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Bulls hold sway on ISE

RECORDER REPORT

ISLAMABAD: The positive rally continued on the Islamabad Stock Exchange on Tuesday where equities maintained their upward trend under the lead of fuel and energy sector.

ISE computerized index witnessed an increase of 23.54 points as it moved from 4,892.83 points to 4,916.37 points.

Trade volume amounted to 9,805,100 shares as compared with the previous turnover of 9,695,700 shares.

Out of 115 active companies traded during the day, 55 stocks managed to gain strength, 42 closed lower and 18 remained pegged at their overnight levels.

PTCL, PSO and ICI Pakistan remained heavyweights of the Islamabad market as evident from their trade volume.

PTCL managed to gain 25 paisa on a business of 7,828,500 shares as it opened at Rs 22.70 and was closed at Rs 22.95. Second most wanted stock PSO shed 85 paisa on a business of 946,500 shares as it resumed trading at Rs 211.45 and was closed at Rs 210.60. Third most attractive stock remained ICI Pakistan that was soared by 40 paisa during trading of 653,000 shares. ICI started the day at Rs 10.75 and closed at Rs 11.15. FFC Jordan shed 35 paisa over 50,000 shares and Engro Chemicals was down by Rs 3.75 on a business of 18,500 shares.

Zahid Latif Khan of Zahid Securities said that the market resumed trading on a bullish note following on Monday's trend. The sentiment of the market remained positive throughout the day and it finally closed higher.

Major activity was observed in Sui Northern with a capital gain of Rs 1.45 with increase in volume. Sui Northern opened at Rs 12.60 and finally closed at Rs 14.05. The news of privatisation of Sui Northern encouraged the investors to take fresh positions in this lucrative stock.

Zahid said that brokers of twin-cities welcomed the action of the SBP for clearing pending applications for remittance of funds held in "special convertible rupee accounts" of the foreign portfolio investment.

Lever Brothers shed Rs 5 as major loser of the day as it opened at Rs 836 and closed at Rs 831.