The share market moved in a narrow band as the tally between losers and gainers was quite minimal where trading volumes improved as some of the investors took fresh positions in companies offering good dividends. The KSE-100 Index moved down to 7,410.91 as compared to 7,410.98 of Wednesday.
The volume rose to 181 million shares as against 118 million shares. In all 135 companies gained as against 146 losers, while 35 remained pegged to their overnight levels.
The low volume opening did invite offloading by the weak holders, but banking sector led the bull run supported by oil and gas sector. However, buying failed to resist the selling pressure, leading to a range bound session.
Expectation of an early resolve on the leverage issues is still disallowing massive offloading on strength, statement by Indian premier regarding freezing of the ongoing peace process until infiltration was checked by Pakistan did lead to a dull session.
Technically, the index would find support around 7,377-7,383, while overhead resistance stays at 7,450-7,457, the last day phobia might allow the bargain hunters an opportunity.
A leading trader from the Elixir Securities said that punters are in hot pursuit of banking stocks in anticipation of strong second quarter earnings. Impressive volumes were witnessed in other banking stocks like the Bank of Punjab, Bank Alfalah and Union Bank, which followed up on a euphoric buying spree across the whole sector. The oil and telecom sector has taken a back seat, but would pick up momentum in days to come as market regulatory issues settles down.
Fauji Fertiliser Bin Qasim posted a handsome gain and was the volume leader because of its healthy pay out, announcing an earning per share of Rs 1.42 and a cash dividend of Rs 1.25 per share.
This invited the investors to accumulate it at every level, resulting in a gain of Rs 1.35 to Rs 30.60 on a volume of 38 million shares.
PTCL gained 10 paisa to close at Rs 62.55 on a volume of 22 million shares, NBP fell 20 paisa to close at Rs 107.80 on a turnover of 12 million shares, OGDC showed a decline of 60 paisa to Rs 105 as around 10 million shares changed hands and Picic Growth Fund moved down to Rs 53.50 from Rs 54.70 on the deals of 10 million shares.
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