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Bears maintain hold of ISE

Recorder Report

ISLAMABAD: Panic selling at the Islamabad Stock Exchange contracted the overall turnover where equities fell like nine-pins across the board amid decrease in index.

The murder of the defense counsel of deposed prime minister Nawaz Sharif clouded the market on Friday and the fall of values caused jitters among the genuine investors, brokers said.

Bears rampage continued unabated as ISE Network index shed 48.48 points as the price-based index moved from 6,485.41 to 6,436.93 points.

Speculative forces failed to inject any life in the market as the trade volume was lower to 9,278,140 shares as compared to last volume of 9,731,300 shares.

The horizon of trade contracted to 154 shares as losers were double than gainers at the ratio of 90:38 respectively while 26 stocks did not observe any change.

High technology stock of Communication sector PTCL shed 40 paisa over 8,155,500 shares. PTCL started the day at Rs 33.25 and was finally closed at Rs 32.85. Second volume leader ICI Pakistan managed to consolidate its previous position on a business of 375,000 shares. ICI opened at Rs 15.95 and was finally closed at the same rate. Third hot favourite PSO was down by Rs 2.35 during trading of 226,500 shares as it opened at Rs 253.80 and was finally closed at Rs 251.45. FFC Jordan shed 5 paisa on a business of 45,000 shares. FFC Fertilizer resumed trading at Rs 13.05 and was closed at Rs 13. Engro Chemicals opened at Rs 89.10 and was closed at Rs 87.90 and Fauji Fertilizer was down by Rs 1.20 over 2,000 shares.

Zahid Latif Khan of Zahid Securities said that market started the day on a depressed note as profit-taking in speculative scrips halted the upward march of equities in the first session. The market remained in minus zone throughout the first session. The news of murder of Iqbal Raad lawyer of former prime minister hit the floor and created panic across the ready board whereas equities suffered broad-based decline. Investors offloaded their holdings at the available margins that created dip in index. Selling pressure in Fuel, Communication and Energy sectors affected the low priority stocks as well. However, short covering in core scrips slightly recovered the market and it finally closed in minus territory.

He said that low Badla rates on the last trading day of the week indicated bullish trend in near future and visit of Bill Clinton to Pakistan would attract foreign investment in capital market of Pakistan.

Most of the stocks of Communication and other leading sectors plunged into depression as jobber and profit seekers squared their positions in the second spell.

Banking sector remained in minus territory as Bank Al Habib shed Rs 1.50, MCB was down by 85 paisa, Crescent Investment Bank was minus by 40 paisa, PICIC showed decrease of 45 paisa, Union Bank 35 paisa and Metrpolitan Bank shed 30 paisa.

Textile and Cement sectors also remained in negative zone as most of the stocks of these two sectors showed downward trend with thin volume.