| LSE up in volatile trade |
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The manipulators were in command on a day when everyone was expecting the market to recover from the massive battering it took during the past seven days. It did recover in the initial hour, but then the steep decline started, prompting the weak-holders to off-load their holdings.
They were surprised as their shares, which were sold at low rates, were picked up by those who managed the show.
Despite the volatility, the market rose and experts predicted that barring some mega shock the bourse would witness a bull-dominated stability for the rest of the week.
The LSE 25-share index gained 15 points to close the day at 4,459. There were 121 active shares, out of which 38 increased, 27 declined and 56 stood unchanged. Trading volume was a modest 25.9 million shares. Arif Habib Securities was the volume leader with a turnover of 3.6 million shares.
It gained Rs6.15 in share value. Seven of the top 10 volume leaders ended trading on a positive note.
Almost half of the mutual funds, which were mostly in the red during the brief bearish spell, recovered to end trading on a positive note.
However, most of the investment banks remained under pressure.
Among commercial banks, Allied Bank, Bank of Punjab and United Bank were able to post gains, but most of the smaller banks, besides giants like MCB and National Bank, posted losses. National Bank lost Rs2.95 per share.
Among oil and gas marketing companies, Attock Petroleum lost a hefty Rs25.95. The oil and gas exploration sector recorded gains with OGDC maintaining its previous value.
The paper and board was the only sector where shares prices of all active companies moved higher.
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