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Bears grip ISE as world bourses suffer reverses

RECORDER REPORT

ISLAMABAD: Sentiments of the Islamabad Stock Exchange remained dull on Monday where star performers showed erratic movement amid bearish trend.

The market confined to save heavens as leading players as well as weak hands adopted wait and see policy and sundry jobbers manipulated the situation across the ready-board.

Brokers said that the recent reverse rallies at the leading international bourses and current sluggish spell with absence of foreigners and major financial institutions discouraged the small investors to take long term positions in speculative scrips.

The market showed mixed performance as ISE Network index was minus by 6.90 points as the psychological barrier managed to stay between 6,403.09 and 6,396.19 points.

Bears lead the proceedings as the volume of trade was lower to 6,168,025 shares as compared to previous turnover of 9,416,400 shares.

In total 153 companies were called on ready-board of which 71 active companies showed positive signs, 56 closed in minus territory while 26 stocks remained unchanged throughout the spell.

High technology stock of Telecom sector was down by 20 paisa during trading of 4,968,500 shares. PTCL resumed trading at Rs. 31.85 and closed at Rs. 31.65. Second shining star ICI Pakistan shed 15 paisa over 485,500 shares trading as it opened at Rs. 17.50 and closed at Rs. 17.35. Third hot favourite FFC Jordan was plus by 20 paisa on a business of 215,000 shares as it started the day at Rs. 14.45 and closed at Rs. 14.65. PSO was minus by 95 paisa during trading of 135,000 shares. PSO opened at Rs. 235.95 and closed at Rs. 235. Engro Chemicals lost half a rupee over 35000 shares and Fauji Fertilizer opened at Rs. 60.10 and closed at Rs. 60.65.

Ch. Ijaz Ahmed Director, ISE, said that market resumed trading on a weak note following the news that Nasdaq and Dow Jones stocks tumbled last week. Bombay Stock Exchange also closed in bearish territory as these factors slightly depressed the genuine investors on the first trading day of the week. The market remained in negative territory and went down to 20 points minus by the end of first session. Nobody was ready to take fresh positions in speculative stocks during the morning session. However, second session resumed trading on a plus note as fresh buying in Askarai Commercial Bank, Dewan Salman, PTCL, PSO, KESC and ICI Pakistan moved the market in plus zone. The market slightly recovered and finally managed to close in positive territory.

He said that sugar and cement sectors moved in a tight band as selected stocks moved in positive direction while others shed values. However, Synthetic and Rayon sector closed on a healthy trend with expansion in turnover throughout the second spell.

The technical outlook of the market is still positive as any major move on the behalf of speculators or institutions could change the scenario in no time.

In Banking sector, Askari Commercial bank gained 2.55, Security Investment Bank was up by Rs. 1.10, Bank of Punjab and Prime Commercial Bank soared by 80 paisa each, Soneri Bank surged by half a rupee and Bank Al Habib showed an improvement of 15 paisa.

Fuel and Energy sector moved both ways as National Refinery lost Rs. 2, Sitara Energy and Genertech Pak were down by 10 paisa each, Sui Northern Gas and Sui Southern Gas decreased by 5 paisa in their value.

Knoll Pharmaceutical gained Rs. 12.75 as top gainer of the day.