The turnover amounted to 853 million shares as compared with 777 million shares of Monday. The market capitalisation reached Rs 2.210 trillion, up from Rs 2.189 trillion.
An analyst from Elixir Securities said that during the session, the index slumped 40-odd points with the pivotals coming under pressure on low volumes but it was not long before that banking and oil stocks recovered the lost ground and drove the market into positive territory.
The banking sector was as buoyant as ever, with National Bank of Pakistan gaining 3.4 percent and MCB, Askari and Bank of Punjab also posting fresh gains. Union Bank was another stock which sprang into action and had not quite sparked after announcing its results.
The oil stocks continued to rally strongly, keeping the index rolling and, with the results for the major stocks already done with, the punters would be running out of fuel for speculative moves. The market seems overdue for a breather as most of the stories behind the exaggerated moves have been overdone and overplayed.
Ahmed Ashraf Sheikh from Akbarally Cassim said that the market opened on a negative note as PSO and Pakistan Oilfields share prices slipped. However, buying soon resumed as aggressive activity built up in PSO, thereby pushing the scrip price to Rs 400.
Askari Bank soon responded and the scrip price breached Rs 120 level. National Bank of Pakistan also reacted to the rumours of 20 percent dividend and 20 percent bonus which circulated in the market.
The badla decreased by 1.27 billion rupees. The badla has reduced by 2.89 billion rupees in the last few days as weak holders are getting opportunities to offload their holdings at their levels. There was badla decrease all across the board, except for Sui Northern Gas where badla increased by 9 percent.
OGDC rose 10 paisa to Rs 99.90 on business of 103 million shares; NBP moved up to Rs 127.50 from Rs 123.35 on trading of 78 million shares; PTCL declined by 85 paisa to Rs 67.80 on a volume of 72 million shares; Sui Northern Gas shed 30 paisa to Rs 77.10 on turnover of 67 million shares; and MCB closed at Rs 86.20, ie higher Rs 1.35, on deals of 50 million shares.