The LSE-25 index declined by 23.63 points, closing at 4369.77 against 4393.40 of Monday, while transaction volume increased to 77.927 million shares as compared to 68.921 millions shares traded a day earlier. Cement and energy sector resisted declines whereas PSO, PPL, MCB, Adamjee Insurance, Nishat Mills and National Bank, Allied Bank and PTCL remained under pressure.
The market commenced trading with confused sentiments and remained direction-less during the entire day's trading. However, buying in selective shares just an hour before the closing, helped market resist more declines. Presently, the market has gone up and shares values are touching their highs and thus become out of reach of the small investors, said Ahmad Nabeel of Invest and Finance Securities while commenting on the market sentiments.
It seems that big players have full control over the market's movement and either their vision is very clear and they foresee foreign buying in near future. Besides, they are also optimistic about the positive development on the mega projects, or they are playing on the basis of insider trading and on float basis, he added. Technically market is very solid and covering its distance of 9600 index. However, a dip is a must within next month, he maintained.
Declining stocks were ahead of advancing ones as out of a total of 103 active issues, 16 companies registered gains, 33 landed in minus column while 54 stayed glued to their previous levels. Among gainers, Engro Chemical improved by Rs 6.50, Union Bank appreciated Rs 2.60, while United Bank and D.G. Khan Cement were up by Rs 2.25 and Rs 1.95 respectively. In the negative column, PSO declined by Rs 5.80, MCB Bank lost Rs 3.50, PPL shed Rs 3.40, Adamjee Insurance depreciated Rs 2.95 while Nishat Mills and National Bank were down by Rs 2.20 and Rs 2.10, respectively.
D.G. Khan Cement was the market leader whose 11.282 million shares changed hands followed by Bank of Punjab with total trading of 9.410 million shares.