Share values extended the overnight gains and the market improved by 1.12 percent on Wednesday, following an overwhelming buying interest in banks, cements and partially in oil and gas sector. The LSE-25 index surged by 53.49 points and closed at 4820.65 from Tuesday's 4767.16 points.
Turnover improved to 59.895 million shares from 49.943 million of the preceding session, depicting an increase of 9.951 million shares. The market opened with a positive note taking the index up significantly, but subsequently came down following pressure in Javed Omer Vohra & Co whose spill over was witnessed across the board.
However recovery took place soon and fresh buying in banks and cements and funds placed the index once again in positive zone, brokers said. Banking sector took the lead with UBL, National Bank and Bank of Punjab making handsome gains. On the other side, Javed Omer Vohra & Co and Engro Chemical were the top declining scrips.
In the banking sector, Bank of Punjab showed very good movement today on the back of news of its GDR float and reached its upper cap limit, Mirza Ejaz Ullah Baig, director, Capital Vision Securities Ltd said.
Similarly, he added, Bank Alflah also depicted an aggressive tone following reports of going its strategic holding to another international institution, stated. Cements and oil sectors also moved ahead and added handsomely to their worth. According to him, reports of fresh export orders coupled with allocation for dams has also generated interest in the cement sector.
Most of funds hold portfolio management, therefore, they also made advancement today, he pointed out. About power sector surge, he said that due to shortage of electricity in the country, IPPs are running with their100 percent capacity, which has improved their earnings.
Out of a total of 149 scrips, 35 improved their worth, 24 landed in the minus column while 90 stayed unchanged. In the positive column, UBL soared by Rs 6.95, National Bank Rs 6.00, Bank of Punjab Rs 3.30, Bank Alfalah Rs 2.70 and PICIC Commercial Bank Rs 2.25.
In red zone, Javed Omer Vohra & Co shed Rs 5.95, Engro Chemical Rs 4.20, PSO Rs 4.00, Adamjee Insurance Rs 3.00 and Fauji Fertiliser Rs 1.90. Bank Alfalah and Pakistan Cement Company were the volume leaders with 7.528 million and 5.269 million shares, respectively.
Comments
Comments are closed for this article.