Strategic buying by heavyweights continued for second consecutive day at the Lahore Stock Exchange on Wednesday which resulted in further recovery of equities in the market. The LSE-25 index surged by 46.43 points to 2878.40 points against 2831.97 points of Tuesday, while transaction volume decreased by 0.266 million shares to 3.381 million shares against 3.648 million shares.
The market kept progressing due to visible presence of bigwigs in active trading and it was positive for major part of the day due to institutional buying on long term basis. PSO, Attock Refinery and NBP were major gainers, gaining Rs 2.75, Rs 2.68 and Rs 2.04 respectively, against Fauji Fertiliser, PTCL and D G Khan Cement as major losers, losing Re 0.44, Re0.41 and Re0.40 respectively. Bank of Punjab, Lotte Pakistan and MCB Bank topped the ladder with Re0.11, Re0.35 and Re0.04 respectively. Of 106 active scrip, 33 went up and 14 went down, while 59 were unchanged.
Analysts doubted the strength of market fundamentals on keeping the small and medium size investors away. They said that aggressive activity on the part of market heavyweights may yet take time to stir the sentiment of day jobbers, especially when the market has crossed the middle of the week.