Stimulated by fresh buying interest in fuel & energy sector, share values extended the overnight gains on the Lahore Stock Exchange (LSE) amid improvement in trade turnover.
The LSE-25 index bagged another 14.43 points to finally close at 2561.55 from 2547.12 of Wednesday. Overall volume also improved by 4.467 million shares to 74.372 million from 69.905 million of the previous session.
Trading resumed with a bullish note with a renewed interest in fuel and energy stocks, particularly in Pakistan Oil Fields and Sui Northern, which kept the index in the positive zone in early session.
Profit-taking set in at mid session which dragged the index in the negative column, however, last minutes buying support helped it regain strength. At the close, the gainers beat losers with a sizeable margin.
In banking sector, Bank of Punjab (BoP) showed strength on the basis of its good earning report.
Fertiliser and auto sector also attracted fresh buying interest. The reports of improved earnings and profitability of auto sector has spurred investors to enter this sector, stock experts said, adding car manufacturers have witnessed a significant growth in their sales mainly due to rise in lease financing trend. Auto sector has still a lot of room for improvement, they observed.
Because of positive economic indicators, and pleasant change in Pakistan-India relations the investors confidence in the market has improved, therefore, chances for massive profit-taking in the near future are distant, said Javed Iqbal, Chief Executive, Javed Iqbal Securities Ltd. Moreover, he said, the earning reports of corporate sector are very encouraging which is also a good omen for the capital market.
"On the basis of such factors we can hope for a brisk activity in the market in the near future and the index may touch new highs. I guess the market may achieve the 5,000 level by mid next month," he added.
Out of a total of 104 traded scrips, 28 were up, 17 showed weak signs while 59 stayed unchanged. Among key gainers, Pakistan Oil Fields improved by Rs 8.00, Sui Northern Rs 2.20, Bank of Punjab Rs 1.15, Engro Chemical Rs 1.05, and Indus Motors Re 1.00.
In the negative zone, Adamjee Insurance shed Re 0.55, Dewan Farooq Motors Re 0.50, OGDC Re 0.45, Pakistan Premier Fund Re 0.44 and Dandot Cement Re 0.35.
Sui Northern and Bank of Punjab led the market in terms of volume with 13.510 million and 9.480 million shares turnover, respectively.
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