Mixed sentiments prevailed on the Lahore Stock Exchange (LSE) on Wednesday and finally ended in negative zone because of profit taking in blue chips, as investors preferred intra-day trading to secure their positions.
The LSE-25 index marginally improved by 2.97 points and was closed at 3846.44 points against 3843.47 points of Tuesday, while transaction volume further increased to 7.860 million shares, as compared to last day volume of 6.312 million shares.
The market opened on a healthy note and kept on moving up during early hours of trading. Later, the market remained range-bound and showed both ways move because of the investors who adopted conscious approach. Just ahead of closing of trading, the market sharply declined due to profit taking, as investors get out of the market to secure their positions.
Fauji Fertiliser, Pakistan Oil Fields, OGDC, National Bank, MCB Bank, United Bank, Nishat Mills, Adamjee Insurance, NetSol Technologies, Pace Pakistan, and Nishat Power resisted selling pressure, while because of profit taking, Engro Corporation, Fauji Fertiliser Bin Qasim, PSO, Attock Refinery, Habib Bank, Bank Alfalah, Bank of Punjab, PTCL, Lotte Pakistan PTA, Arif Habib Corporation, KASB Bank, and Lafarge Pakistan Cement suffered losses.
The losers were more than the gainers, as out of a total of 108 active issues, 24 companies registered gains, 34 posted losses, while 50 companies remained unchanged at their previous closing. Millat Tractors gained Rs 10.50, Fauji Fertiliser was improved by Rs 2.70, Pakistan Oil Fields was appreciated by Rs 1.63 while National Bank was up by Rs 1.58.
However, Engro Corporation lost Rs 2.93, PSO was declined by Rs 2.00, Attock Refinery was depreciated by Rs 1.38 while Habib Bank was down by Rs 1.00 respectively. Lotte Pakistan topped the volume leaders with trading of 4.341 million shares, while Fauji Fertiliser Bin Qasim stayed as runner up with 652,332 shares.