Trade activity was sluggish on the Lahore Stock Exchange (LSE) on Friday where equities tumbled and LSE-25 index lost 29.10 points, or 0.62 percent, as people awaited the final announcement about the judges. The LSE-25 Index closed at 4619.40 points from Thursday's 4648.50 points.
The turnover shrank to 15.068 million shares from 20.531 million of the previous day, registering a decline of 5.463 million shares. There was lack of interest in the market as investors restricted positions awaiting decision about the judges.
Analysts said that the political uncertainty because of the differences between PPP and PML-N leadership had taken the entire market hostage. Nobody was ready to take risk till the issue was resolved, a broker said. "The season of corporate results is over, and now the market needs positive news for its breakthrough," he added.
The news regarding preparation of a new tax regime for refineries also badly affected the market sentiment and disturbed the investors, Amer Hussain Khan of Invest and Finance Securities said. He said that due to political uncertainty, there was no interest of investors in the market and the KSE index had also come below 15,000 level.
He said that the below expectations results of corporate sector also had a bad impact on the market, and added that the disappointing announcement of Bank of Punjab caused panic in the market. "Next week is crucial, and people are advised to wait till May 12, which is the day to table a resolution in the parliament to restore the deposed judges," he added.
Of 124 traded scrips, only 13 could improve their worth, 46 landed in minus zone while 65 stayed equal to their overnight positions. Among major gainers, MCB Bank was up Rs 8.45, DS Industries Rs 5.85, Adamjee Insurance 5.00, Engro Chemical Re 1.00 and Sui Southern Rs 0.95.
In negative zone, EFU General Insurance was minus Rs 33.50, Attock Refinery Rs 15.20, Mari Gas Company Rs 15.00, Pakistan Refinery Rs 14.70 and Packages Limited Rs 10.50. Bank of Punjab and Bank Alfalah led the market in terms of volume with 1.961 million and 1.907 million shares.
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