The market opened on a healthy sign and gained more than 35 points during early trading hours. Later, it showed up and down movement, following buy on dip and sell on strength attitude on the part of investors who secured their positions.
Despite profit taking, the market managed to close in green zone because of buying in PSO, OGDC, PPL, MCB Bank, National Bank, Royal Bank of Scotland, Allied Bank, United Bank, Adamjee Insurance and Pakistan Reinsurance. Besides, Mari Gas, Javed Omer Vohra and Company, Arif Habib Securities, Pervez Ahmad Securities and Lotte Pakistan also showed strength.
On the contrary, Fauji Fertiliser Bin Qasim, DG Khan Cement, Pioneer Cement, Bank of Punjab and PTCL remained under pressure due to profit taking and closed in red zone. Analysts were of the view that the market for the first time had crossed the psychological barrier of 10,000 points and thus was likely to maintain upward trend for the next couple of days. However, technical correction, because of profit taking, could not be ruled out, they added. Advancing stocks were ahead of declining ones, as out of 104 active issues, 46 companies registered gains and 20 went down, while 38 companies closed at their overnight levels.
Among gainers, PSO appreciated by Rs 4.78, MCB Bank gained Rs 2.98, and Mari Gas improved by Rs 2.00, while OGDC and Adamjee Insurance were up by Rs 1.27 and Rs 1.05 respectively. However, Packages lost Rs 1.53 and General Tyres and Rubber Co declined by Rs 1.39, while Fauji Fertiliser Bin Qasim and ICI were down by 49 paisa and 42 paisa respectively. Lotte Pakistan, with trading of 5.300 million shares, topped the volume leaders, while Fauji Fertiliser Bin Qasim stayed as runner-up with 1.072 million shares.