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Bulls take control of ISE

Recorder Report

ISLAMABAD: Bulls dominated the proceedings at the Islamabad Stock Exchange where renewed buying heralded into fuel, energy and communication sectors amid increase in index.

Brokers said that couple of encouraging factors on economic front encouraged the financial institutions and foreign funded brokerage houses to take fresh positions in speculative as well as investment stocks.

ISE Network index was plus by 89.77 points as the rate-based indicator of the bourse moved from 6,356.91 points to 6,446.68 points.

Overall turnover amounted to 12,358,940 shares as compared to previous 13,844,150 shares.

In total 194 stocks participated in changing hand activity across the board. Gainers outclassed losers at a clear ratio of 109:59, while 26 stocks stayed put.

The market was led by usual trio of PTCL, ICI Pakistan and PSO.

Pakistan Telecommunication Company Limited resumed trading at Rs 31.55 and closed at Rs 31.75. The telecom heavyweight showed an increase of 20 paisa on a business of 10,517,000 shares. Second hot favourite ICI Pakistan gained 80 paisa during trading of 593,500 shares. ICI started the day at Rs 12.50 and was closed at Rs 13.30. Third volume leader PSO opened at Rs 255.50 and was closed at Rs 272. It took a jump of Rs 16.50 during trading of 297,400 shares. FFC Jordan bagged 35 paisa over 86,500 shares while Fauji Fertilizer gained Rs 2.25 on a business of 2,500 shares.

In fuel and energy sector, Pakistan Oilfield soared by Rs 15, National Refinery a rupee, Sui Southern Gas Rs 1.15 and Sui Northern Gas 80 paisa.

The market commenced the week on a healthy note following last week's positive trend. The market went up to 20 points plus with overall bullish environment across the board. However, profit-taking in selected scrips pushed the market into the minus territory within half an hour. Buying spree in communication, fuel and energy sectors helped the market recoup its previous losses. The market remained in plus territory throughout the day and closed on a bullish note, said Zahid Latif Khan of Zahid Securities.

Sentiment was running high among investors as handsome profit in PSO encouraged the weak holders.

He said that handsome recovery in blue chips has broken the shackles of the bears in both sessions.

The market witnessed smart rally with sizeable deals in PTCL, PSO and other hot favourites.