Equities on Wednesday moved both the ways on the Lahore Stock Exchange (LSE) and finally stayed in negative zone amid marginally increased trading turnover due to selling pressure in oil sector's shares. The LSE-25 index lost 11.23 points and was closed 3288.94 against 3300.17 of Tuesday while transaction volume was improved to 2.110 million shares as compared to 1.467 million shares traded a day earlier.
The market opened on a negative note and started declining because of selling pressure in oil sector shares. The investors adopted "buy on dip and sell on strength" policy to secure their positions. Habib Bank, United Bank, PPL, Nishat Mills, Treet Corporation, Sui Northern, Fauji Fertiliser, Descon Chemical, and Nishat Chunian attracted the investors that helped market avert more declines.
However, profit taking was seen in Engro Corporation, PSO, OGDC, Pakistan Refinery, Attock Refinery, MCB Bank, National Bank, Fauji Fertiliser Bin Qasim, D.G. Khan Cement and Lotte Pakistan PTA that dragged the market into negative zone on closing.
The losers were more than the gainers, as 21 companies, out of a total of 107, posted gains, 36 stayed in minus column, while values of 50 companies remained unchanged at their overnight closing. Habib Bank gained Rs 1.05, PPL was improved by 50-paisa while Nishat Chunian and Treet Corporation were up by 30-paisa each.
On the contrary, First Capital Equities lost Rs 6.85, Engro Corporation was declined by Rs 3.58, PSO was depreciated by Rs 2.99 while PSO and OGDC were down by Rs 1.82 and Rs 1.70 respectively. Nimir Industrial Chemical with trading of 225,500 shares topped the day's volume leaders while Lotte Pakistan PTA stayed as runner up with 173,378 shares.