Mixed sentiment prevailed at Lahore Stock Exchange on Wednesday where equities moved both ways amid volatile situation but finally made recovery on account of last hour buying in select shares. The LSE-25 index improved marginally by 6.95 points to close at 3176.18 points against 3169.23 points of Tuesday while transaction volume increased to 3.398 million shares as compared to 3.273 million shares.
The market opened on a depressed note and sharply slid down soon after the commencement of trading. Later the market kept on moving up and down almost throughout the day, as investors adopted "buy on dip and sell on strength" policy to avert losses. Just a head of closing of trading, the market witnessed fresh buying that helped index improvement.
The fertiliser sector shares Engro Corporation, Fauji Fertiliser Bin Qasim, and Fatima Fertiliser suffered declines because of profit taking. Similarly, MCB Bank, United Bank, Treet Corporation, Kot Addu Power, Arif Habib Corporation, Attock Refinery, Lotte Pakistan PTA and Nishat Mills also remained under pressure.
However, last-hour buying in National Bank, Habib Bank, Askari Bank, Bank Al-Habib, Fauji Fertiliser, Lucky Cement, DG Khan Cement, Fauji Cement, OGDC and Sui Southern Gas helped the market in recovery. Losers were marginally more than gainers. Of 113 active companies, 18 posted gains and 21 registered losses, while values of 74 companies remained unchanged. National Bank gained Rs 1.42, Fauji Fertiliser improved by Rs 1.19, Lucky Cement appreciated by 75 paisa, OGDC gained 48 paisa and Sui Southern Gas was up by 35 paisa.
Engro Corporation lost Rs 3.41, Pakistan Oilfields declined by Rs 1.45, Treet Corporation shed Rs 1.39, and Fauji Fertiliser Bin Qasim was down by Rs 1.09. Bank of Punjab with trading of 801,436 shares topped the volume leaders, followed by Fauji Fertiliser Bin Qasim with 373,805 shares.
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