5 per cent lower lock fails to provide exit

LAHORE - In continuation of the last week's bearish mood, the stock market remained on declining trend on the first trading day of the week despite the revision of the downward and upward breakers to the earlier position of five per cent. The KSE-100 index, soon after its opening, plunged to its day low and remained there till the final bell, shedding 518.5 points to close at 11,177 level despite the news that Saudi Arabia has agreed to provide $6 billion worth oil on deferred payment.

Dealers said the most of the scrips rushed to their lower lock and remained there till closing, leading the market to lose some 4.5 per cent.

Tariq Khurshid, Executive Director, First Pakistan Securities, said that market closed on weak note and in all probability declining trend will continue on Tuesday too.

He said that some buying was witnessed in the oil sector mainly in OMCs and E&P sector but this also could not sustain the selling pressure.

Earlier, the market, after revision of downward and upward limit, opened with massive downward gap of 302.09 points at 11393.73 points and that was also its day high. Keeping the declining trend intact throughout the day market touched 11161.07 points low just before closing. Market closed marginally above its low at 11177.31 points minus 518.51 points. Market lost almost 4.5% in today trading and closed on weak note.

Free float index also opened in minus column with a wide gap and rushed to get today bottom of 12762.68 points. It closed marginally up from its low minus 632.96 points at 12772.39 points. All shares index also suffered heavy loss of 360.38 points and closed at 8090.80 points.

Trading took place in 256 scrips and out of those 28 closed with plus and 226 with minus signs while 2 scrips kept last closings. Market moved just like previous day with a difference of three-time increase in volumes which, reached to 69.929 million shares.

Even lower lock at 5 per cent losses failed to provide exit to small investors. NIB bank remained on top in volumes with traded volumes of 8.958 million shares and closed rupees 0.92 down.   

At Lahore Stock Exchange market opened with downwards gap of 60.60 points at 3523.00 points and went straightway to 3474 points.

At that point a small rise took the market to 3502 points but it failed to sustain that level and plunges back. Market finally closed at its day low at 3401.44 points minus 182.16 points marginally saving 3400 points level. Trading activity was reported in 100 scrips and out of these traded scrips only one scrips had plus closing against 48 minus closings while 51 scrips kept last closings.

Volumes saw many fold increase and 4.199 million shares were traded today. NIB bank kept top position in volumes with traded volumes of 0.999 million shares and closed rupees 0.96 down.