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Bearish sentiments dominated on the Lahore Stock Exchange (LSE) on Thursday and the equities registered losses amid ascending transaction volume on account of selling pressure in oil and banking sectors' shares. The LSE-25 index was declined by 59.11 points and was finished at 2893.88 against 2952.99 of Wednesday, while trading turnover increased from last day volume of 11.969 million shares to 12.487 million shares.

The market opened on a depressed note and kept on moving down throughout the day. According to the market experts, the Moody's report on outlook of Pakistani banking system was the main reason that sparked selling pressure. Soon after the resumption of trading, the investors started offloading to secure their positions.

The oil sector also could not extend support to the sentiments due to investors' cautious approach. Among banks, MCB Bank, Habib Bank, United Bank, National Bank, Allied Bank, Bank of Punjab and Bank Alfalah suffered losses. Similarly, OGDC, Pak Oil Fields, Engro Chemical, Adamjee Insurance, Pakistan Reinsurance remained under pressure. However, Attock Refinery, Kot Addu Power, D.G. Khan Cement, Nishat Chunian resisted declines and closed with marginal gains.

The declining stocks were ahead of advancing ones, as out of a total of 101 active issues, 17 companies registered gains, 47 were closed in negative zone, while values of 37 companies remained unchanged at their overnight closing levels.

Among gainers, Attock Refinery was improved by Rs 2.29, ICI Pakistan was appreciated by Rs 1.82, while Security Investment and SME Leasing gained 74-paisa and 65-paisa, respectively. On the contrary, MCB Bank lost Rs 4.79, Engro Chemical was declined by Rs 3.79, Habib Bank was depreciated by Rs 3.14 while OGDC and Fauji Fertiliser were down by Rs 2.73 and Rs 2.09, respectively. Bank of Punjab was the market leader whose 2.569 million shares changed hands followed by Bank Alfalah with 1.533 million shares.

Copyright Business Recorder, 2010


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