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ISE: equities show mixed trend

RECORDER REPORT

ISLAMABAD: Technical correction checked the overbought situation on the Islamabad Stock Exchange where equities showed mixed trend amid descending volume.

Bulls and bears had a close fight here on Thursday as the overall turnover moved from 10,846,400 to 9,577,900 shares.

ISE Network index was marginally down by 4.84 points as the prices-based index of the bourse moved from 5,092.60 points to 5,087.76 points.

Out of 76 active companies traded during the day, 22 managed to gain strength, 27 landed in negative column while 27 remained pegged to their overnight levels.

The market was led by usual trio of PTCL, ICI Pakistan and FFC Jordan as evident from their trade volume.

According to official statistics of ISE, the shining star PTCL opened at Rs 24.60 and closed at Rs 24.50. Telecom blue chip was minus by 10 paisa on a business of 7,542,000 shares. Second most attractive ICI Pakistan was marginally down by 5 paisa during trading of 1,247,000 shares. ICI resumed trading at Rs 11.45 and was finally closed at Rs 11.40 by the end of the day. Third volume leader PSO started the day at Rs 223.80 and closed at Rs 221.90. PSO shed Rs 1.90 on a business of 351,800 shares. FFC Jordan showed a decrease of 10 paisa over 47,000 shares as it opened at Rs 13.30 and closed at Rs 13.20. Engro Chemicals shed 45 paisa on a business of 19,500 shares as it opened at Rs 124.25 and closed at Rs 123.80. Fauji Fertilizer opened at Rs 58.40 and closed at Rs 58.30.

Zahid Latif Khan of Zahid Securities said that the market resumed trading on a negative note following computer fault at the KSE in the morning. However, Islamabad market remained open for the whole day with active trading in heavy weights and low priority stocks. The market slightly recovered in the second session with some buying in ICI and finally closed in minus territory. The market mainly moved around blue chips like PTCL, PSO, Hubco and ICI Pakistan. Slight profit taking was witnessed in the PSO due to its overbought situation on Thursday.

Shafquat Ali Shah of Progressive Investment Management said that stocks which are not listed at the ISE, were traded for a short time through Karachi due to some problem in the computer system of KSE. The Islamabad market ultimately followed the suit of Lahore market and investors remained in touch with the Lahore brokers. The overall sentiment is still bullish and market may witness positive rallies in coming sessions. The government's determination to resolve Hubco issue and expected good results in coming board meeting of PSO encouraged both foreign fund managers and local investors to take new positions.

Among the major gainers Sitara Energy gained Rs 5.25, Packages Limited showed an increase of Rs 4.95 and Tri Pack Films was up by Rs 1.45.