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ISE: short-sellers go on rampage

Recorder Report

ISLAMABAD: Selling pressure in speculative scrips contracted the volume at the Islamabad Stock Exchange where bears remained in commanding position amid decrease in index.

Short sellers went on rampage as the ISE Network index shed 31.55 points. The price-based indicator moved from 6,436.93 to 6,405.38 points.

The reverse rally continued at the ISE as the trade volume was lower to 7,514,200 shares as compared to previous volume of 9,278,140 shares.

The ready-board activity was participated by 156 active companies. Sixty-nine companies closed in minus territory, 61 improved their worth while 26 stagnant stocks reflected the general lull in the market.

PTCL opened at Rs 32.85 and was sold at Rs 32.70. PTCL shed 15 paisa during trading of 6,589,500 shares.

Second hot favourite ICI Pakistan was marginally up by 5 paisa on a business of 308,000 shares as it opened at Rs 15.95 and was closed at Rs 16.

Third heavyweight FFC Jordan soared by 80 paisa over 115,500 shares. It opened at Rs 13 and was closed at Rs 13.80.

Engro Chemicals opened at Rs 87.90 and was closed at Rs 88.20 and Fauji Fertilizer was down by 20 paisa on a business of 6,000 shares.

PSO showed decrease of Rs 4.45 over 1,500 shares as it opened at Rs 251.45 and was closed at Rs 247.

Brokers said that market commenced the week on a healthy note as investors booked fresh deals in ICI Pakistan and other scrips in the morning session. However, the market failed to sustain positive rally and the sentiment turned negative. The market remained in negative zone throughout the day and finally closed lower. SPOT position of PSO forced all sort of investors to square their positions. Major selling was witnessed in PSO, Hubco, PTCL and FFC Jordan.

Both sessions remained dull and genuine investors preferred to remain at the sidelines with moderate volume they said.

In fuel and energy sector, Pakistan Oilfields shed Rs 10, Sui Southern Gas showed decrease of 90 paisa, Sui Northern Gas was down by 70 paisa, Sitara Energy was minus by 70 paisa, Southern Electric was down by 50 paisa, KESC 20 paisa and Tri Star Power lost 10 paisa.

Mixed trend was observed in banking sector as certain scrips moved in plus territory while other shed values across the board.

Among the top gainers, Bank of Punjab soared by Rs 2.75, JOV and Co Rs 3, Metrpolitan Bank gained 90 paisa, Soneri Bank gained 25 paisa, Union Bank showed an increase of 20 paisa and Prime Commercial Bank was up by 10 paisa.

Among the major losers of banking sector, Al-Towfeek Investment Bank showed decrease of 85 paisa, MCB was down by 60 paisa, First Capital Security shed 50 paisa, Al-Faysal Inv. Bank lost 45 paisa, Security Investment Bank shed 20 paisa.

Synthetic and Rayon sector remained in plus zone as Dewan Salman was up by 95 paisa and Dhan Fibers soared by 40 paisa in its value.

Among the major losers, Lever Brothers was minus by Rs 48 on a business of 500 shares. Lever Brothers resumed trading at Rs 1,048 and was finally closed at Rs 1,000.