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ISE index gains 69.44 points

RECORDER REPORT

ISLAMABAD: Bulls invaded the floor of Islamabad Stock Exchange on Monday where equities scored handsome gains amid expansion in both the volume and the horizon of trade.

Gainers outnumbered losers at a clear ratio of 77: 28 whereas 30 stocks remained pegged at their previous levels. In total 135 active companies participated in changing hands activity across the board.

The overall turnover was higher to 9,695,700 shares as compared with previous volume of 9,468,500 shares. The increase in trade volume clearly reflected the participation of major players and institutions on the first trading day of the century.

Brokers termed the Monday's positive rally as a healthy sign for the market as smooth and error-free working of the ISE computerized trading system encouraged the weak holders and margin hunters to enter back in game.

ISE Network index witnessed an increase of 69.44 points as the price-based indicator moved from 4,742.01 points to 4,811.45 points.

Bulls went on rampage following aggressive buying in PSO and PTCL as the expected Board meeting of the PSO in near future encouraged the market players to take new positions.

A ISE major player stated that he went to the market with a doubt of Y2K problem but the network computers worked smoothly like normal days and they remained busy in trading of different scrips throughout the day. Practically, he said the computers were performing error-free operations like any other day of 1999.

The market was led by trio of new group of PTCL, PSO and ICI Pakistan as evident from their trade volume.

Heavyweight PTCL showed an increase of Rs 1.75 during trading of 6,631,000 shares as it resumed trading at Rs 21 and was finally closed at Rs 22.75.

Second hot favourite PSO was surged by Rs 19.45 on a business of 1,345,100 shares as it opened at Rs 194 and was closed at Rs 213.45.

Third volume leader ICI Pakistan opened at Rs 10.50 and was closed at Rs 10.80 by the end of the day. It soared by 30 paisa over 1,265,100 shares.

FFC Jordan was plus by 15 paisa during exchange of 71,500 shares. FFC Fertilizer started the day at Rs 13.20 and closed at Rs 13.35. Engro Chemicals behaved divergently shedding 30 paisa in its value as it opened at Rs 125.50 and was closed at Rs 125.20 and Fauji Fertilizer was up by Rs 2 with a turnover of 1,000 shares.

Mohammad Saghir newly-elected Director of ISE said that the market opened on a bullish note following active buying in blue chips like PSO and PTCL. The sentiment of the market remained positive throughout the day and market finally closed in plus territory. The news of Board meeting of PSO near Eid helped the genuine investors to take fresh positions in volume leaders. PTCL also remained strong throughout the day with increase in its overall turnover.

Hubco opened at Rs 21.60 and went maximum up to Rs 22 before bouncing back to Rs 21.90 by the time traders called it a day.

In Synthetic and Rayon sector, Dewan Salman Fibers was up by 50 paisa on a business of 25,000 shares as it opened at Rs 27.45 and closed at Rs 27.95. Dhan Fibers was marginally down by 5 paisa over 1,000 shares.

Crescent Textile gained Rs 2.50 in textile composite sector while its counterpart Saphire Fibers shed Rs 2.25 to become first among the losers in the same sector.

Mixed sentiment was observed in the Cement Sector as a number of shares gained strength while other shed values.

Among the major gainers National Food was plus by Rs 5, Gatron Industries showed an increase of Rs 4.45 and Lever Brothers gained Rs 3.