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Aggressive buying seen on ISE

Recorder Report

ISLAMABAD: Aggressive buying in shining stars encouraged the commanding bulls to strengthen their position on the Islamabad Stock Exchange (ISE) where horizon of trade further expanded amid increase in index.

ISE Network index witnessed an increase of 68.33 points as the psychological barrier moved from 6,446.68 to 6,515.01 points.

The trade volume amounted to 18,567,720 shares as compared to previous turnover of 12,358,940 shares.

Out of 194 active companies traded during the day, 95 stocks managed to close in plus territory, 77 losers remained second in the row, while 22 stocks maintained their previous levels.

Lever Brother showed an increase of Rs 75 to become first among the gainers as it resumed trading at Rs 1100 shares and was finally closed at Rs 1175.

The market was led by usual group-three of PTCL, ICI Pakistan and PSO as evident from their overall turnover.

The heavyweight PTCL soared by 70 paisa on a business of 16,555,500 shares as it opened at Rs 31.75 and was sold at Rs 32.45. Second hot favourite ICI Pakistan gained 70 paisa in its value during trading of 848,000 shares. ICI started the day at Rs 13.30 and was finally closed at Rs 14. PSO was minus by half a rupee during trading of 397,500 shares as it opened at Rs 272 and was closed at Rs 271.50. FFC Jordan shed 15 paisa over 85,500 shares as it resumed trading at Rs 14.70 and was closed at Rs 14.55. Engro Chemicals was surged by Rs 2.35 over 500 shares and Fauji Fertiliser was minus by 15 paisa over 4,500 shares.

Brokers said that market resumed trading on a positive note following buying spree in PTCL, ICI, PSO and FFC Jordan in the morning session. The market remained in plus territory with slight profit-taking in blue chips. The second session started with selling pressure as major players squared their positions and speculative forces tried to create panic among the weak holders and margin hunters. Short sellers went on rampage and jobbers as well as small investors followed the same suit. However, within one hour market took U-turn and rebound in positive territory with bullish spree in Communication, Fuel and Energy sectors. The market showed positive signs by the end of the day and managed to close on an extraordinary healthy note.

Among the major gainers, Pakistan Oilfields showed an increase of Rs 30, Attock Refinery was surged by Rs 7, First Capital Security was plus by Rs 2, International Industries was plus by Rs 1.50 and Unit Distributors gained Rs 1.30.