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ISE maintains uptrend

RECORDER REPORT

ISLAMABAD: The volume of Islamabad Stock Exchange contracted to 10 million shares where profit-taking in speculative scrips forced the bulls to had a close fight with bears.

ISE computerised index showed an increase of 39.49 points as the priced-based indicator moved from 5,719.05 to 5,758.54 points.

Out of 147 active stocks traded during the day, 65 improved their worth, 40 landed in minus territory while 42 remained glued to their overnight levels.

The trade volume moved from 21,206,220 shares to 10,329,200 shares.

The market was led by usual trio of PTCL, ICI Pakistan and PSO as evident from their overall volume.

Brokers termed the technical correction as a natural process of stock exchange as overbought situation forced the investors to square their positions with cautious approach. However, they said that market appeared to be consolidating at its present levels with the anticipation of healthy rallies in coming sessions.

PTCL gained 55 paisa during trading of 8,898,000 shares. The heavyweight opened at Rs 29.25 and was closed at Rs 29.80. ICI soared by 80 paisa on a business of 533,500 shares. It opened at Rs 12.60 and was closed at Rs 13.40. PSO was surged by Rs 3.45 on a business of 79,200 shares as it resumed trading at Rs 238.55 and was closed at Rs 242. FFC Jordan started the day at Rs 13.60 and was finally closed at Rs 13.50. FFC Fertilizer shed 45 paisa over 65,500 shares. Engro Chemicals was marginally up by 20 paisa on a business of 46,000 shares. Fauji Fertilizer opened at Rs 64 and gained Rs 1.85 before closing at Rs 65.85.

Zahid Latif Khan of Zahid Securities said that market resumed trading on a healthy note following activity in volume leaders in the first session. The market went maximum up to 40 points with moderate volume in PTCL, PSO and ICI Pakistan.

Profit-taking halted the positive movement across the board as the weak holders and blank sellers offloaded their position on the last trading day of the week. Leading investors and market men avoided to take new positions, However, by the end of the day market managed to close in plus territory. Hubco remained hot favorite of the market players as it opened at Rs 26.30 and went maximum up to Rs 28 before coming back at Rs 27.80.

Mixed sentiment was observed in banking sector as MCB showed an increase of Rs 3.10, Bank of Punjab 55 paisa while Al-Faysal Inv. Bank was down by 60 paisa, First Capital Security lost half a rupee and Askari Commercial Bank shed 35 paisa.

Synthetic and Rayon sector showed positive signs as Gatron Industries was plus by Rs 2.20, Rupali Polyester Rs 2, Dewan Salman gained Rs 1.60, Dhan Fibers was up by half a rupee and Indus Polyester soared by quarter of a rupee.

Among the major gainers of the day, BOC Pak was surged by Rs 12, Millat Tractors gained Rs 7.95 and Dadabhoy Insurance and Faisal Spinning were up by Rs 3 each.

Among the major losers, Lever Brothers shed Rs 3, Taj Textile lost 90 paisa and Highnoon Laboratories was minus by 75 paisa.