Mixed sentiment was observed on Lahore Stock Exchange on Friday as equities managed recovery amid descending transaction volume on account of fresh buying in select shares during last trading hour. The LSE-25 index declined marginally by 13.48 points and ended at 2318.81 against 2332.29 of Thursday.
Turnover squeezed to 26.495 million shares as compared to 38.870 million shares. PSO, MCB Bank, Engro Chemical, and Adamjee Insurance recorded marginal gain while National Bank, Pak Oilfields, Attock Refinery, Pakistan Reinsurance, and Javed Omer Vohra and Co remained under pressure and closed in negative column.
The market opened on a healthy note but could not sustain and sharply declined to the level of 2220 points in less than half hour, following selling pressure on account of profit taking. According to market pundits, the news regarding Japan's pledge to provide $1 billion aid to Pakistan, followed by another news that the US would also extend one billion dollars to Pakistan, at the Friends of Pakistan meeting in Tokyo, totally changed the market sentiment and equities started improving.
The market kept on moving up during the first trading session while profit taking in some select scrips led the market downward in the second session because the volatility forced the investors to stay away from buying course. However, because of fresh buying, some recovery was seen that helped the market reduce its losses to close with marginal decline.
Advancing stocks were ahead of declining ones as out of a total of 125 companies 41 showed improvement, 31 stayed in negative column, while the rates of 53 companies closed at their overnight closing levels. Millat Tractors gained Rs 10.39, National Refinery appreciated by Rs 9.46, PSO improved by Rs 8.90, while MCB Bank and Engro Chemical were up by Rs 7.62 and Rs 6.66 respectively.
On the contrary, National Bank lost Rs 20.30, Pak Oilfields declined by Rs 5.68, Attock Refinery shed Rs 5.32, while Pakistan Reinsurance and Pakistan National Shipping were down by Rs 3.47 and Rs 2.30, respectively. National Bank was market leader whose 2.911 million shares changed hands.