Equities recovered losses amid marginally improved trading turnover on the Lahore Stock Exchange (LSE) on Wednesday following fresh buying in anticipation of positive outcomes of the President Asif Ali Zardari's meeting with the US administration on financial assistance to Pakistan.
The LSE-25 index posted a gain of 32.94 points and ended at 2100.99 against 2068.05 of Tuesday, while transaction volume showed some improvement to 14.214 million shares compared with previous volume of 13.389 million shares. The oil and banking sectors' shares performed well to lead the bullish rallies but succumbed of profit taking during last trading hours.
The market opened on a healthy note and showed vertical rise to touch 2116 just in few minutes. Afterward, the market kept on sliding up and the trend continued with small dips. However, during last trading hours, the equities started declining following profit taking in selective shares.
According to the market experts, President Asif Ali Zardari has been reached to the USA where he would hold meeting with the high ups of the US administration including President Obama. The news appeared in the national press, forced the investors to believe that America might release financial assistance to Pakistan. The experts said the provision of aid to Pakistan would help dispel the impression that the USA wants any change in the present set up and thus would ensure political stability in the country.
The bullish sentiments are likely to continue in next couple of days but profit taking is also expected, as the investors may prefer to get out of the market at available margin to secure their positions, the experts said.
As many as 113 companies were traded out of which 65 showed strength, 10 landed in negative column, while 38 stayed glued to their previous levels. Mari Gas gained Rs 6.86, Attock Refinery was improved by Rs 6.13, MCB Bank was appreciated by Rs 4.36, while Glaxo Smith Kline and Adamjee Insurance were up by Rs 3.40 and Rs 3.38, respectively.
Services Industries lost Rs 6.24, ICI Pak declined by Rs 4.06, Shell Pak shed Rs 1.87, while Pakistan Reinsurance and Bosicor Pakistan were down by Re 0.49 and Re 0.37, respectively. National Bank topped the volume leaders with trading of 1.924 million shares.