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Equities mixed on LSE

RECORDER REPORT

LAHORE: Equities gave a mixed performance under selling pressure, and finally closed on a weak note at the Lahore Stock Exchange (LSE) here on Thursday.

The LSE 101-share index registered a marginal decline of 1.38 points and closed at 435.48 points as against 436.86 points of Wednesday. However, an increase of 21.190 million shares was registered in trade turnover as it amounted to 78.051 million shares as compared to 56.861 million shares of the previous day.

The market having opened on a strong note in the morning fell prey to selling pressure soon after a negative rumour that the SBP governor had issued a statement that there was little chance of an early resolution of the IPPs issue. This caused panic among the individual investors and jobbers, especially the weak holders, who off-loaded their positions at the available profit margins.

Later, the rumour was discounted and the market continued moving both ways throughout the rest of the trading hours. It, however, was moving in the negative territory when the closing bell rang, said market analysts.

The PTCL results also disappointed the investors, which not only caused pressure in it but also in a number of other scrips. As a result, almost all the chips except PSO suffered on the broad front and finally closed on a depressed note.

The half-yearly results announced by PTCL on Thursday created disappointment among the market investors as they were expecting more profit than announced by the company, said Aun Abbas Kazmi of KASB.

Friday is the last clearing day of the week, and the market is likely to continue trading under immense pressure, especially from the weak holders, he added.

Though the market showed weakness, it still had strength and might show bullishness again in the next week, said a market analyst.

Out of a total of 172 scrips, which exchanged hands during the day, 46 improved their worth, 43 landed in the negative column while the remaining 83 did not change their earlier positions.

Essa Cement Industries was up by Rs 5.00, Sui Northern and Sui Southern Rs. 2.14 each, PSO and Nishat (Chunian) Re. 1 each while Cherat Cement gained 95 paisa.

Engro Chemicals plunged by Rs. 2.30, Tri-pack Films Rs. 1.85, Adamji Insurance Rs. 1.70, Millat Tractors Rs. 1.45, Dewan Salman Fibres Rs. 1.10, MCB Rs. 1.05 and Fauji Fertilizer 80 paisa.