One of the major features of the day's trading was that LSE index breached 3,500 level, to close at 3502.86 points as compared to 3468.79 showing an improvement of 34.07 points. Volume amounted to 105.065 million shares as against 106.155 million shares of the previous session.
The market fundamentals are strong and the movement is merit based, therefore, its future prospects are very bright, an analysts said, adding buyers' interest is growing gradually, especially in the scrips with good track records, including banks, fertilisers and oil and gas sector. Thus, the movement does not seem halting until some major negative news hit the market, he observed.
On Thursday, the KSE index also breached 7,000 level, which made people pleased and their interest increased in the market. At one stage, profit-taking also emerged, that caused some how pressure, but it failed to weaken the sentiment, brokers said.
According to them, though apparently, there hardly seems any change in the trend on Friday, pressure may surface because of weekend.
Commenting on the market sentiment, Mirza Ejaz Ullah Baig, Director, Capital Vision Securities Ltd, said overall economic indicators were positive, while there was also strong institutional support, which had triggered sharp rallies in the market.
Presence of foreign buyers in the market has also contributed to the recent rallies, he said, adding PTCL and oil and gas sector scrips appear to be the main focus of foreign investors' attention.
Moreover, apparently there is no negative news due to which investors are indulged in buying activity fearlessly, he stated.
About future scenario, he said it is brisk, as economic outlook is positive and stable, while reports regarding corporate earnings are also supportive to the market, especially there is a lot of optimism among investors about the banking sector results.
However, irrespective of these facts, the market is overbought and correction is due. A major correction might hit the market after it breaches 7,200 level. But he pointed out that there are not even distant chances for reversal of the trend.
Out of a total of 98 traded scrips, 23 improved in worth, 24 landed in negative column, while 51 were intact to their previous levels. Among major gainers, Askari Commercial Bank was up Rs 4.30, Engro Chemical Rs 4.00, Bank of Punjab Rs 3.75, Nishat Mills Rs 1.55 and National Bank Rs 1.40. In negative column, JDW Sugar Mills shed Rs 5.00, Pakistan Oil Fields Rs 1.85, Sui Northern Rs 1.15, Union Bank Rs 0.90 and Bank Alfalah Rs 0.80.
Bank of Punjab was the volume leader with 29.175 million shares followed by OGDC with 18.279 million shares.