Bearish sentiment prevailed at Lahore Stock Exchange on Monday and the equities registered declines amid descending transaction volume on account of lack of buying support.
The LSE-25 index lost 19.77 points and closed at 3819.82 points against 3839.59 points of last Friday. Turnover decreased to 4.658 million shares, as compared to previous volume of 7.642 million shares.
The market opened on a healthy sign but soon after started moving down because of selling pressure in the blue chips. The market witnessed up and down moves, as investors adopted "buy on dip and sell on strength" policy to secure their positions.
Buying in Fauji Fertilizer, NetSol Technologies, Nishat Power, Lotte Pakistan PTA, Pakistan Reinsurance, Adamjee Insurance, Picic Growth Fund, and Dewan Cement was seen that helped the market avert more declines.
Profit taking in PPL, Pakistan Oilfields, Attock Refinery, PSO, MCB Bank, National Bank, Bank of Punjab, Bank Alflalah, Nishat Mills, Engro Corporation, Millat Tractors, Fauji Fertilizer Bin Qasim, DG Khan Cement and Lucky Cement put the index under pressure.
Declining stocks were ahead of advancing ones, as out of 118 active issues, 14 posted gains and 51 landed in negative column, while 53 companies stayed glued to their previous levels.
NetSol Technologies gained Rs 1.22, Fauji Fertilizer improved by 65-paisa, Nishat Chunian was up by 48 paisa and Dewan Cement gained 44 paisa.
ICI Pakistan lost Rs 6.50, PPL declined by Rs 4.34, Pakistan Oilfields depreciated by Rs 2.33, MCB Bank lost Rs 1.91 and Attock Refinery was down by Rs 1.28.
Lotte Pakistan was the market leader whose 1.700 million shares changed hands, followed by Fauji Fertilizer Bin Qasim with trading of 555,090 shares.
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