Bearish sentiments dominated on the Lahore Stock Exchange on Monday and the equities registered losses following selling pressure in select bluechips. The LSE-25 index lost 20.59 points to close at 6247.90 against 6268.49 of last Friday while transaction volume was increased to 1.021 million shares compared with previous volume of 1.013 million shares.
The market was opened on a depressed note and continued sliding throughout the day in the absence of buyers' support. According to the market pundits, the investors opted profit taking in MCB Bank, Bank of Punjab, IGI Investment Bank, Fauji Fertilizer, PPL, PSO, Cherat Cement, Pioneer Cement, Dewan Cement, Fauji Cement, Pak Elektron, Sui Northern and PIA that kept the market in negative zone. However, Engro Corporation, Engro Fertilizer, Honda Atlas Cars, Treet Corporation, Kohinoor Textile Mills, Nishat Chunian, Hascol Petroleum, Sui Southern, Askari Bank, and Lafarge Pakistan Cement helped market avert more declines.
The advancing stocks were ahead of the declining ones, as out of a total of 90 active issues, 13 companies posted gains, 24 recorded declines while 53 companies stayed glued to their previous closing. Engro Corporation gained Rs 12.43, Honda Atlas Cars was improved by Rs 5.56, Engro Fertilizer was appreciated by Rs 4.00 while Treet Corporation and Kohinoor Textile Mills were up by Rs 3.75 and Rs 1.40, respectively.
In the minus column, MCB Bank lost Rs 8.00, Fauji Fertilizer was declined by Rs 2.70 while PPL and Cherat Cement were down by Rs 2.00 and Rs 1.29, respectively. Bank of Punjab with trading of 358,500 shares topped the volume leaders followed by Fauji Cement with 109,000 shares.