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ISE breaks previous records with 234 points

RECORDER REPORT

ISLAMABAD: The index of Islamabad Stock Exchange has broken all previous records with the highest gain of 234 points, where volume expanded to 22 million shares under the umbrella of trend-setter, PTCL.

The active participation of foreign fund managers and financial institutions in heavyweight like Pakistan Telecommunication Company Limited due to the anticipation of privatisation pushed its price up about Rs 4.

ISE Network index witnessed historical record of 234 points as the priced-based index jumped from 5,274.43 points to 5,508.43 points.

Bulls were running on the floor as the overall turnover shot up to 22,364,220 shares as compared to the previous volume of 12,039,500 shares.

Brisk trading in PTCL, ICI Pakistan and PSO handed over the floor to the commanding bulls where leading players as well as weak holders took fresh positions and expressed great confidence in the present set up on Monday, brokers said.

Islamabad Stock Exchange made history as it witnessed three different records during the last one week. First record of this century was made on (Wednesday) Jan 12 with increase of 156.23 points in index, last Friday another record of 172.73 points was observed and now the biggest boom of 234 points was seen at the ISE, official statistics revealed.

In total (152) companies participated in changing hands activity across the board. Gainers led the scene with (114) active companies, (20) stocks remained glued to their overnight levels while (18) stocks closed in minus territory.

The market resumed trading on a highly bullish note following major activity in telecom blue chip and other hot favourites. PTC took the lead and gained more than Rs 4 without any correction in the early hours of the trading. Other scrips also followed the suit breaking their previous highest rates. However, in the second session slight profit taking was observed which is a natural phenomenon of stock market. As expected, PSO announced 20 percent bonus and 60 percent dividend. Since the book closure is expected soon, the speculative forces and manipulators with no liquidity dumped the shares which moved the PSO from its last position, said Shafquat Ali Shah of Progressive Investment Management.

The sentiment remained positive throughout the day and market finally closed with positive sentiment.

Shining star of Telecom blue chip opened at Rs 25.85 and was closed at Rs 29.90. PTCL was surged by Rs 4.05 on a business of 18,955,000 shares. ICI Pakistan was soared by 60 paisa on a business of 2,070,000 shares. ICI opened at Rs 12.20 and was finally closed at Rs 12.80. PSO showed an increase of Rs 3 during trading of 502,200 shares. PSO opened at Rs 224 and was closed at Rs 227. FFC Jordan gained 95 paisa on a business of 124,500 shares and Engro Chemicals was plus by 55 paisa over 36,500 shares.

Zahid Latif Khan of Zahid Securities said that market reflected investor's confidence in the economic policies of the present regime. Buying spree in almost all core scrips helped the margin hunters and blank sellers to book profits. Market celebrated a number of encouraging news on economic front and recent come back of institutions and foreign funded investment in the capital market.

Among the major gainers JOV and Co. was surged by Rs 12.50, Packages Limited showed an increase of Rs 7.50, Rupali Polyester was plus by Rs 2.50, Crescent textile, Bannu Wollen Mills and Sitara Chemicals gained Rs 2 each, Nishat Mills was soared by Rs 1.85, Saphire Fibers Rs 1.75 and Kohat Cement was up by Rs 1.70.

Lever Brothers behaved divergently with a capital loss of Rs 9 as it opened at Rs 910 and closed lower.