Equities on Tuesday failed to continue upward slide on the Lahore Stock Exchange (LSE) and stayed in negative zone due to selling pressure on account of profit taking in selective shares. The LSE-25 index lost 13.9 points and was closed at 3667.79 against 3681.69 of Monday, while transaction volume was increased to 4.709 million shares, as compared to 2.609 million shares traded a day earlier.
The market opened on a positive sign but after showing an improvement of 10 points, the market moved down just below the opening level. Meanwhile, the market remained range-bound almost throughout the day. However, just ahead of closing of trading, the market showed vertical decline because of selling pressure in Pak Oil Fields, Pakistan Refinery, PPL, PSO and OGDC of oil sector, while Engro Corporation, Fauji Fertiliser Bin Qasim, Dewan Salman Fibre, Treet Corporation, Lucky Cement, MCB Bank, Nishat Chunian and Lotte Pakistan PTA also suffered losses.
However, Fauji Fertiliser, Arif Habib Corporation, Nishat Mills, Attock Refinery, Kot Addu Power, National bank, Faysal Bank and MyBank resisted selling pressure and helped market avert more declines. The declining stocks were ahead of advancing ones, as of 130 companies, 21 posted gains, 41 registered losses, while 68 companies stayed glued to their previous levels.
Among gainers, Fauji Fertiliser was improved by Rs 1.70, Cherat Papersack was appreciated by Rs 1.02, while Arif Habib Corporation and Nishat Mills gained 76-paisa and 75-paisa, respectively. Engro Corporation lost Rs 6.87, Pak Oil Fields was declined by Rs 3.44, Pakistan Refinery was depreciated by Rs 2.60, while PPL and PSO were down by Rs 2.19 and Rs 1.50, respectively. Lotte Pakistan PTA was the market leader whose 718,004 shares changed hands followed by National Bank with 394,046 shares.