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Mixed sentiment on ISE

RECORDER REPORT

ISLAMABAD: Mixed sentiment was observed on the Islamabad Stock Exchange, where equities moved in a tight band amid contraction in volume.

ISE Network index showed an increase of 37.14 points as the composite index moved from 6,026.16 to 6,063.30 points.

Overall turnover was lower to 12,984,320 shares as compared to last volume of 19,042,520 shares.

In total 187 stocks participated in changing hand across the board, 86 remained in plus territory, 70 in minus column, while 31 stocks remained pegged to their previous levels.

The PTCL showed an increase of 60 paisa on a business of 11,670,500 shares. It started the day at Rs 29.50 and closed at Rs 30.10.

PSO was plus by 55 paisa during trading of 347,600 shares. PSO resumed trading at Rs 232.60 and closed at Rs 233.15. FFC Jordan shed 25 paisa on a business of 213,000 shares. FFC Fertilizer opened at Rs 14.65 and closed at Rs 14.40. ICI Pakistan was down by 20 paisa over 165,500 shares as it opened at Rs 12.60 and was closed at Rs 12.40. Engro Chemicals shed Rs 1.40 during trading of 500 shares, while Fauji Fertilizer lost Rs 1.95.

The market resumed trading on a positive note following overnight trend in the first session. The prices of PTCL and other blue chips remained unchanged by the end of first session.

Jobbers and margin hunters did not take new positions and genuine investors preferred to remain at the sidelines. However, selling pressure was witnessed in the beginning of the second session as leading investors as well as weak-holders squared their positions to book profits.

Short-sellers went on a rampage due to the rumours of clashes between India and Pakistan at the borders. This created panic among the small investors and margin hunters as they followed the suit. The second session witnessed fluctuation of index and the market finally managed to close on a moderate note, said ISE Director Ch. Ijaz Ahmed.

He said that mixed tend was observed in banking, textile and synthetic and rayon sectors.

National Refinery was major gainer in the fuel and energy sector as it showed an increase of Rs 9.80 during trading of 6,500 shares.

Among top gainers Lever Brothers surged by Rs 26 as it opened at Rs 1,000 and closed at Rs 1,026.