Share prices improved on the Lahore Stock Exchange (LSE) on Wednesday on buying interest in selective scrips, notably in banks, which enabled the market to end with a bullish note. The LSE-25 index reached 4,810.80 points from 4,793.09 of Tuesday, depicting a net gain of 17.71 points.
Volume also showed some improvement and was finally marked at 35.372 million shares compared with 32.471 million of the previous session, showing a surge of 2.900 million shares.
The market moved in a bullish frame of mind throughout Wednesday, but interest was limited to only selective chips, due to which, trading activity stayed range-bound. Technically, the market was in an overbought position and some scrips were highly overvalued, therefore, it underwent correction in the previous sessions, whose impact was not over yet, an analyst commented.
According to him, it might further undergo pressure to lighten its weight, thus the people are advised to be very careful in their deals. Allied Bank and National Bank were the prime gainers of the day while Arif Habib Securities and Adamjee Insurance were the major losing stocks.
Overall, the market performed better and the index added fresh gains to its worth, but activity was range-bound and interest was seen only in selective banks following rumours of foreign banks' growing interest in acquiring stakes in them, said Mirza Muhammad Ejaz Ullah Baig, director, Capital Vision Securities Ltd.
There were also rumours that Askari Bank offloaded its holding in Allied Bank. Under the prevailing situation, interest seems only in some bank and cement sectors while rest of the market is unlikely to make much headway in the coming sessions, he added.
If some positive progress takes place regarding the privatisation of PSO and others scrips whose transaction is in pipeline, the market will spark, otherwise it could turn stagnant, he viewed. Out of a total of 165 traded scrips, 33 improved their worth, 29 landed in minus zone while 103 were intact to their previous levels.
Among major gainers, Allied Bank surged by Rs 6.05, National Bank Rs 4.55, Javed Omer Vohra & Co 4.00, Pakistan Industrial Credit Rs 3.65 and Standard Chartered Bank Rs 2.50.
In negative zone, Arif Habib Securities Ltd declined by Rs 2.90, Adamjee Insurance Rs 2.80, Engro Chemical Rs 1.70, Callmate Telips Telecom Rs 1.35 and Lucky Cement Rs 1.10. Javed Omer Vohra & Co was the volume leader with 3.101 million shares followed by Bank of Punjab with 2.374 million shares.
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