Bearish sentiments prevailed on the Lahore Stock Exchange (LSE) on Wednesday and the equities registered declines amid descending transaction volume on account of lacking interest on the part of investors. The LSE-25 index lost 33.62 points and was closed at 3974.66 against 4008.28 of Tuesday, while trading turnover was squeezed to 3.451 million shares compared with 7.529 million shares traded a day earlier.
The market was opened on a negative sign and kept on sliding throughout the day in the absence of buying support. Apart from cement companies like Dewan Cement, Lafarge Pakistan Cement and Fauji Cement, most of the companies including Adamjee Insurance, Fauji Fertiliser, Fauji Fertiliser Bin Qasim, PTCL, Nishat Mills, Sui Northern, PPL, WorldCall Telecom, Askari Bank, Bank Alfalah and Bank of Punjab remained under selling pressure. However, buying in Engro Corporation, D G Khan Cement, PIAC, Pace Pakistan, KESC, Treet Corporation and PSO helped market avert more declines.
The declining stocks were ahead of the advancing ones, as out of a total to 92 active issues, 13 companies posted gains, 32 registered losses while 47 companies stayed glued to their previous closing. Treet Corporation gained Rs 3.52, PSO was improved by Rs 1.67 while Cherat Cement was appreciated by Rs 1.5.
In the minus column, Adamjee Insurance lost Rs 2.74, Fauji Fertiliser was declined by Rs 1.14, while PTCL and Nishat Mills were down by 99-paisa and 90-paisa respectively. Lafarge Pakistan Cement was the market leader whose 435,500 shares changed hands followed by NIB Bank with 399,000 shares.