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LSE climbs 94 points

LAHORE: The Lahore stock market was under complete control of bulls as it rose 94 points to cross 2,400 points and close at 2,454 amid a moderate trading volume.

Active shares totalled 114, of which prices of 51 increased, 16 fell and 47 remained unchanged. Trading volume was 15.7 million shares, led by Arif Habib Securities with trading in 1.6 million shares. Nine out of top 10 volume leaders ended the day on a positive note.

Earlier, the trading started on a positive note and the momentum was maintained till the close. Commercial banks mostly rose, led by MCB Bank whose share price increased by Rs8.37 to close at Rs175.79. Habib Bank gained Rs3.43 at Rs105.50, National Bank rose Rs2.18, United Bank Rs1.37 and Allied Bank Rs0.96. The Bank of Punjab, the sixth largest bank, however, continued to remain under pressure losing Rs0.10 to close at Rs9.85.

The sugar sector continued to remain buoyant as majority of the mills moved up. Habib ADM and Haseeb Waqas were the only losers in the sector.

Majority of cement companies were also in the positive zone with DG Khan Cement climbing Rs1.94 at Rs40.83. It was followed by Attock Cement which gained Rs1.54 and Lucky Cement which rose Rs1.30.

Kohinoor Power was the only loser among power generation companies. Two refineries closed up while two were down. The oil and gas marketing sector was generally positive while exploration companies were highly bullish. All four companies in the sector gained strength, with heavyweight Oil and Gas Development Company adding a hefty Rs4.50 to its value to close at Rs94.68.

Source: The News

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