Stock Analyst Ibrahim of S Securities Pvt Ltd told APP that the rumours about abolishing of capital gain tax caused positive sentiments in the local bourse.

He said that the market was expecting the government to abrogate capital gain tax on November 21, as that date was extended by Federal Board of Revenue (FBR) for filing returns.

The Pakistan Petroleum Ltd (PPL) with value Rs.178.16 was the favorite scrip because of its expected initial public offering (IPO) at Rs.190.

According another analyst, there seemed to be foreign buying in the local market on Thursday and Friday.

He said that on Thursday, the foreign buyers had taken the positions worth US$2.59 million. The bullish rally was led by oil, fertilizer and banking sector.

Total shares traded were 50,261, which were down by 18,289 as compared to the previous day. Out of 111 companies, the price of 41 decreased while that 70 increased.

The price of top gainer Siemens Engineering increased by Rs.24.25 whiles the price of top loser Unilever Pakistan decreased by Rs.25.93.

Lotte Pakistan PTA, Maple Leaf Cement (MLCF) and Nishat Mills Ltd (NML) remained volume leaders, with 15,000, 10,799 and 7,000 shares respectively.