Equities soared on the Lahore Stock Exchange (LSE) on Monday, however, bulk of activity was witnessed in comparatively low profile shares which performed handsomely and bagged fresh gains. The LSE-25 index was up by 38.93 points to reach 4,814.66 from 4,775.73 points of the preceding session.
Overall turnover was, however, little changed to 30.525 million shares from 32.519 million shares, depicting a fall of 1.993 million shares. The market showed a positive movement throughout the day, which helped the index gain strength gradually.
According to brokers, most of activity was restricted to low profiled shares while key scrips remained in the backdrop. However, PSO showed an aggressive movement, which further boosted the sentiment, they added.
The market has absorbed the technical correction and now is back on recovery path, an analyst said. The next two sessions will determine whether the market sustains the bullish trend or not, he added. Sanofi Aventis Pakistan and Packages Ltd were the key gainers while Pakistan Refinery and Hinopak Motors underwent heavy losses.
The market remained in a bullish frame of mind on Monday in the pretext of extension in tax on banks in the Finance Bill-2007, said Umair Butt of Dosslani Securities Ltd. It had impact not only banks but also other scrips, which fared well, he added.
In view of Monday's rally, the people foreseeing that the trend will sustain and they might witness more good sessions ahead, he pointed out. Out of a total of 166 traded scrips, 40 moved in upward direction, 21 treaded downhill course while 105 were intact to their previous closing levels.
In positive column, Sanofi Aventis Pakistan improved by Rs 16.20, Packages Ltd Rs 15.85, PSO Rs 14.90, Javed Omer Vohra & Co Rs 10.95 and Pakistan Engineering Co Rs 7.75.
In negative column, Pakistan Refinery shed Rs 12.05, Hinopak Motors Rs 9.00, Attock Refinery Rs 6.35, UBL Rs 6.15 and Pakistan Oilfields Rs 3.45. DG Khan Cement and Bank of Punjab led the market in terms of volume with 3.390 million and 2.566 million shares, respectively.