LSE falls 4.87%
LAHORE: The Lahore stock market registered further decline, as the LSE 25-share index lost 228.68 points, or 4.87 percent, to close at 4,465.79 points against close of 4694.47 points in the previous session.
All leading scrips were capped on lower circuit breakers for most part of the day. The PTCL and some cement scrips tried to resist against the decline but failed.
Heavy future volumes in March are a matter of concern for most of the market analysts, who termed it as the main factor behind the sluggish activity in the market. A trader said that some big players have offloaded their positions in future market.
The analysts foresaw further downward trend on Friday (today) and advised their clients to remain on the sidelines and offload their weak positions at the earliest. According to them, the market may not rebound unless big investors come into action. Total volume decreased by 521,000 shares, or 7.81 percent, to 23.819 million shares compared to 23.298 million shares traded in the previous session. Out of 72 active shares, three posted gains, 26 lost value, whereas 43 remained unchanged.
PTCL, Fauji Fertilizer Bin Qasim and DG Khan Cement stood as volume leaders while Zeal Pak Cement, Dewan Salman Fibre and Pioneer Cement were the top three gainers, gaining 65 paisas to close at Rs 7.80, 20 paisas to close at Rs 25.00 and 10 paisas to close at Rs 19.55, respectively. —Staff Report