Bearish sentiments continued for the second day on the Lahore Stock Exchange and the equities registered declines amid selling pressure and lacking buying support from the investors who stayed away from the buying course. The LSE-25 index recorded another fall of 37.69 points and was ended at 2808.64 against 2846.33 of Wednesday while transaction volume increased by 5.991 million shares to 21.687 million shares as compared to day earlier trading of 15.695 million shares.
Because of the deadliest bomb blast in Peshawar killing over 100 people, the market resumed trading with depressed sentiments. The market did not find significant support to take upward move despite fresh entries in Pak Oil Fields, PSO, Adamjee Insurance, Millat Tractors and Allied Bank which recorded handsome gains. However, the investors, rather than taking positions, went for profit taking and offloaded their holdings like OGDC, PPL, Engro Chemical, Habib Bank, MCB Bank, National Bank, Nishat Mills, Pakistan Reinsurance and Arif Habib Securities that led the market downward.
The experts were of the view that sentiments would not be improved till the normalisation of law and order situation. The market has potential to grow but it needs peaceful environment in the country, the market pundits said. The investors should restrict to take long-term position and adopt buy on dip and sell on strength policy to avoid losses.
As many as 22 companies, of 99, showed strength and posted gains, 39 landed in negative column, while 38 showed stability and remained unchanged at their previous levels.
Millat Tractors gained Rs 16.11, Service Industries was improved by Rs 13.40, Pak Oil Fields was appreciated by Rs 6.65 while Attock Refinery and Adamjee Insurance were up by Rs 5.65 and Rs 4.86 respectively. On the contrary, OGDC lost Rs 3.21, Engro Chemical was declined by Rs 3.12, while Habib Bank and PPL were down by Rs 2.82 and Rs 2.05 respectively. Pakistan PTA topped the volume leaders with 6.220 million shares while Bank of Punjab stayed as runner up with 2.429 million shares.