Lahore stocks tumble

 
Lahore: The share prices tumbled on the Lahore stock market on Monday, the third consecutive trading day when the index fell by more than 65 points.

It seems that bears have come to stay in the capital market for a while. The bourse, which was trading at over 4,800 points last Monday, has in the past seven days dropped below 4,500 mark. On Monday, it plunged by 88 points to close at 4,444.

The decline in the market started in the morning and continued till the close of trading. For the first time in many weeks, even the manipulators dared not tinker with the trading pattern. There were 117 active shares, out of which eight increased, 54 decreased and 55 remained unchanged.

Trading volume remained thin at 21.1 million shares, with eight out of top 10 volume leaders registering a decline in their share values. Arif Habib Securities was the volume leader with a turnover of 2.68 million shares.

The decline was across the board in the mutual funds, modaraba firms, leasing companies, investment and commercial banks.All major banks remained under pressure with MCB Bank the main loser as it dived by Rs9.65 per share. National Bank lost Rs5.40, Allied Bank Rs5.75, Bank of Punjab Rs4.80 and UBL Rs3.20.

Cement companies also lost substantial share values. Attock Cement eased by Rs4, DG Khan lost Rs4.80, Javedan Cement fell by Rs6.65 and Lucky Cement dipped by Rs5.65. All refineries, power generation and oil and gas exploration companies lost values. The fertiliser sector substantially fell with Dawood Hercules losing Rs6, Engro (R) Rs5.40 and Engro Chemical Rs6.50. All other sectors, except for synthetic and rayon, performed badly.

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