Equities showed mixed mode on Lahore Stock Exchange (LSE) on Friday, as people adopted a cautions approach and avoided going for big deals on the weekend, which kept trade activity very low. The LSE-25 index was only marginally up by 11.51 points or 0.30 percent ascending to 3773.84 points from 3762.33 of Thursday. Volume also moved down and reached 31.696 million shares compared with 46.559 million shares, posting a decline of 14.862 million shares or 31.92 percent.
The market moved both ways and failed to settle down, while activity remained low, as investors appeared to be in no mood to go for fresh business and preferred to stay on sideline. The market showed an upward tendency in the first session with the index going up by 45 points but later landed in positive zone because of buying in banking stocks to finally finish with a marginal gain, stock analysts said.
Moreover heavy downpour in the provincial capital was also a reason for the thin activity. Heavy downpour did not allow people to come out of their houses in the morning because of which in the post-prayer session volume was very low, they further said.
Oil sector, despite hike in its prices in the domestic market stayed subdued with PSO and PPL undergoing battering. Activity, however, was observed in banks, especially in National Bank, that led the market to plus column in late hours, they pointed out.
The market showed a mixed trend throughout the week and after a see-saw fight it gained 115 points during the week, said Ahmed Nabeel, head of operations, Invest & Finance Securities Ltd. He said the market fate is hanging in the air due to much-awaited report of the 'Task Force.'
According to him it was expected to be made public within a few days and the market analysts are issuing warning of a cautious approach, as the report may reveal some big names of badla financiers and fund based companies heads. "However in my opinion, the report will not hurt the market, as every one knows the facts and now investors have forgot the bitter past," he remarked. About the soaring oil prices he said that they will boost OMCs profits and their share prices.
Nabeel further pointed out that interest rates may remain stable or show-declining trend, while NSS rates might be enhanced by 1 percent to 1.5 percent and due to this reason market showed weakness during the past two days. About the future prospects of the market, he said that it seems to be positive as with start of new financial year, institutions and mutual funds may build up their portfolios.
Moreover, he said that UAE based funds might also invest 5-10 billion rupees in Pakistan capital market in the near future, he revealed.
Out of a total of 81 traded scrips, 10 were up, 22 stayed in negative zone, while 49 maintained its previous closing levels. Among key gainers, National Bank was up Rs 1.55, Bank Alfalah Rs 0.70, Union Bank Rs 0.65, Maple Leaf Cement Rs 0.45 and Pioneer Cement Rs 0.40. In minus column, PSO dipped Rs 4.15, PPL Rs 2.20, Askari Commercial Bank Rs 1.20, Bank of Punjab Rs 0.90 and Picic Growth Fund Rs 0.85. PTCL led the market by volume with 11.772 million shares followed by 7.295 million shares.
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