Share prices maintained upward tendency in the local stock market, fuelled by buying in selective scrips, however, most of the blue chips stayed subdued.
The LSE-25 index surged by 37.99 points closing at 3091.76 versus 3053.77 of Wednesday. The volume, however, was a bit light at 151.458 million shares as compared to 157.598 million of the previous session, registering a fall of 6.139 million shares.
Brokers said trading commenced with a bullish note and except for some time, the index remained in the positive zone.
In initial trading, the panic selling was observed which led the index in the negative column, but soon it recovered back, they added.
However, they pointed out that Nishat Mills and Nishat (Chunian) Ltd were the major beneficiaries of the day scoring hefty gains, but except PSO, blue chips remained quite, while financial sector and cement stocks were other active issues receiving fresh buying.
The market is improving with intra-day corrections, which should be considered as a healthy sign, said Javed Iqbal, chief executive, Javed Iqbal Securities Ltd.
He said this indicates the market is moving on merit and chances for a disaster are almost nil, adding there are a number of major chips, which are still undervalue, notably PTCL and PSO, with a lot of potential for improvement.
The issuance of licenses to two new cell companies by the PTA will also benefit PTCL, as the former will be using the network of PTCL, he said, adding this will raise the PTCL revenue.
Furthermore, he said the PTCL plans to provide 0.5 million new landline connections this year, which will further add to its revenue, adding: "When we look at PSO, it also seems undervalue in comparison to its earning per share ratio."
Similarly, in view of its profitability, OGDC, cement, banks and fertiliser are also very good stocks for investment, he said.
"The overall scenario of the market is very bright and it looks poised to cross 6,000 levels before end of the month," Javed Iqbal viewed, saying that listing of new companies at the stock exchanges, and the SECP plan to replace badla financing with margin financing would provide further strength to the market.
Out of a total of 118 traded scrips, 32 improved its worth, 15 showed negative signs while 71 maintained their overnight positions.
Among top gainers, Nishat Mills was up by Rs 3.35, Nishat (Chunian) Rs 3.30, Pakistan Industrial Credit Rs 3.05, Pak Electron Ltd Rs 3.00, and DG Khan Cement Rs 2.60.
In the negative column, Adamjee Insurance gave up 80 paisa, Sui Northern 70 paisa, Askari Commercial Bank 60 paisa, Picic Investment Bank 45 paisa, and Sui Southern 40 paisa.
DG Khan Cement and PTCL were the volume leaders with 24.151 and 16.348 million shares, respectively.