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LSE: bulls hold sway

RECORDER REPORT

LAHORE: Bulls held sway on the Lahore Stock Exchange (LSE) here on Monday as the investors responded positively to the news appearing in the press about the likely stopover of President Clinton in Islamabad after his visit to New Delhi.

The LSE-101 share index shot up by 14.93 points to 471.38 points as against 456.45 points of Friday. The turnover amounted to 106.598 million shares as compared to 125.920 million shares of its previous close.

The bulls continued to dominate the market and did not let the bears at any stage to enter the rings. Equities resisted every downward thrust and kept on moving up till the close of the market. As a result, the market witnessed widespread gains.

A hectic activity was seen in fertilizer and energy sector, especially in Fauji Fertilizer, Engro Chemical and Sui Northern. Following positive news about the privatisation process, PTCL also fared well and ended on a positive note.

On the other hand, PSO's performance remained dismal. However, market pundits were of the view that as oil prices had reached a record level of 32 dollar per barrel in the international market, hence, it may shoot up any time.

Imran Butt of Trust Securities said in addition to positive reports with regard to President Clinton's visit to Pakistan, there was another news that IMF mission was likely to visit Pakistan by end of the month, which triggered buying activity in the market. At the moment, he added, the market was trading on the basis of fundamentals. Since there was nothing negative on the political or economic front, therefore, in the short term the market seems to be good, he added.

He said that after taking dips due a technical correction and other factors last week, now the market was consolidating its position, and this week the players may witness a significant activity.

A total of 184 scrips exchanged hands Monday, out of which 56 improved their values, 40 lost worth, while 88 stayed pegged to their earlier levels.

In the positive column, Nishat (Chunian) was up by Rs 5.97, Tri-pack Films Rs 2.80, Honda Atlas Cars Rs 1.90, Engro Chemical Rs 1.80 and Fauji Fertilizer Rs 1.58.

In the minus column, Al-Ghazi Tractors dipped by Rs 34.00, Lever Brothers Rs 31.00, BOC Pakistan Rs 18.00, PSO Rs 5.68, while Adamjee Insurance plunged by Rs 5.31.

PTCL continued to dominate the market with a total volume of 39.136 million shares followed by Sui Northern and FFC-Jordan Fertilizer with 10.354 million and 9.512 million shares respectively.