Equities registered gains across the board on the Lahore Stock Exchange (LSE) amid ascending transaction volume on account of institutional support.
The LSE-25 index posted a fresh gain of 26.33 points, and was closed at 2820.33, while trading turnover showed a significant increase of 25.531 million shares to close at 106.865 million shares as compared with 81.334 million shares traded previously.
ICI Pak, OGDC, National Bank, PTCL, Hub Power, D G Khan Cement, and Dewan Salman Fibre helped in the improvement of the market, while Pioneer Cement, Nishat Mills, and Bosicor Pakistan remained under pressure.
The market opened on a healthy note and remained in positive zone during the entire day's trading. OGDC set a new record of 28.220 million shares as single-share trading.
News regarding inclusion of OGDC in the index composition played pivotal role in upward move. The other contributor was PTCL, which showed significant improvement in term of volume as well as rate.
The rumours that foreign investors are picking PTCL generated interest among the local investors who continued buying throughout the day, said Ahmad Nabeel of Invest and Finance Securities, while commenting on the market trend.
Apart from the rumour, the market players are optimistic about PTCL's appreciation in next couple of weeks, he maintained.
The cement sector also performed well due to institutional support, which also encouraged the investors to stay on buying course.
The indicators are positive to put the market on upward track. Badla rate is restricted to single digit while market capitalisation is normal and as such it is likely to gain momentum, he added.
The bourses did not receive any negative impact from Wana operation and it seems that market is totally under the grip of institutions and potential investors, who are continuously extending their support to the market, he opined. However, intra-day correction could appear any time, therefore, investors should adopt the policy of 'buying on dip' to secure their positions.
Advancing stocks were ahead of declining ones, as out of a total of 106 active scrips, 26 companies registered gains, 16 went down, while 64 stayed glued to their previous levels.
ICI Pak gained Rs 3.70, OGDC improved by Rs 3.20, National Bank appreciated by Rs 3.05, while PTCL and Hub Power were up by Rs 2.50 and Rs 2.20, respectively. PICIC lost Rs 1.45, Crescent Sugar Mills declined by Re 0.50, while PICIC Commercial Bank and Pioneer Cement were down by Re 0.35 and Re 0.28, respectively.
OGDC was the market leader whose 28.220 million shares changed hands, followed by D.G. Khan Cement with total transaction of 10.635 million shares.