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ISE index loses 72.69 points

RECORDER REPORT

ISLAMABAD: Downward technical correction and last Saturday's Indian attack in Chhamb area encouraged the bears to enter the arena where profit-taking in speculative scrips halted the positive movement across the ready board.

The overall volume of the Islamabad Stock Exchange contracted from 20,714,440 shares to 17,207,000 on Monday.

ISE index shed 72.69 points as the priced-based indicator moved from 5,846.17 points to 5,773.48 points.

In total 178 stocks participated in changing hands activity, losers outnumbered gainers at a clear ratio of 100:58 while 20 stocks remained glued to their previous levels.

The market resumed trading on a negative note due to the reported news about tension on the Pak-India borders and expected correction after several bullish sessions.

It remained highly volatile throughout the day and high Badla rates forced the jobbers and margin hunters to offload their positions. However, it may rebound in the coming sessions as major injection of funds from foreign funded brokerage houses and financial institutions will encourage the weak holders as well as blank sellers to take fresh positions, said Zahid Latif Khan of Zahid Securities.

Describing the actual trading rates on the ISE, Mohammad Saghir a Director said that PTCL opened at Rs 32 and went maximum up to Rs 32.50 before bouncing back to Rs 30.70. Hubco opened at Rs 28.75 and witnessed maximum surge of Rs 29.50 and finally closed at Rs 28.70. Hubco went down to Rs 27.80 during both the sessions. PSO started the day at Rs 238 and went up to Rs 251 before coming back to Rs 245. PSO was maximum down to Rs 236.50 with considerable fluctuation during the day.

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

Official statistics of ISE said that the PTCL was minus by Rs 1.55 on a business of 15,025,500 shares. ICI Pakistan opened at Rs 13.50 and closed at Rs 13.55. It was marginally plus by five paisa on a business of 1,267,500 shares. PSO gained a rupee during trading of 240,900 shares. FFC Jordan lost 75 paisa over 47,000 shares. Engro Chemicals surged by Rs 2.55 during trading of 22,000 shares and Fauji Fertilizer was down by Rs 3.60 on a business of 4,000 shares.

Lever Brothers shed Rs 55 to become first among the losers as it opened at Rs 950 and was finally closed at Rs 895.

Among the major losers Telecard Ltd lost Rs 8.50, Packages Limited lost Rs 5, Pakistan Oilfields showed decrease of Rs 3, MCB shed Rs 2.75, Crescent Textile lost Rs 2.30, Sui Southern Gas shed Rs 2.15, Millat Tractors and Tri Pack films were down by Rs 2 each, Sui Northern Gas lost Rs 1.80, Dewan Salman was down by Rs 1.60, Crescent Spinning lost Rs 1.50 and Gatron Industries was minus by Rs 1.35.