Active support from financial institutions and leading brokerage houses arrested the declining trend at the share market on Wednesday where volume soared, indicating that attractive share prices promoted buying.
The KSE-100 index recorded an increase of 50.53 points, or 0.94 percent, to 5438.68. The volume moved up to 475 million shares against 332 million shares.
Tariq Hussain Khan, manager research at Live Securities, said that institutional support heralded in dividend yielding stocks encouraged retail investors to build fresh positions, offsetting the negative impact of profit taking during the session.
The market capitalised on positive developments appearing in Indian politics and continued to maintain bullish pattern since morning as institutional investors arrived with buying order resulting in hefty activity in the mid-session.
Consequently, small investors also rushed to the market and followed what the big players did. As a result of across-the-broad buying euphoria, the market started moving up which created hope for further betterment among small participants.
Since the market failed to breach its psychological barrier of 5000, the trading volumes remained stable because of continued interested generated in cement sector.
Ahmed Ashraf Sheikh from Akbarally Cassim said that after Sonia Ghandhi's decision to decline the position of prime minister the Indian stock market gained 371 points on Tuesday and 129 points on Wednesday on the news that Manmohan Singh would be new prime minister of India, who is the architect of India's economic reforms.
The local market finally reacted to the news and bulls were found across the board, with cement sector leading the volumes, as construction related reforms are expected in the coming budget.
PSO and Pakistan Oilfields share prices appreciated considerably due to soaring international oil prices. Speculative interest was again witnessed in Bank Alfalah and the share price at one point was at upper limit.
The badla increased by Rs 0.8 billion. Technical correction took place in Fauji Fertiliser where the badla volumes reduced by 17 percent. D.G. Khan Cement badla increased by 15 percent. "We advise to sell this stock on strength, as further appreciation is expected."
D.G. Khan Cement rose to Rs 62.05 from Rs 60.05 on turnover of 88 million shares; Fauji Cement gained Re 1 to Rs 17.65 on volume of 81 million shares; OGDC rose 50 paisa to Rs 66.85 on trading of 28 million shares; FF Bin Qasim showed an increase of 70 paisa to Rs 20.45 on deals of 23 million shares; and Maple Leaf Cement closed at Rs 44.60, ie higher by Rs 1.25 as around 20 million shares changed hands.
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