The local share market stayed bullish for the second consecutive session on Thursday on account of buying in cement and oil sector stocks, which helped the index, record a fresh gain of 51.12 points. The LSE-25 index soared to 4554.11 points from 4,502.99 points of the last session, increasing by 51.12 points (1.13-percent).
Trade volume improved to 47.715 million shares from 30.148 million shares of Wednesday, increasing by 17.567 million shares (58 percent). The market maintained the upward tempo and then there was hardly any change in the trend till close of the session. According to stock analysts, the price levels are quite reasonable and the market seems very attractive for fresh buying, therefore, the rally is expected to continue on Friday.
Petroleum shares and cements were in great demand on Wednesday and PPL and D.G. Khan fared pretty well and added substantially to their worth. Interest is developing in the market, which is evident from growing volume, which has increased significantly, the added. The rally, which started on Wednesday on aggressive buying in shares of cements, banks and oil on Wednesday sustained, which indicated the trend might continue, a broker commented.
The market started recovering yesterday following an aggressive buying in cement and petroleum stocks whose price levels, due to recent heavy falls, were quite luring for investors, an analyst said.
"Our market, which was also affected by international markets' recent crash on US economic slow down reports, has rebounded with recovery in them," Umair Butt, director Dosslani Securities Ltd, said. According to him, cement stocks played a key role in the market rebound and they were expected to dominate activity in the coming sessions too, in view of rising demand of cement.
There has been shortage of cement in the country even in off-season, which means now its demand will further rise, with start of summer, he stated. Its demand will keep rising till October, which indicates positive future of the entire sector. Similarly oil sector is also expected to continue rising following prospects of increasing price in the world market, he added. Today oil jumped to 61.88 dollar per barrel and the price might go up further, he pointed out.
Out of a total of 126 traded scrips, 45 improved in worth, 19 landed in minus column while 62 were intact to their previous levels. Among key gainers, PPL was up Rs 4.75, Nishat Mills Rs 4.20, Javed Omer Vohra & Co Rs 3.15, D.G. Khan Cement Rs 3.05 and Attock Refinery Rs 2.45.
In negative zone, Adamjee Insurance declined by Rs 5.00, Soneri Bank Rs 0.85, Pakistan Oilfields Rs 0.65, Gharibwal Cement Rs 0.50 and Saudi Pak Commercial Bank Rs 0.45. Bank Alfalah and Fauji Cement were the volume leaders with 9.579 million shares and 6.521 million shares, respectively.