Share prices depicted an upward movement on Lahore Stock Exchange (LSE) on Wednesday, following a buying interest in oil and gas sector, refineries, Javed Omer Vohra & Co, and cement. Volume also showed firmness.
The LSE-25 index improved by 34.86 points by closing at 4823.65, as compared to 4788.79 points of Tuesday. Overall turnover totalled 52.338 million shares as against 52.287 million shares of the past session.
The market performed pretty well and, despite midday pressure caused by profit taking, ended in positive zone with an improvement of 0.72 percent. According to brokers, the market levels were attractive for buying, which lured investors to go for fresh deals.
Oil refineries, fuel and energy and cement sectors were in the leading position and attracted fresh buying, they pointed out. Foreign interest was also visible in selective chips, which is probably the basic cause of the existing stability of the market, which is standing on sound footings despite various rumours about the political scenario of the country. When the market closed, advancing stocks were ahead of the losing ones, with a wide margin.
The market well resisted the intra-day pressure and the sentiment stayed bullish on the back of interest in key chips, Javed Iqbal, chief executive of Javed Iqbal Securities Ltd said. CFS is capped, therefore, people are lifting deliveries, which has turned the market short of floating stock in certain scrips, he added.
Even the floating stock of some scrips has come down to 4-5 percent, he claimed. "I am very optimistic about the future of the market as now even with change of the political set-up, it will be difficult for any government to change the economic policies, which have been framed on the demand of the international fund managers."
It is right time for making genuine investment on long term basis, he said, adding those investing at this time will be reaping fruits within six months. It is quite possible that the market (KSE-100 index) reaches 18,000 level, after the general elections, Javed Iqbal said.
Out of 143 traded scrips, 49 improved in worth, 17 landed in minus zone while 77 were intact to their previous levels. Among major gainers, National Refinery was up Rs 10.90, Mari Gas Company Rs 8.45, Javed Omer Vohra & Co Rs 7.30, Mustehkam Cement Rs 6.50 and PSO Rs 5,65. In negative zone, UBL shed Rs 3.90, ICI Pakistan Rs 2.95, Atlas Honda Limited Rs 2.55, Adamjee Insurance 2.40 and MCB Bank Rs 1.10. Bank Alfalah and Bosicor Pakistan were the volume leaders with 6.288 million shares and 5.552 million shares, respectively.
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