Share prices moved ahead with a rapid pace on Thursday on account of aggressive buying in the insurance sector and key banks, pushing the market up by 1.27 percent. The LSE-25 index closed at 4608.60 points versus 4550.52 of Wednesday, registering a net increase of 58.08 points.
Volume escalated to 50.376 million shares from 34.391 million shares, increasing by 15.985 million shares. The market showed an aggressive tone and moved in the positive zone on buying interest in banks, insurance and oil sectors.
According to brokers, it performed extremely well on renewed buying interest in the banking sector, especially in Bank of Punjab and MCB Bank. "We have seen such an aggressive behaviour of the market after a long-time, which is a positive sign, indicating growing prospects of a pre-budget rally, an analyst said. High expectations of pre-budget rally are likely to keep the sentiment bullish in the next session too, he added.
The KSE index on Thursday breached 12,500 psychological barrier, and afterwards the buying spree continued on back of foreign buying in the banking sector, particularly in Bank of Punjab and MCB, he added. MCB Bank is reportedly interested in bidding of PSO, which has increased interest in it, he pointed out. Oil exploration companies also fared better on expectation of increase in crude oil price in the international market, he said.
Overall there were 196 gainers, of which, 53 surged, 20 retreated while 123 were pegged to their preceding levels. Among prime gainers, Adamjee Insurance was up Rs 9.90, MCB Bank Rs 9.60, Bank of Punjab Rs 4.90, National Bank Rs 3.75 and Pakistan Industrial Credit Rs 3.40.
In negative zone, Mari Gas Company down by Rs 6.75, Arif Habib Securities Rs 2.50, Pakistan Oilfields Rs 1.85, Soneri Bank Rs 1.50, and Kohat Cement Rs 1.50. Bank Alfalah and Bank of Punjab were the volume leaders with 6.790 million shares and 6.285 million shares, respectively.
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