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Index falls by 96.96 on ISE

Recorder Report

ISLAMABAD: Short covering in speculative scrips strengthened the position of bears amid contraction in volume on the Islamabad Stock Exchange.

ISE Network index showed decrease of 96.96 points as the composite index of the bourse moved from 6,480.42 to 6,383.46 points.

The overall turnover was lower to 10,593,620 shares as compared to previous volume of 11,406,050 shares.

Out of 183 active stocks traded during the day, 118 losers led the scene, 43 managed to close in plus territory while 22 scrips did not observe any change.

The heavyweight Pakistan Telecommunication Company Limited was down by Rs 1.55 on a business of 9,134,000 shares. High Technology stock of Communication sector resumed trading at Rs 32.15 and was closed at Rs 30.60.

Second hot favourite ICI Pakistan shed 10 paisa on a business of 545,000 shares as it opened at Rs 13.90 and was closed at Rs 13.80 by the end of the day.

Third volume leader PSO was minus by Rs 6.80 during trading of 279100 shares. It opened at Rs 246.30 and was closed at Rs 239.50.

FFC Jordan shed 25 paisa over 45,000 shares as it opened at Rs 13.65 and was closed at Rs 13.40.

Fauji Fertilizer lost a rupee during trading of 6,000 shares.

The ISE started the day on a negative note following selling pressure in the PTCL, PSO, Hubco and other blue chips of the ready board. The market remained in minus territory throughout the day and finally closed on a depressed note.

The reported news that India has raised defence spending by 28.2 percent affected the ready-board activity across the board. However, present reverse rally will end soon as jobbers and margin hunters will take new positions in coming sessions.

Among the major losers Lever brothers shed Rs 29 on a business of 20 shares as it opened at Rs 1050 and was closed at Rs 1021.

In Banking sector, Kasb and Co shed Rs 3, First Capital Security showed decrease of Rs 2.25, Picic was down by Rs 1.50, Bank of Punjab and Muslim Commercial Bank shed 75 paisa each and Prime Commercial Bank was minus by 35 paisa in its value.

Fuel and energy sector remained in minus column as National Refinery lost Rs 4.50, Attock Refinery shed Rs 3, Sui Northern Gas was minus by Rs 1.35, Sui Southern Gas showed decrease of Rs 1.05 and Tri Star Power shed 25 paisa.