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LSE index up 9.5 points

Recorder Report

Lahore: Led by synthetic fibre sector equities continued to maintain upward trend on the Lahore Stock Exchange amidst descending transaction volume on Monday.

The LSE index surged 9.52 points and closed at 488.22 against 478.70 of Thursday, while total turnover declined from 99.454 million shares traded a day before the Eid to 79.855 million shares.

Dewan Salman, after opening at Rs 37.25 closed at Rs 42.90, Dhan Fibre opened at Rs 10.40 and closed at Rs 14.30 and Pakistan Synthetic opened at Rs 12.0 and closed at Rs 15.25. However, Ibrahim Fibres could dear by Rs 1.0 only. The financial sector appeared to be under pressure and not a single scrip in the sector showed any significant movement. A huge activity was seen in PTC, Dhan Fibre, ICI Pak, FFC-Jordan and KESC.

The market opened on a positive note which prevailed during the entire day's trading. Although the equities moved upward across the board but synthetic fibre showed substantial improvement because of a news published in a section of press that fibre prices are likely to go up by Rs 4 per kilogram, said Asif Rashid of First Capital ABN Amro. He added that the market could loose some points within next few days because its rise was abnormal and a technical correction was due.

Dr. Mohtisam of Y. S Securities was of the view that since the Chief Executive General Pervez Musharraf took over the government, the index substantially gained without any solid improvement in the industrial sector. The rise in index was just because of speculation and maneuvering by the potential investors, hence, the present upward trend could hardly prolong after few days, he added.

The advancing stocks were far ahead of declining ones. Out of, a total of 160 active issues, 46 companies improved, 18 lost their values, while 96 stayed glued to their previous levels.

Amongst the gainers, Dewan Salman improved by Rs 5.65, BOC Pakistan gained Rs 4.50, while Engro Chemical and Dhan Fibres were up by Rs 4.05 and Rs 3.90, respectively.

Al-Mal Securities lost Rs 4.75, First Capital Securities and Adamjee Insurance declined by Rs 2.80 each and English Leasing was down by Rs 1.0.

PTC continued to be the market leader whose 19.435 million shares changed hands, followed by Dhan Fibre and ICI Pak with total transaction of 18.465 million and 10.194 million shares, respectively.