Upward rally continues on second day

LAHORE - Upward rally after stepping down of Pervez Mushrraf continued on second day though it lacked force, as investors were worried about the delay in restoration of November second judiciary.

The KSE benchmark 100 index gained another 199.44 points to stay at 10,911.06 level after hitting 11,061.45 points during intra-day high.

Capital market experts were of the view that market future direction depended on the solution of judges' issue. "Restoration of the deposed judges will trigger an upward rally of at least 1,000 points otherwise index may resume declining trend in next two to three days," they added.    

Dealers said that market remained buoyant as investors applauded the decision of the President's resignation. The index remained in green zone with total turnover rising to a healthy 211.24 million shares versus 158.9 million shares. This was the first time after 37 trading sessions when volumes surpassed the 200 million shares level.

Earlier the market in continuation of last day rally opened 15.02 points plus at 10734.64 points and resumed upwards drive. Opening remained today low and market after initial upwards push in which it hits 11061.45 points high lost direction and came down. After midday it again started rising but failed to breach previous high.

Free float KSE-30 index also opened in plus column and after day long trading in which it went up to 12763.28 points level. It closed at 12,606.56 points level after adding 326.66 points in previous closing. While, All shares index after putting up 129.40 points closed at 7821.17 points level.

Trading took place in 315 scrips and out of those 166 closed with plus and 142 with minus signs while 7 scrips kept last closings. Not only traded scrips increased today but volumes also saw handsome increase which rose to 211.244 million shares. ZELP took top position in volumes with traded volumes of 21.670 million shares but lost rupee 0.33. From top thirty volumes leaders 20 had plus closings. Market once again closed on positive note.

At Lahore Stock Exchange market opened with an upward gap of 121.09 points at 3587.20 points. It went straightway to around 3603 points high but failed to hold ground and started sliding down. It came down to around 3501 points low but recovered later and closed 106.27 points plus at 3572.38 points. Trading activity expended to 101 scrips and out of those 38 closed in plus and 22 in minus column while 41 scrips closed without any change in price. Volumes improved further and 22.702 million shares were traded. Here NIB bank continued to occupy top position in volumes with today turnover of 4.361 million shares. It closed rupee 0.20 up.