The LSE-25 index moved up to 4258.60 points from its previous closing of 4198.06, registering a surge of 60.54 points, while the volume stood at 84.955 million shares, as compared to its preceding session closing at 84.776 million shares.
The market opened with a positive tone and petroleum sector, banks, cements and telecommunications received fresh buying, moving the index in upward direction.
At mid session, some pressure was seen that made people think of a weak closing, but last minutes buying in selective chips averted this possibility, stock brokers said.
At the final count, the market was up 1.44 percent with gainers thumping the losers. Pakistan Industrial Credit, PPL and MCB Bank were the most attractive shares of the day while Pakistan Oilfields and DG Khan Cement were the major losers.
According to analysts, the sentiment is bullish but Friday is the last trading day of the week, thus chances for a downward movement are also there.
Mirza Muhammad Irfan, equity research head of Capital Vision Securities Ltd, said there was little volatile movement in market on Thursday and most of the day it depicted firmness with fresh buying in the oil sector, banks and PTCL.
The market players also welcomed the news of resignation of Etisalat Chief Executive Obaid Saied bin Meshar due to which PTCL improved, he added.
He said the people in the market were of the opinion that the said Etisalat CEO was the main hurdle in materialising PTCL deal and the Royal family was removing all such officials who were blocking this way, he said, adding there were further reports that the Government of Pakistan was in constant touch with the Etisalat management to settle the issue and was also looking into its demand regarding certain tax exemptions.
He said there were also circles who believed that in case of failure of dialogue with the Etisalat management, the Privatisation Commission will ask the second and third bidders to come up with new offers for the PTCL sell-off. Amid such reports, which are not yet confirmed, the market is likely to remain volatile in the coming sessions.
Oil refineries on Thursday ended with their upper locks due to the news of abolishment of certain taxes and levies on oil refineries, he further pointed out. Moreover, he said, a KSE delegation led by its Chairman Sultan Lakhani is scheduled to meet the government authorities in Islamabad on Friday to settle the issues regarding appointment of new managing director of the Exchange and CFS facility and margin financing due to which the market is most likely to remain volatile on the week end, Irfan observed.
In all 84 scrips changed hands, of which 26 improved, 24 lost its values while 34 maintained its earlier closing positions.
Among major gainers, Pakistan Industrial Credit was up Rs 3.75, PPL Rs 3.10, MCB Bank Rs 2.90, PTCL Rs 1.95 and Allied Bank Rs 1.95.
In minus zone, Pakistan Oilfields shed Rs 4.00, DG Khan Cement Rs 2.10, Engro Chemical Rs 1.50 while Lucky Cement and PSO Rs 1.40 each.
PTCL and DG Khan Cement were the volume leaders with 20.813 million shares and 7.566 million shares, respectively.