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ISE: equities move in tight band

Recorder Report

ISLAMABAD: Equities moved in a tight band on the Islamabad Stock Exchange (ISE) where overall turnover contracted to 11 million shares amid increase in index.

ISE Network index was plus by 35.71 points as the price-based indicator moved from 6,515.01 to 6,550.72 points.

The trade volume was lower to 11,495,520 shares as compared to previous turnover of 18,567,720 shares.

Out of 188 active stocks traded during the day, gainers and losers had a close fight at a ratio of 86:72 while 30 stocks remained glued to their overnight levels.

The bullish spark proved to be short-lived, while PSO was on the downhill course as a result of selling pressure that emerged from leading brokerage houses and genuine investors throughout the day.

The announcement of 30 percent dividend by the PSO was not attractive enough for the margin hunters and jobbers and interestingly investors preferred to squared their positions instead of taking the new ones, brokers said.

Lever Brothers showed an increase of Rs 54 in each share as it resumed trading at Rs 1,175 and finally managed to close at Rs 1,229 by the end of the day.

The market driver PTCL shed 10 paisa on a business of 9,799,500 shares as it opened at Rs 32.45 and was closed at Rs 32.35. Second heavyweight ICI Pakistan gained 70 paisa during trading of 642,000 shares as it opened at Rs 14 and was closed at Rs 14.70. Third hot favourite PSO shed Rs 8.50 over 255,500 shares. PSO started the day at Rs 271.50 and was closed at Rs 263. FCF-Jordan was marginally down by five paisa on a business of 85,000 shares. Engro Chemicals surged by Rs 2.20 during trading of 2,000 shares and Fauji Fertilizer was down by 45 paisa on a business of 1,000 shares.

The market resumed trading on a positive note following buying spree in PTCL and Energy stocks in the first session. The market showed erratic movement throughout the morning session as index moved both ways with moderate volume. Selling pressure in PSO created jitters among the investors but some activity in the PTCL and Hubco helped the market to remain in plus territory, said ISE director Ch. Ijaz Ahmed.

Mixed trend was observed in Synthetic and Rayon sector as Dewan Salman Fibre lost 55 paisa during trading of 62,500 shares, Dhan Fibers lost 10 paisa, while Gatron Industries gained Rs 1.50 in its value.

In Fuel and Energy sector, Kohinoor Energy gained Rs 2.10, Southern Electric was plus by Rs 1.50, Sui Southern Gas gained Rs 1.05 and Sui Northern Gas soared by a rupee.