The bullish rally turned into bearish on Wednesday on the Lahore Stock Exchange on account of the Supreme Court of Pakistan's verdict that disqualified Sharif brothers and the equities registered losses across the board amid reduced transaction volume.
The LSE-25 index fell down by 88.54 points and ended at 1625.53 against 1714.07 of Tuesday while trading turnover restricted to 16.822 million shares as compared to 17.380 million shares traded a day earlier. Almost all the shares including the blue chips closed in negative column.
PSO, Pak Oil Fields, PPL, National Refinery, OGDC, MCB Bank, Habib Bank, NIB Bank, National Bank, Bank Alfalah, Bank of Punjab, Engro Chemical, Fauji Fertiliser, Fauji Fertiliser Bin Qasim, Bosicor Pakistan, Lucky Cement, Fauji Cement, and Arif Habib Securities remained under selling pressure and showed significant losses. Only Pakistan National Shipping, Mari Gas and Dewan Farooq Motors resisted pressure and ended in green zone.
The market while continuing the day earlier sentiments opened on a healthy note and remained bullish till mid day. As soon as the news regarding the Supreme Court's decision that disqualified Mian Nawaz Sharif and Mian Shahbaz Sharif, flashed on the television channels, a panic selling was seen.
The investors and the institutions abruptly started offloading their holdings to secure their positions that pushed the rising market downward and stayed in red zone till the closing of market. The negative sentiments are also likely to prevail as most of the traders organisations and PML (N) have announced to observe strike against the Supreme Court decision in the country.
Out of a total of 98 active issues, 3 companies closed in positive column, 66 stayed in red zone, while values of 29 companies remained unchanged. Among gainers, Pakistan National Shipping was improved by Rs 1.72, Mari Gas gained Rs 0.58, while Dewan Farooq Motors was up by Rs 0.24.
In the minus column, PSO lost Rs 6.86, MCB Bank declined by Rs 6.32, Pak Oil Fields shed Rs 5.78, PPL was depreciated by Rs 5.76 while Engro Chemical and National Refinery were down by Rs 5.73 and Rs 5.55 respectively. NIB was the market leader whose 3.395 million shares followed by OGDC with total trading of 2.590 million shares.