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Bull in driving seat on ISE

RECORDER REPORT

ISLAMABAD: Bulls managed to return to the driving seat at the Islamabad Stock Exchange (ISE) where selected scrips moved in positive direction and gainers led the ready board amid expansion in volume on Wednesday.

Overall turnover moved up from 19,969,500 shares of Tuesday to 20,422,100 shares.

ISE Network index was up by 50.34 points as it moved from 5,631.30 points to 5,681.64 points.

Out of 162 active companies traded during the day, 77 gainers led the scene, 48 scrips closed in minus column while 37 remained stagnant.

Zahid Latif Khan, of Zahid Securities, said that the market resumed trading on a healthy note following the statement of US President Bill Clinton that "we do not have evidence that Pakistan government was in any way involved in the hijacking of Indian plane".

Buying spree in communication, fuel and energy sectors pushed the index in positive direction and the market went up by 63 points in the morning.

However, the news of resignation of Justice Saeeduzzaman Siddiqui hit the floor and created panic among major players as well as margin hunters. The market failed to sustain its positive rally and went down in minus territory. Jobbers and blank sellers offloaded their positions and brokers remained busy in confirming news.

However, the market sharply recovered on the news of appointment of new Chief Justice of Pakistan, Justice Irshad Hassan Khan, and witnessed considerable buying in hot favourites. In the meanwhile, prices of blue chips jacked up and margin hunters took new positions to book profits, Zahid said.

Volume leaders remained PTCL, ICI Pakistan and PSO as reflected from their volume of trade.

PTCL gained a rupee on the business of 18,565,500 shares as it opened at Rs 27.95 and closed at Rs 28.95. Second heavyweight ICI resumed trading at Rs 12.25 and finally closed at Rs 12.60, gaining 35 paisa on trading of 655,000 shares.

PSO showed an increase of 75 paisa on a business of 435,000 shares. It started the day at Rs 237.25 and closed at Rs 238.

FFC Jordan was up by 35 paisa over 85,000 shares as it resumed trading at Rs 12.35 and closed at Rs 12.70. Engro Chemicals opened at Rs 123.20 and closed at Rs 124.75 and Fauji Fertilizer was plus by Rs 2.55 on trading of 12,000 shares.

Mixed sentiment was observed in banking sector as MCB was plus by Rs 1.85, Crescent Investment Bank gained Rs 1.25, PICIC and Prudential Commercial Bank were up by a rupee each, while Prime Commercial Bank shed half a rupee, Soneri Bank lost 35 paisa and Bankers Equity was down 10 paisa.

Dewan Salman and Dhan Fibres moved in positive direction in synthetic and rayon sector, the former gaining 70 paisa and the latter surged by 60 paisa.

In fuel and energy sector, Sitara Energy gained Rs 1.60, Kohinoor Energy was up by Rs 1.50, Sui Northern Gas 70 paisa and Sui Southern Gas was up 45 paisa.