LSE seesaws

The share market painted a see-saw picture but remained firm on account of interest in JOVC, fertilisers, cements and partially in banks, which advanced, adding handsomely to their worth on the last trading day of the week.
There was no visible change in the overnight pattern of the market on Friday and it failed to make any headway. It was also last day of the month and fearing problems relating to future settlements, majority of the players stayed at distance, resulting in decline in volume, brokers said.
The LSE-25 index, with a marginal improvement of 5.72 points, finished at 4,849.99 as compared to previous 4,844.27 points of the preceding day. Volume retreated to 58.309 million shares from 64.074 million shares, registering a decline of 5.764 million shares.
According to analysts, the market sentiment was bullish but people appeared nervous because of futures' settlement for the month of June. Speaking about future performance of the market, they pointed out that there were certain sectors, which were still undervalued and could lead the market to a fresh rally. Another positive factor was the growing interest of foreign funds, they added. Javed Omer Vohra & Co and Engro Chemical were the top gainers while Pakistan Oilfields and National Bank led the declining stocks.
Amer Hussain Khan, head of equity sales, Invest and Finance Securities Ltd, said due to future settlements for June, the market was very tricky today but cements, fertilisers and telecom sector delivered well while oil sector remained depressed. An overwhelming interest was seen in Lucky Cement on the news of its floating GDRs. According to some brokers, there were also rumours in the market that Indian investors were interested in Lucky Cement. According to Amer, in anticipation of growth in its fair value, fertiliser sector could also perform well in the coming month. He further said that SCRA figure had increased from $928 million to $978 million, showing growing foreign interest in the market.
Overall, 127 scrips changed hands, of which 27 were up, 37 landed in minus zone while 63 were intact to their previous levels. In positive zone, Javed Omer Vohra & Co gained Rs 5.00, Engro Chemical Rs 4.95, United Bank Rs 4.00, PSO Rs 2.95 and Pakistan Industrial Credit Rs 2.65. On the other end, Pakistan Oilfields was up Rs 6.30, National Bank Rs 4.50, Nishat Mills Rs 3.90, Adamjee Insurance Rs 3.80 and MCB Bank Rs 3.80. Bank Alfalah led the market in terms of volume with 8.574 million shares followed by Bank of Punjab with 4.406 million shares.