Lahore, January 20, 2015 (PPI-OT): The Lahore Stock Exchange (LSE) 25 Index closed at a record high on Tuesday, January 20, 2015, with analysts crediting falling inflation and commodity prices as well as an easing of political tensions. The benchmark Lahore Stock Exchange index of 25 shares closed at 6,618.01 points, up 2.80 points.
The previous peak of 5895.55 points came in June 11, 2014 and LSE’s historical lowest was 1300.94. Now the investors’ focus has shifted towards economic matters from the political affairs of the country, said Aftab Ahmed Chaudhry the chief executive officer of The Lahore Stock Exchange.
On the economic front official data showed that inflation had plunged to low, raising investor’s hopes that the central bank might slash the basic interest rate in its next review. “The inflation (rate) has come down to 3.96 per cent in y/y, so investors look forward to corresponding cut in interest rates.
In line with the international fall in commodity prices, especially oil, the government slashed petroleum prices by an average of twenty four per cent — the largest price relief ever. Pakistan’s long-moribund economy has shown some glimmers of revival under this government. Ratings agency Moody’s upgraded the country’s outlook to ‘stable’ from ‘negative.
Analyst said ENGRO was the pick of the day on hopes of promised gas allocation. Textiles stocks were also in demand on reports that the European Union (EU) will not object on death penalty, which some feared could affect the priced GSP+ status. Dealers said a host of positive developments on domestic as well as global fronts buoyed the market and lifted key indices to new high.
Continuing its surge for the first day of the current week, the LSE 25-index hit fresh life-time high closing of 6,618.01 points against 6,597.37 points recorded in the opening of today’s session. The highest index of the day was 6,631.83 points while the lowest level of the day was recorded at 6,591.11 points.
For more information, contact:
Barkat Ali Anjum
Deputy Manager-Media and Public Relations Department
Lahore Stock Exchange (LSE)
Lahore Stock Exchange Building,
19, Khayaban-e-Aiwan-e-Iqbal, P. O. Box: 1315,
Lahore – 54000, Pakistan