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Equities move both ways on ISE

Recorder Report

ISLAMABAD: Bulls managed to stay in the front seat on the Islamabad Stock Exchange where equities moved both ways amid increase in index.

Hot favourites broke the shackles of the bears as buying spree in energy, chemical and communication sectors helped the low priority stocks as well.

The ISE Network index was plus by 20.68 points as the psychological barrier moved from 6,434.41 to 6,455.09 points.

The trade volume was lower to 8,362,920 shares as compared to the previous turnover of 9,876,310 shares.

Out of 173 active stocks traded during the day, 84 gained strength, 59 lost their values while 30 stocks remained pegged at their previous levels.

The trendsetter PTCL gained 5 paisa during trading of 6,852,000 shares. High technology stock of communication sector resumed trading at Rs 33.10 and was closed at Rs 33.15. Second core scrip ICI Pakistan started the day at Rs 17.65 and was closed at Rs 17.45. ICI shed 20 paisa on a business of 814,000 shares. Third hot favourite FFC Jordan was up by Rs 1.15 over 199,500 shares as it resumed trading at Rs 13.75 and was closed at Rs 14.90. Engro Chemicals opened at Rs 87.25 and was managed to close at Rs 88.75. Fauji Fertilizer shed 10 paisa on a business of 2,500 shares and PSO gained a rupee over 500 shares.

Market opened on a bullish note following fresh deals in Hubco, ICI Pakistan and PTCL. The market moved in a narrow band with moderate volume and finally closed on a plus note.

Genuine investors preferred to remain at the sidelines while margin hunters offloaded their positions to book available profits.

Most of the stocks of banking sector remained in minus column as Bank of Punjab showed decrease of 85 paisa, Platinum Commercial Bank was down by 45 paisa, First Capital Security was minus by 35 paisa, Atlas Inv. Bank and Picic shed 25 paisa each, Bankers Equity shed 20 paisa, Union Bank, Bank Al Habib, Security Investment Bank shed 5 paisa each, while Askari Commercial Bank gained 15 paisa.

In synthetic and rayon sector Dewan Salman Fibers shed 50 paisa and Dhan Fibers soared by 80 paisa in its value.

Mixed trend was observed in fuel and energy sector as certain stocks moved in plus territory, while other shed values across the board. The KESC gained 55 paisa, National Refinery was surged by 50 paisa, DG Khan Electric was up by 20 paisa and Kohinoor Power 5 paisa while Pakistan Oilfields was down by Rs 3.