Bearish sentiment was observed on Lahore Stock Exchange on Tuesday and the equities maintained downward slide amid increased trading turnover due to selling pressure. The LSE-25 index lost 24.81 points to close at 3273.95 points against 3298.76 points of Monday while the volume improved to 5.949 million shares as compared to 4.123 million shares traded a day earlier.
The market opened on a depressed note and kept on declining throughout the day in the absence of buying support. The investors preferred to get out of the market at available margins to secure their positions. As a result, selling pressure was seen in PSO, PPL, Habib Bank, MCB Bank, National Bank, Bank of Punjab, Adamjee Insurance, Engro Corporation, Fauji Fertiliser, Dewan Cement, Nishat Mills, Dewan Salman Fibre and Lotte Pakistan PTA. However, buying in Attock Refinery, Hira Textile Mills, Fauji Cement, Dewan Farooq Motors, Sui Northern, and United Bank helped the market resist more declines.
The declining stocks were ahead of advancing ones, as out of 118 active issues, 17 companies registered gains and 41 posted declines, while 60 companies stayed glued to their previous levels. Among gainers, Attock Refinery improved by Rs 1.55, Hira Textile Mills gained 55 paisa, Pioneer Cement appreciated by 51 paisa and Fauji Cement gained 40 paisa.
In the minus column, PSO declined by Rs 2.80, Habib Bank lost Rs 2.10, Adamjee Insurance depreciated by Rs 1.60 MCB Bank was down by Rs 1.60 and PPL lost Rs 1.37. Fauji Cement with trading of 1.520 million shares topped the volume leaders, while Dewan Salman Fibre with trading of 1.453 million shares stayed as runner-up.