Morning bell saw KSE-100 open in the affirmative zone with active buying in pivotals and the market inched up 30 points to 9177. Participants'' activity was seen in OGDC, PSO, DGKC, MLCF, LUCK, ACBL, SNGP, ICI and POL that aided the bourse to make an intra-day high of 9187--up 40 points.
The index also touched higher levels but was unable to sustain upper stages and breach the 9200 level owing to severe selling in core stocks that skidded the bourse south, plummeting it to the day''s low of 9120--down 20 points.
KSE-100 in the negative zone witnessed buying with a subtle hand that brought the bourse in the positive, but was unable to maintain the momentum and slipped and traded in both columns before closing 12 points in the negative at 9135.
Contestants'' fervent purchases in DGKC, LUCK, MLCF and FCCL brought about absolute buying in the overall cement sector that trickled somewhat in other stocks but was unable to carry on the run-up owing to day traders'' selling before the close.
Correction at upper levels gives investors room not only for further investments, but also builds up the level of confidence, which seems to have ebbed.
Therefore, closure above 9100 signals further appreciation and any correction will provide a good chance to shop for blue chip stocks with profit and stop-loss margin mind.
According to an analyst, the market lacked some positive development on the corporate and the privatisation fronts to build up fresh rally for surpassing the 9200 level. Correction is a healthy sign and slowly reduces the weaker hands in the local stock market.
The stock market regulator''s plan for demutualization is creating some panic among investors as the management of the exchange, according to sources, has not yet agreed to the plan placed by the watchdog.
This might result in some selling pressure from big players in the coming days. However, the inherent sentiment is strong as the index is facing smal correction phases.
The foreign investment figures are showing that slowly the interest in local equity market is increasing, but simultaneously it is a risky proposition as outflow from these institutions might result in trimming in share values.
D G Khan Cement moved up to Rs 110.75 from Rs 108.20 on business of 61 million shares. Lucky Cement gained Rs 2 to Rs 76.10 on turnover of 33 million shares. Bank of Punjab rose 40 paisa to Rs 104.40 on deals of 27.8 million shares; Fauji Cement fell five paisa to Rs 27.15 on trading of 27.4 million shares; and National Bank lost Rs 1.05 to Rs 182.70 on transactions of 25.8 million shares.