Bearish trend prevails in LSC,ISE


Bearish trend prevailed in Lahore Stock Exchange yesterday as it shed 159.71 points, following the LSE-25 index opened with 3929.81 and closed at 3770.10 points. The market’s overall situation, however, corresponded to an upward trend as it remained at 5.758 million shares to close against previous turnover of 1.935 million shares, showing an upward move of 3.822 shares. While, out of the total 96 active scrips 0 moved up, 54 shed values and
42 remained equal.
Attock Refinery Limited, Engro Corporation Limited and Adamjee Insurance Company lost their per share value by Rs 5.65, Rs 3.70 and Rs 3.26 respectively.
The Volume Leader of the day included Fauji Cement Company Limited with 2.492 million share, Byco Petroleum Pakistan with 757,000 shares and The Bank of Punjab Limited with 743,000 shares.
Meanwhile, Islamabad Stock Exchange (ISE-10) yesterday witnessed bearish trend as the index was down by 23.87 points to close at 3043.1 as compared to the previous day’s trading.
Stock Analyst of Aba Ali Habib Securities Pvt Ltd, Zaheer Ahmed told APP that the pressure was seen in the local stock market due to prevailing political situation after the decision of Supreme Court and staging of long march by Minhaj ul Quran chief Tahir ul Qadri.
“Investors have off-loaded major positions in the market which they held a day earlier”, he said adding that even some of them preferred to remain sideline rather than taking new positions. Ahmed said that the existing situation in the market was temporary and the recovery would be soon due to the expected positive earnings to be announced by corporate sector in the near future. Besides, the banking sector remained the most traded in the local bourse which was the positive indication for the future of capital market, Stock Analyst informed. AKBL, PTC and BOP remained volume leaders with volume of 10,000, 4,000 and 2,000 shares respectively.