The market opened on a depressed note and sharply declined during first trading hour. The market moved up and down because of investors' behaviour who adopted 'buy on dip, and sell on strength' policy. The trend continued till close.
Pak Oilfields, PSO, PPL, OGDC and Byco remained under pressure, as investors offloaded their positions. The bearish sentiment also forced the investors to go for profit taking in Adamjee Insurance, Pakistan Reinsurance, MCB Bank, National Bank, Bank of Punjab, Bank Alfalah, D G Khan Cement, Fauji Cement, Arif Habib Securities, Javed Omer Vohra, Nishat Mills, Sui Northern and Treet Corporation.
However, Lucky Cement, Fauji Fertiliser, Descon Chemicals, Picic Growth Fund and Lotte Pakistan resisted pressure and helped the market avert more declines. The declining stocks were ahead of advancing ones, as out of 118 active issues, 17 companies showed strength and 48 posted losses, while values of 53 companies remained unchanged.
Service Industries improved by Rs 9.33, Millat Tractors appreciated by Rs 3.00 and Lucky Cement gained Rs 2.66, while Fauji Fertiliser was up by Rs 1.48. Pak Oilfields declined by Rs 6.16, MCB Bank lost Rs 2.93, and PSO depreciated by Rs 2.16, while PPL and D G Khan Cement were down by Rs 1.75 and Rs 1.34 respectively. Lotte Pakistan PTA was the market leader whose 3.969 million shares changed hands, followed by D G Khan Cement with 999,906 shares.