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ISE index up by 210.52 points

Recorder Report

ISLAMABAD: Broad-based recovery was witnessed on the Islamabad Stock Exchange, where volume expanded to 18 million shares amid bullish spree in fuel, energy and communication sectors.

Brisk trading was witnessed at every counter, where bears were forced to leave the floor in a big way.

Fresh support from the institutions and leading players triggered buying in blue chips as the ISE Network index shot up by 210.52 points. The psychological barrier moved from 5,735.86 to 5,946.38 points.

Bulls were in the commanding position as the trade volume moved from 10,602,500 to 18,047,120 shares.

Out of 168 active stocks traded during the day, 112 gainers led the scene, 31 remained in minus territory while 25 stocks remained glued to their overnight levels.

The PTCL resumed trading at Rs 27.60 and finally closed at Rs 29.10. The Telecom blue chip showed an increase of Rs 1.50 on a business of 16,585,500 shares.

ICI Pakistan opened at Rs 12.75 and closed at Rs 12.80. ICI gained five paisa during trading of 492,500 shares. FFC Jordan was plus by 50 paisa on a business of 235,000 shares. FFC Fertilizer opened at Rs 14.10 and closed at Rs 14.60. PSO surged by Rs 18 over 151,000 shares as it opened at Rs 204.50 and closed at Rs 222.50.

The market resumed trading on a comparatively healthy note following fresh buying in leading sectors like communication, fuel and energy. The market witnessed slight fluctuation during the first session as profit-taking in selected scrips fluctuated the index by end of the first session. Jobbers and margin hunters squared their position to book profit.

However, fresh support from the financial institutions and foreign funded brokerage houses elevated the index with expansion in overall turnover. Equities maintained the winning streak by the end of second session as all the investment stocks scored fresh gains, said ISE Director Ch. Ijaz Ahmed.

He said that major players and small investors took new positions in PTCL, PSO and Hubco as the surge of Rs 18 in PSO restored the confidence of the weak investors as well.

The upward rally jacked up the prices of low priority stocks and market witnessed broad-based recovery.

In communication sector, Pakistan Oilfields was plus by Rs 20, PSO Rs 18, National Refinery by Rs 5.45 and Sui Northern Gas gained 90 paisa.

The communication sector reflected positive sentiment as Telecard Limited gained Rs 5.25, PIA was up by 50 paisa and PNSC was marginally up by 5 paisa.

In banking sector, MCB gained Rs 1.05, Bank Al-Habib Re 1, Bank of Punjab 60 paisa, Askari Commercial Bank and Asset Investment Bank soared by 50 paisa and Al-Faysal Investment Bank was plus by 25 paisa.