Market crosses 11,100; likely to go futher up

LAHORE - The stock market Thursday maintained a positive momentum on fifth consecutive session following the formal announcement by NIT that it would raise Rs 20 billion for the Equity Market Opportunity Fund’ (EMOF) and start purchase of shares from the market from Friday.
The benchmark KSE-100 index closed 138.18 points plus at 11,156.68 levels, crossing another resistance level of 11,100. The cumulative increase over the last five days has been 944 points. Dealers said that profit taking was also witnessed in the oil sector, which has been outperforming in the past few session. Total turnover witnessed a decline to 143.7 million shares versus 180.3 million shares traded previously.
This was the fifth consecutive session during which the index witnessed a
NIB bank lost top position in volumes to AHSL which took that position with traded volumes of 12.630 million shares and closed rupees 1.80 plus. Market moved on both sides of the fence but closed in plus column though undertone was shaky.  
Earlier, the market opened 61.67 points plus at 11080.17 points and resumed the prevailing trend but soon it got exhausted and started sliding down. After crossing the dividing fence it entered in minus column and keeping the down wards slide, went down to 10979.07 points. Market staged smart recovery from that level and not only came in plus column but went up to 11173.73 points. It started fluctuating in green territory and finally closed 138.18 points plus at 11156.68 points. Free float index also started the day with plus sign but soon lost it. Venturing in negative zone it went down to 12428.62 points. It recovered later and came back in plus column and climbed up to 12689.77 points. It closed at day end 199.74 points plus at 12662.35 points. All shares index gains 94.23 points and closed at 8041.87 points.
Experts are of the view that though market has completed its technical correction but due to market support fund buying upwards trend remained in tact. Market has created room for further advance by closing above 11,100 points resistance level. Most probably it will remain on ascending path on Friday too.
At Lahore Stock Exchange market opened with upwards gap of 15.97 points, went little up but failed to sustain the trend. It came down in minus column and went down to around 3439 points but recovered and came back in plus column. After entering in positive zone it went up to around 3510 points but closed bit lower at 3506.16 points after adding 36.01 points in yesterday closing. From 98 traded scrips 30 closed in plus and 24 in minus column while 44 kept last closings. Volumes failed to show improvement and dropped to 14.745 million shares. Here NIB bank kept top position with turnover of 2.884 million shares and AHSL followed it with traded volumes of 1.770 million shares.