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Wednesday, November 19, 2008

LSE volume hits record low

LAHORE: Trade volume dived to a record low of 1,000 shares on the Lahore stock market on Wednesday with index remaining static for the fourth day in a row.

Active shares totaled 80, but no change was recorded in any one of them. NICL was the volume leader, accounting for all 1,000 shares traded during the day.

Brokers were fuming with anger as there had virtually been no activity in the market for more than two months.

Even some of those, who had supported ‘index floor’ because of fear of huge losses, now want the floor to be removed.

All the three bourses of the country, which in normal trading days had moved in tandem, are now operating independent of each other.

In fact, active companies on LSE are more than double the active shares on the Karachi stock market, the largest bourse of the country.

Investors still fear that the floor may not be removed on November 17. Many brokers, however, believe that pressure from donor agencies would ultimately force regulators to direct bourses to resume normal trading.

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