LSE index sheds 45.64 points

Share values tumbled on Lahore Stock Exchange (LSE) on the last trading day of the week following pressure in PSO, banks, fertilisers and insurance sector, which caused pressure, especially in the first session, leading the index downwards.
The LSE-25 index shed 45.64 points closing at 4,747.06 as compared to 4,792.70 of the past session. Volume also lowered to 43.482 million shares from 51.565 million shares of Thursday, registering a decline of 8.083 million shares.
The market opened with a negative note and pressure was seen in key banks, fertilisers and other scrips, which kept the sentiment highly depressed in morning session. However, in second session, recovery took place, which helped the market recover a sizeable chunk of early losses.
According to analysts, the market was still overbought and could lighten its weight further. Lucky Cement and Pak Electron Limited showed strength and recorded fresh gains while PSO and Javed Omer Vohra were the major losers.
The market painted a dismal picture in pre-prayer session when the index, at one stage, retreated by over 270 points, Ahmer Billah, Manager Finance, Invest and Finance Securities Ltd said.
However, he pointed out that recovery took place in early session because of buying interest in fundamentally strong shares, particularly the cement stocks, including Lucky Cement and DG Khan Cement. He said that the basic reason for the selling pressure was the news of alleged fraud in two branches of BoP whose spill over impact was seen in other shares too, he added.
He said that Bank of Punjab today closed at its lower cap limit. Similarly, Javed Omer Vohra & Co and Arif Habib Securities delivering well earlier, also came under pressure with the former reaching its lower circuit breaker. If the market opens with a positive note on Monday, 13,400 could be the resistance level, he pointed out, adding from this point the KSE index could come down to 12,900.
In all, 126 scrips were traded, of which, 14 improved in worth, 54 landed in minus zone, while 58 were intact to their overnight levels. Among major gainers, Lucky Cement was up Rs 6.85, Pak Electron Ltd Rs 6.30, Kohat Cement Rs 1.70, DG Khan Cement Rs 1.50 and Saudi Pak Commercial Bank Rs 1.30.
In negative column, PSO lost Rs 11.85, Javed Omer Vohra & Co Rs 7.20, MCB Bank Rs 7.20, Arif Habib Securities Ltd Rs 6.05 and Bank of Punjab Rs 5.90. DG Khan Cement and Lucy Cement were the volume leaders with 4.886 million shares and 4.400 million shares, respectively.