After Long March Lahore stocks hit five-month high

LAHORE: The Lahore bourse, after a long time, performed on the strength of market sentiments on Monday supported by the reinstatement of deposed judges which was likely to end political uncertainty in the country. The LSE 25-share index jumped by over 100 points to close at 1,903, crossing the 1,900 barrier for the first time in the past five months. Active shares totalled 125, out of which 71 rose, two fell and 52 stood unchanged. Trading volume was 27.2 million shares, the highest in the past 26 weeks. There was across-the-board bullish activity. Most of the major sectors were completely positive with no losers among their ranks. Banks and oil and gas companies performed particularly well. All major banks gained handsome share values. The Bank of Punjab, which was being traded below its par value of Rs10, rose Re1 to close at Rs10.24.

Shell Pakistan was the major gainer as it closed Rs9 higher at Rs191.17. It was followed by Pakistan Petroleum Ltd, Pakistan State Oil, Pakistan Oil Fields and MCB Bank which rose Rs7.42, Rs7.39, Rs6.43 and Rs6.24 respectively.

Attock Oil Refinery was the last among top 10 gainers and even its share price increased by Rs3.34. Market experts pointed out that the deal reached between the two main political parties was likely to bring political stability to the country which was welcomed by investors. They hoped that relative calm on the political front would give the government a chance to concentrate on the economy.