LSE slides 99 pts
LAHORE: A profit-taking spree crippled the Lahore Stock Exchange on Friday and the LSE 25-share index shed 98.98 points, or 2.84 percent, to close at 3,381.34 points against close of 3,480.32 points in the previous session.
“The bears were already in a commanding position since the last trading day and it was only the last moment buying in PTCL that had saved the market from a nosedive closing,” said Zahid Iqbal, a broker.
The analysts viewed that the big investors preferred profit-taking that put small and medium investors into hot waters at the end of the trading week. Most of the leading scrips were locked at the minimum circuit breaker, since everyone was interested to offload his position at the earliest.
High badla in the PTCL proved to be another major factor behind the bearish trend, because no one was ready to hold position for next week. The market analysts are expecting further bearish activity in upcoming trading sessions.
Total volume increased 11 million shares, or 2.63 percent, to 107 million shares compared to 95 million shares of the previous session. Out of 91 active companies, only six posted gains, 42 lost value, whereas 43 remained unchanged.
PTCL, OGDC and Bank of Punjab remained top three volume leaders while Fauji Fertilizer, PICIC and Masood Textile Mills were the top three gainers, gaining Rs 7.00 to close at Rs 149, Rs 6.60 to close at Rs 110.00 and Rs 0.65 to close at Rs 38.65, respectively. PSO, Nishat Chunian and PPL shed Rs 13.50 to close at Rs 304.50, Rs 12.00 to close at Rs 169.00 and Rs 5.80 to close at Rs 131.50 respectively. —Staff Report