Profit-taking before the close on Friday reduced the overall stock market gains but, according to traders and dealers, the sentiment remained strong and it was being expected that the index would register recovery next week.
The market opened on a positive note and remained in the green zone during throughout the day, and saw a high of 9492.97, finally closing at 9431.81-up a meagre 13 points-due to profit taking witnessed in the second session.
However, the important point was that the market closed above the psychological barrier of 9400. All oil exploration and marketing companies closed the in positive territory. Fertiliser sector also underwent some activity, while Bank of Punjab saw the most activity as its 36 million shares were traded rising by Re 0.45 and closing at Rs 104.70.
Overall volumes during the day thinned by 20.2 percent to 383 million shares against 480 million of Thursday. Of 387 companies traded, 218 companies recorded gains, 130 fell and 39 stocks remained unchanged.
Hasnain Asghar from Aziz Fida Husein said that despite selling in banking and cement stocks the index maintained a rising tempo in the second session and made an intra-day high of 74 points. But last-day phobia and huge open interest in futures counter never allowed the market men to go long.
Settlement of futures can allow the market to absorb the hedging of expected huge amount from December to January as the sentiment continues to stay bullish on expectations of healthy announcements season.
Humayun Soomro from Akbarally Cassim said that interest was seen in oil marketing and exploration scrips, while pressure was seen in the banking sector during the later part of the session on account of suspicion of decrease in earnings in the coming quarter on account of decrease in spreads. Positive sentiment in oil groups was due to expectations of further increase in world prices due to harsh winter in US.
Mixed sentiment was seen in the cement sector, with increased interest in sideboard items, as compared to the bigger cement companies as investors sought profit-taking.
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