Bullish sentiments continued for the second consecutive day on the Lahore Stock Exchange (LSE) on Friday and equities extended further gains amid fresh buying in oil and banking companies. The LSE-25 index jumped to 3277.07 against 3211.89 of Thursday, denoting an improvement of 65.18 points, while transaction volume marginally improved to 9.851 million shares, as compared to 8.127 million shares traded a day earlier.
The market opened on a healthy note and kept on rising during the first trading session. As a result, the index gained over 50 points following investors interest who made entries in Pak Oil Fields, Attock Refinery, PSO, PPL, OGDC, and Mari Gas of oil and energy sector that helped index improvement. Engro Corporation, MCB Bank, National Bank, Bank of Punjab, and Silk Bank also provided support.
The equities moved both the ways during second session but finally maintained upward slide and ended with further gains. However, Nishat Mills, Sui Northern, D.G. Khan Cement and Lafarge Pakistan Cement remained under pressure because of selling pressure, as the investors offloaded their holding in these companies to secure their positions. The market pundits are anticipating continuity of the bullish trend in the coming days mainly because of settlement of political issues, while the foreign inflow is also expected to provide support to the market sentiments.
The advancing stocks were ahead of declining ones. As many as 39 companies posted gains, 23 recorded losses, while 56 companies were ended at their overnight closing levels. Among gainers, Engro Corporation gained Rs 10.00, Pak Oil Fields was improved by Rs 9.69, Mari Gas was appreciated by Rs 6.90, while MCB Bank and Attock Refinery moved up by Rs 6.00 and Rs 5.50, respectively.
In the minus column, Service Industries lost Rs 13.52, Treet Corporation was declined by Rs 4.09, while Allied Bank and Nishat Mills were marginally decreased by 58-paisa each. Lotte Pakistan with trading of 1.005 million shares topped the volume leaders.