PPL, Nishat Mills, Picic, National Bank, Askari Commercial Bank, PSO, and Fauji Cement helped market maintain upward trend, while Sui Northern, PTCL and Sui Southern remained under pressure.
The market, which opened on a healthy note, maintained positive trend during the entire day's trading. The market witnessed sharp rise in its index as well as in values of ready board shares, including banks and cement sectors. The news regarding the increase in oil and gas production by 5 percent and 17 percent respectively gave a boost to the market, which also attracted small investors. In anticipation of the increase in profitability of oil and gas sectors shares', the investors made fresh entries that kept the market in positive column, said Ahmad Nabeel of Invest and Finance Securities, while commenting on the market sentiments.
Once again, PPL witnessed sharp rise in its worth, which touched the level of Rs 234.00. Another factor that not only contributed significant support to the market but also encouraged investors to make investment in stock business. Out of the total foreign investment, the USA shared $49.9 million. The market rise was not because of index-based shares, but due to ready board shares in which common interest was seen, he added.
He was of the view thatthe market would keep upward trend based on corporate earnings in the cement sector. The market experts are anticipating appreciation in the shares of those companies, which are headed by Mian Mansha, he added.
Out of a total of 81 traded scrips, 30 registered gains, 18 recorded losses, while 33 remained unchanged.
In positive column, PPL gained Rs 11.85, Nishat Mills improved by Rs 6.55, while Picic and National Bank were up by Rs 5.05 and Rs 3.50, respectively.
In negative zone, Sui Northern declined by Rs 1.50, PTCL lost Rs 1.10, while Dewan Salman Fibre and Sui Southern were down by 75 paisa and 70 paisa, respectively.
Bank of Punjab was the market leader whose 20.559 million shares changed hands, followed by Sui Northern with 16.467 million shares.