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ISE: equities nose-dive

RECORDER REPORT

ISLAMABAD: Equities nose-dived on the Islamabad Stock Exchange where volume leaders as well as low priority stocks moved in a tight band amid decrease in index.

The fresh bearish assault indicated that ISE was mainly jolted due to the selling pressure in core scrips of Fuel, Communication and Energy sectors, brokers said.

In total 168 stocks participated in changing hands activity across the ready board. Loser outclassed gainers at a clear ratio of 95:52 while 21 stocks remained pegged to their previous levels.

The trade volume amounted to 11,406,050 shares as compared to last volume of 10,228,850 shares.

ISE Network index lost 27.26 points as the psychological barrier moved from 6,507.68 to 6,480.42 points.

The heavyweight PTCL opened at Rs 31.75 and finally closed at Rs 32.15. Communication blue chip soared by 40 paisa on a business of 10,050,000 shares. Second volume leader ICI Pakistan shed 10 paisa on a business of 220,000 shares as it opened at Rs 14 and closed at Rs 13.90. Third hot favourite PSO was minus by Rs 4.30 during trading of 515,000 shares as it opened at Rs 250.60 and closed at Rs 246.30. FFC Jordan was down by quarter of a rupee on a business of 91,500 shares as it opened at Rs 13.90 and closed at Rs 13.65. Engro Chemicals resumed trading at Rs 97.80 and closed at Rs 96.70 by the end of the day.

Zahid Latif Khan of Zahid Securities said that market resumed trading on a healthy note following buying spree in Hubco and PTCL. Selling pressure in PSO and other scrips moved the market downward and market remained in minus territory throughout the day. Slight recovery was observed in Communication, Fuel and Energy sectors in the second spell, while market finally closed on a negative note.

Hubco opened at Rs 27.80 and went up to Rs 28 before bouncing back to Rs 27.70.

Among the major losers, Siemens Engineering was down by Rs 20, Pakistan Oilfields shed Rs 12, Lever Brothers shed Rs 10, BOC Pak showed decrease of Rs 7, Philips Electrical Ind. Shed Rs 6, Telecard Ltd. was minus by Rs 5, Noon Sugar was down by Rs 4.05, National Refinery lost Rs 2.60, Sitara Energy shed Rs 1.75, Millat Tractors lost Rs 1.30 and Bank of Punjab shed Rs 1.25.