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ISE index shows highest increase

Recorder Report

Islamabad: The index of Islamabad Stock Exchange witnessed highest increase of 156.23 points where bulls demonstrated their presence amid expansion in both volume and horizon of trade.

After Eid holidays, the active participation of the financial institutions and a number of positive news regarding Hubco ultimately resulted in buying spree under the umbrella of blue chips.

The board-based activity was observed during the Wednesday session.

Leading brokers, major players and genuine investors took new positions in shining stars like PSO, Hubco and PTCL.

The historical increase in index also helped low priority shares as the ISE Network index moved from 4,936.37 to 5,092.60 points.

Bears were forced to leave the floor, as the trade volume was higher to 10,846,400 shares as compared to previous turnover of 8,338,320 shares.

The computerised index of Islamabad market has broken all its previous records because of the major activity in fuel, energy and communication sector.

Lever Brothers took a big jump of Rs 50 as it opened at Rs 850 and was finally closed at Rs 900.

In total (147) stocks participated in changing-hands activity across the board. Gainers outclassed losers in the ratio of 106:19, while (22) stocks remained glued to their previous levels.

The sequence of heavy-weights changed during the day as market was led by the PSO, PTCL and ICI Pakistan.

The PSO surged by Rs 11.30 on a business of 1,092,300 shares as it opened at Rs 212.50 and was closed at Rs 223.80 by the end of the second session.

Telecom blue chip opened at Rs 23.75 and was closed at Rs 24.65. Second hot favourite PTCL was plus by 90 paisa while trading of 8,594,500 shares. Third most attractive share remained ICI Pakistan with a turnover of 496,000 shares as it opened at Rs 11.25 and was closed at Rs 11.45. The ICI was soared by 20 paisa in is value. FFC Jordan was marginally up by 10 paisa on a business of 85,500 shares as it opened at Rs 13.20 and was closed at Rs 13.30. Engro Chemicals also managed to bag 10 paisa over 25000 shares and Fauji Fertilizer gained Rs 1.40 during trading of 8,500 shares.

The market resumed trading on a bullish note following positive news regarding Hubco and rumour of the PSO-board meeting on January 15, 2000.

The news that the Supreme Court of Pakistan has withdrew a show-cause notice on Hubco and Wapda encouraged the investors to take positions in Hubco. The sentiments of the market remained positive throughout the day and market finally closed in plus territory. Hubco opened at Rs 22.40 and went up to Rs 24 before bouncing back to Rs 23.70. Margin hunters and blank sellers remained busy in trading the shares of Hub Power Company throughout the day, said Mohammad Saghir, a director of ISE. The PSO is expected to announce better results and pay out in the coming board meeting.

Umer Iqbal Pasha, a member, said the Islamabad Stock Exchange has witnessed historical-highest record of 156 points. The other Asian stock markets are also moving in upward direction which also had a positive impact on the stock exchanges of Pakistan.

In banking sector, JOV and Co. surged by Rs 8.75, Jehangir Siddiqui Inv. Bank showed an increase of Rs 2.50, Platinum Commercial Bank was plus by Rs 1.65, Soneri Bank soared by Rs 1.25 and MCB gained 80 paisa in its value.

Synthetic and Rayon sector remained in plus territory as Gatron Industries showed an increase of Rs 2.80 and Dewan Salman managed to gain 95 paisa in its value.

Fuel and Energy sector remained hot favourite during the day as Sui Southern Gas gained Rs 5.25, Sui Northern Gas was up by Rs 3.55, National Refinery soared by Rs 1.60 and the KESC was plus by Rs 1.10.

Among the major gainers BOC Pak was up by Rs 19.25, Millat Tractors gained Rs 4.50, Saphire Fibers showed an increase of Rs 2 and 13th ICP Mutual Fund bagged Rs 1.90.

Packages Limited behaved divergently shedding Rs 1.50 on a business of 3,000 shares. Packages opened at Rs 66.50 and was closed at Rs 65.