PPL, Fauji Fertiliser, Picic, Bank of Punjab, ICI, Sui Northern and Nishat Mills extended active support to the market, while the banking sector, including Soneri Bank, Prime Commercial Bank, and Union Bank, Faysal Bank, besides, Hub Power Company remained under pressure.
The market opened on a healthy note and remained in positive column throughout the day. PPL and Bank of Punjab showed sharp rise in its values, resulting in upward cap on their transactions. The PSO announcement of 110 percent dividend or earning of Rs 11 per share was also one of the factors in upward movement of the market. Apart from this, anticipation of early privatisation of PSO also give boost to the petroleum sector shares, said Dr Shahid A. Zia, Head of Research of Switch Securities, while commenting on the market sentiments.
The market is making new records every day in terms of index, volume, Badla rate, and Badla capitalisation.
The present movement is attracting foreign investors' in the Pakistani stocks business. However, the reports regarding corporate earnings is also main source of confidence building among the foreign investors, he maintained.
He was of the view that market needs technical correction. Long over correction is due and the market could lose 300-400 points in its index, which would be normal, as it has been improving by around 100 points on daily basis.
The continued bullish trend, in general, and Attock Petroleum's over subscription by 18 times, in particular, generated interest amongst the general public in Kot Addu Power Company's (Kapco) shares. Soon after resumption of business on Monday, long queues were seen in the banks to apply for its shares.
The market experts are of the view that gradual phasing out of badla would reduce volatility in the market.
The margin financing under which the investors would have to pay 30 percent of the buying shares' value would restrict the stocks business to genuine investors only. However, it would result in decline of transaction volume, he maintained.
Advancing stocks were ahead of declining ones, as out of a total of 83 active issues, 34 companies registered gains, 14 landed in negative column, while 35 stayed glued to its previous levels.
PPL gained Rs 10.25, Fauji Fertiliser improved by Rs 8.90, Picic surged by Rs 8.70, while Bank of Punjab and ICI Pak appreciated by Rs 6.40 and Rs 6.00, respectively.
Soneri Bank lost Re 1.00, Prime Commercial Bank and Union Bank declined by 50 paisa each, while Faysal Bank and Hub Power Company depreciated by 35 paisa each.
PTCL was the market leader whose 19.552 million shares changed hands, followed by OGDC and Bank of Punjab with total trading of 17.992 million and 15.999 million shares, respectively.