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ISE index down 47.09 points

Recorder Report

Islamabad: Profit-taking in speculative shares pushed the computerised index of Islamabad Stock Exchange in downward direction, whereas technical correction contracted the overall turnover to 11.548 million shares.

ISE Network index shed 47.09 points as the rate-based indicator moved from 5,508.43 to 5,461.34 points.

The trade volume was lower to 11,548,025 shares as compared to Monday's turnover of 22,364,220 shares.

Out of 154 active companies traded during the day, losers outclassed gainers at a ratio of 87:39 while 28 companies remained pegged to their previous levels, according to official statistics of ISE.

The trendsetters of Islamabad market remained PTCL, ICI Pakistan and PSO as evident from volume of trade.

Brokers termed the present visit of Chief Executive to China as a good omen for the market and signing of agreement between Pakistan and China on economic and technical cooperation will have a positive impact on the economy of the country.

The heavyweight PTCL showed a decrease of Rs 1.15 during trading of 9,975,000 shares as it resumed trading at Rs 28.50 and was closed at Rs 27.35. Second shining star ICI Pakistan shed half a rupee on a business of 800,000 shares. ICI started the day at Rs 12.25 and was finally closed at Rs 11.75.

Third hot favourite PSO opened at Rs 220 and was closed at Rs 220.65. PSO was soared by 65 paisa over 283,900 shares.

FFC Jordan was marginally down by 5 paisa on a business of 55000 shares as it opened at Rs 13.75 and was closed at Rs 13.70. Engro Chemicals was down by Rs 2.63 during trading of 15000 shares and Fauji Fertilizer gained 20 paisa during trading of 5,000 shares.

Lever Brother's share was surged by Rs 14 to become first among the gainers as it opened at Rs 901 and was closed at Rs 915.

In Textile sector Fazal Textile shed Rs 7, Chenab Fibres was minus by Rs 3.75, Faisal Spinning lost Rs 2.50, Saphire Fibers lost 75 paisa and Blessed Textile was down by half a rupee.

Dewan Salman lost Rs 1.10 as top loser in Synthetic and Rayon sector while Pak Synthetics shed 80 paisa and Dhan Fibers was minus by 35 paisa in its value.

Zahid Latif Khan of Zahid Securities said that market resumed trading on a positive note following last day's extraordinary bullish spree in core scrips. Selling pressure in blue chips halted the positive movement across the board and the sentiment of the market turned negative. The market remained in minus territory in the last trading hours and finally closed lower.

Ch. Ijaz Ahmed, Director ISE said that present positive rallies with record breaking index and volumes clearly reflected the participation of both foreign and local institutions. Major players as well as blank sellers offloaded their positions on Tuesday due to the downward technical correction. Pessimist speculative forces appeared to be helpless on the reported encouraging news about expected rapid privatization of PTCL, government's determination to resolve Hubco issue and statement of Chief Executive in Beijing that a decision on CTBT will be made on the basis of national consensus.