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Bullish trend continues on LSE

Recorder Report

Lahore: Equity maintained last week's bullish trend at the Lahore Stock Exchange (LSE) on Monday under the lead of blue chips, and finally ended on a positive note.

The LSE-101 share index registered an improvement of 4.97 points to 467.22 points as against points 262.25 points of Friday. Trade volume amounted to 131.184 million shares as compared to 130.637 million shares of the last clearing day of the past week, depicting a marginal rise.

Market players saw good activity in the opening session. However, in the second half of the first session the market showed negative signs. At one time, it completely landed in the minus column, but soon started recovering under the lead of PSO. Other scrips also followed PSO and scored handsome gains. Subsequently, bulls continued to dominate the market till the close.

PSO led the market and significant buying activity was seen in it. It opened at Rs 254.60 and after fluctuating between Rs 273.50 and Rs 254.60 closed at Rs 271.20.

Market analyst Aun Abbas Kazmi said that the board of directors meeting of PSO was scheduled for Wednesday and investors were expecting good results out of it. This anticipation triggered buying activity in PSO, he added.

In case the government increased the price of petroleum products, PSO would be the major beneficiary, said another market expert. He said that overall sentiment of the market was bullish and it was consolidating its position gradually, he observed.

Overall, there were 76 gainers to 39 losers, out of a total of 215 scrips which exchanged hands during the day. The number of those scrips which maintained their previous positions amounted to 100.

Among the major gainers, PSO was up by Rs 16.00; Pakistan Oil Fields Rs 5.50; Adamjee Insurance Rs 5.10; Highnoon Laboratories Rs 3.00; Engro Chemical Rs 2.25; and Bank of Punjab Rs 1.67.

In the negative column, Lever Brothers lost Rs 100.00 Kohinoor Weaving Mills Rs 6.55; KSB Pumps Company Rs 3.00; Umer Fabrics Rs 2.75; and KESC dipped by Rs 1.17.