the recession phase and most of the regional and world markets closed with historic low.
On account of fast decline, Korea and Malaysia are learnt to have closed their stocks markets and the capping of floor was a positive step to save the country's stocks market, said Javed Iqbal of Javed Iqbal Securities, while commenting on the market trend. Not only our market but the Indian stock also slide down to below 11,000 points, which was touching highest level of 21,000, he said and added that our investors should face the situation with patience.
He said that a delegation comprising newly appointed Financial Advisor to the Prime Minister on Finance and Federal Finance Minister is leaving for Washington to hold dialogue with the IMF authorities so as enable Pakistan to get out of the present economic crisis. The investors believed that Shaukat Tareen who happened to be chairman of the Karachi Stock Exchange, was fully aware of the problems confronting to the country's bourses and would take appropriate steps to get rid of the situation, he added.
Out of total 84 active issues, one company-Flying Cement posted gain of Rs 0.98, while Arif Habib Securities lost 55-paisa, PIAC declined by 45-paisa, Sui Northern depreciated by 21-paisa while Attock Refinery was down by 11-paisa. As many as 79 companies remained unchanged at their previous levels. Flying Cement Company topped the volume leaders with trading of 20,000 shares, followed by Pakistan Premier Fund with 16,000 shares.