The bull-day was witnessed, however, minor profit-taking was seen throughout the session. OGDC was the major contributor to the index we expect the scrip price to touch Rs 100 level in coming session. NBP finally performed as hefty result expectation pushed the scrip price up, said Farrukh Ahmed, equity trader, Pak Libya Holding Co.
"Our target price Rs 125 for the scrip of PPL closed at its upper circuit level as privatisation expected led the rally in the scrip. Both the PTCL and the SSGC did not performed, however, we expect a bull-run in these scrips very soon", he added.
Hasnain Asghar from Aziz Fidahusein, said that the official statement regarding offer for sell-off for 51 percent shares of PPL, refuelled the bulls, thereby allowing the index to open above the immediate resistance.
The surging index backed by improving country fundamentals and good relations with India and increasing foreign interest is likely to continue the uphill task. The chance of a 2-2.5 percent technical, however, stays and increased with daily surges, it is, therefore, recommended to capitalise on low volume surge.
The big announcements next week might disallow chances of any major adjustment expected due to swapping from February-March counter, therefore, buying is recommended in the main stocks on dips. Technically, the index would continue to find support around 7425-7433 while resistance stays around 7643-7650, he added.
Tanvir Abid, head of research at Live Securities, said that PPL continued its buoyant rise on the back of government seeking EoI for its strategic sale. The scrip closed at the upper circuit level at the Rs 190.25 level.
The SNGPL was another notable performer as investors are expecting upbeat earnings in its forthcoming meeting; the scrip gained 6.8 percent to close at the Rs 67.25 level. Other energy scrips also followed suit as POL, OGDC, PSO and SSGC respectively gained 5.7 percent, 2 percent, 1.1 percent and 2.5 percent, he added.
He said the banking scrips too showed across-the-board exceptional performance as MCB, National Bank, BoP, Bank Alfalah, and Askari Bank made smart increments of 7.1 percent, 1.2 percent, 3.5 percent, 1.9 percent and 1.8 percent respectively. Meanwhile, some profit-taking was witnessed in the cement sector as DG Khan Cement, Lucky Cement and Fauji Cement lost 2.2 percent, 0.5 percent and 2.9 percent, respectively.
An analyst from First Capital Equities, said that the cement sector, after staying in the positive column session, remained under pressure on Thursday with many of the sector scrips closing in the negative column.
The banking sector also remained active and most of the scrips closed in the positive. With trading volumes still at a healthy level, we expect the market to stay in the positive column on Friday, but as it is the last session of the week we may see the erratic movement continuing and also a decrease in activity, he maintained.
PTCL registered a decline of 40 paisa to Rs 67.05 on a turnover of 100 million shares, OGDC recorded an increase of Rs 1.85 to Rs 94 on trading of 94 million shares and Pakistan Oilfields moved up from Rs 294.50 from Rs 278.50 on deals of 63 million shares, Sui Northern Gas gained Rs 4.30 to Rs 67.25 on business of 62 million shares and MCB recorded a tremendous boost of Rs 5.45 to Rs 82 on a volume of 61 million shares.