Bearish sentiment was observed on the Lahore Stock Exchange on Monday as a result of which equities registered significant declines amid selling pressure on account of changing political situation in the country. The LSE-25 index sharply declined to 3634.99 against 3733.01 of last Friday, denoting a fall of 98.02 points while trading turnover was restricted to 4.869 million shares as compared to previous volume of 5.605 million shares.
The market opened on a depressed note and showed vertical decline during first trading hour. The market did not find any support at any level. Analysts were of the view that changing political situation, particularly in the backdrop of MQM decision to part ways from the government had forced the investors to stay away from the buying course. Most of the investors offloaded their holdings to get out of the market.
Only a few companies like KESC and Nishat Power registered improvement while Attock Refinery, MCB Bank, Allied Bank, National Bank, Bank of Punjab, Bank Alfalah, Askari Bank, DG Khan Cement, Lucky Cement, Engro Corporation, Treet Corporation, Adamjee Insurance, Lotte Pakistan PTA. Fauji Fertiliser Bin Qasim, Nishat Mills, and Byco Petroleum remained under pressure and suffered losses.
Losers were more than gainers, as out of a total of 114 active issues, 6 companies posted gains and 60 went down, while values of 48 companies remained unchanged at their previous levels.
SME Leasing gained Rs 1.00, DS Industries improved by 47 paisa while PIAC was up by 21 paisa. Millat Tractor lost Rs 6.78, MCB Bank declined by Rs 5.66, Attock Refinery depreciated by Rs 5.02 and Adamjee Insurance and National Foods were down by Rs 3.83 and Rs 3.50 respectively. Lotte Pakistan PTA was the market leader whose 1.221 million shares changed hands, followed by National Bank with 610,128 shares.