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Bulls on rampage at LSE

Recorder Report

Lahore: Following a rumour about the likelihood of signing of the CTBT by the government bulls went on a rampage on the Lahore Stock Exchange (LSE) here on Monday pushing the index up by 11.41 points amid the highest ever volume traded. The index crossed the psychological barrier of 400 points.

The market resumed trading on a positive note and as soon as the rumour regarding the signing of Comprehensive Test Ban Treaty (CTBT) by the government hit the market, it took an upward direction. As a result, a number of issues, especially PTCL, scored handsome gains.

On the other hand, Engro Chemical, PSO and SSGC were among the major loseRs The bull-run may continue in days to come said market analysts.

The bull-run continued till the second half of the closing session. After that the market started showing downward trend, which, according to analysts, was the outcome of profit-taking emerging from different counteRs However, it closed on a positive note.

The LSE 101 share index was up by 11.41 points to 408.86 points from 397.45 points of the last clearing day of the past week. The volume ascended to 219.913 million shares, against 108.483 million shares of the previous close.

The prime reason that contributed to the day's upsurge of the equity values was the rumour about signing the CTBT by the government, said Dr Shahid Zia, of Zafar Securities. He said that another peculiar feature of the day was the abnormally high volume. The turnover of the individual scrips also reached a record high, he added.

During the last minutes of the concluding session the market showed weak signs, yet the bulls did not allow the bears to enter the ring and the market closed on a positive note. However, it was too early to say whether this weakness was the result of a technical correction or a reversal of equity values, Shahid stated.

There were 57 gainers against 38 losers out of a total of 148 scrips which exchanged hands during the day, while 53 did not change their earlier positions.

Among the major gainers, PTCL improved its worth by Rs 3.41, Shell Pakistan was up by Rs 2.95, MCB Rs 2.21, Crescent Textile Mills Rs 1.70, Faysal Bank Rs 1.59 and Nishat Mills Limited was up by Rs 1.27.

Among the major losers, Engro Chemical lost its value by Rs 4.88, PSO was down by Rs 3.40, SSGC Rs 2.55, Adamjee Insurance Rs 1.89 and Kohinoor Weaving Mills lost Rs 1.50.

PTCL was the leader of the market with a total traded volume of 131.835 million shares, followed by ICI with 9.719 million and FFC-Jordan Fertilizer with turnover of 8.307 million shares.