The LSE-25 index closed at 4471.34 points as compared to 4464.99 of the previous session, registering an increment of 6.35 points. Overall volume declined to 32.948 million shares from 45.768 million of the previous session, depicting a fall of 12.819 million shares.
It was another dull day on the market, as fresh directive of Securities & Exchange Commission of Pakistan (SECP) caused confusion among brokers and investors, which resulted in low volume, stock analyst said.
Institutions have built up their portfolios before end of the year while the general public is also on sidelines, thus activity has slowed down, brokers said.
There were hardly any chance for improvement in activity during the month, however, any major development regarding construction of dams could change the whole scenario even before, they commented.
Fauji fertiliser and Nishat Mills climbed up and recorded fresh gains while banks and petroleum shares gave a mixed performance. PSO and Adamjee Insurance were on top in losers' column.
On account of December closings and Christmas holidays, activity has slowed down, but it will definitely pick up with the advent of the New Year, as apparently there seems no reason for this slowness for a longer time, said Javed Iqbal, chief executive of Javed Iqbal Securities Ltd.
At the moment people are waiting for the New Year due to which activity has reduced in the market, he added. About the fresh SECP directive for appointment of non-broker directors as chairmen of stock exchanges, he said it caused confusion among investors, forcing them to stay away. But, he added, that the stock markets will have to comply with the directive ultimately.
"In my opinion a non-member director's appointment as chairman is good for the market and will bring more transparency in the market." This development will send positive signals to the international investors regarding the Pakistani bourses and they will be more inclined for investment here, he observed. "I hope the new year will prove very good for our stock market and boost local as well as foreign investors confidence in the capital market," he commented.
Out of a total of 111 traded scrips, 17 gained, 34 lost their values while 60 stayed intact to their previous levels. Among prime gainers, Fauji Fertiliser improved by Rs 2.75, Nishat Mills Rs 2.40, Bank of Punjab Rs 1.60, PPL Rs 1.10 and Cherat Cement Re 1.00. In minus column, PSO shed Rs 3.30, Adamjee Insurance Rs 1.90, Crescent Commercial Bank Rs 0.95, ICI Pakistan Rs 0.50 and Bosicor Pakistan Rs 0.45. Bank of Punjab and Fauji Fertiliser were the volume leaders with 6.010 million shares and 3.832 million shares, respectively.