Bullish sentiment was witnessed on Friday and the KSE-100 index gained 44.26 points to close at 10924.55 level, while the KSE-30 index gained 29.19 points to close at 13441.32. The market opened on a strong positive note where across-the-board buying hit the intra-day high of 10969.74, adding 89.45 points by mid-session.
From that point the investors opt for technical ''sell'' that reduced the day''s gains. Bank of Punjab was the overall volume leader with 14.859 million share, while NBP, Bank Alfalah and MCB Bank also remained active. However, investors at relatively on higher note booked profits to remain on safer side.
The volume declined by 15.353 million shares to 104.445 million shares from 119.798 million shares of Thursday. Market capitalisation increased by Rs 12 billion to Rs 3.016 trillion.
Trading ratio was in favour of bulls as 151 scrips advanced and 124 declined, 49 scrips remained unchanged. Ahsan Mehanti, CEO of Shehzad Chamdia Securities, said that banking sector remained active and four banks were the volume leaders. The news regarding mergers and acquisitions of some local banks with international groups and the expected launching of GDRs of some local banks invited the investors to relevant scrips. OGDC also remained active following the news of having permission to restart its drilling activities in Balochistan. As a result, it closed in green.
Asad Abdul Razzak, analyst at Live Securities, said that the KSE-100 index witnessed upward trend on Friday. The market started on a positive note and marked 10969 points intra-day high with KSE-100 index depicting firming trend most of the day.
However, the index posted modest intra-day fluctuation at upper levels, and the investors'' technical selling ultimately minimised the day''s gains. Sentiment towards banking scrips was positive and notable banks managed to close in the green. Four banks---BoP, NBP, Bank Alfalah and MCB---remained the top volume leaders with approximately 42 percent contribution to the ready market volume of 104 million shares. BoP was the star performer and gained 4.0 percent to close at Rs 94.25 while NBP, Bank Alfalah and MCB posted 0.7 percent, 3.1 percent and 0.7 percent respective increase.
The index giant OGDCL also remained in the positive territory all the way through on having permission to restart drilling in Balochistan, and its oil discovery. The scrip gained 0.3 percent to close at Rs 137.20 while PPL gained 0.3 to close at Rs 245.00. Buying was also evident in PTCL as the scrip closed 1.2 percent higher. Cement scrips closed in the red as D G Khan, Lucky and Fauji Cement depicted 0.2 percent, 1.3 percent and 1.5 percent declines.
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