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ISE index up 60.76 points

Recorder Report

ISLAMABAD: Fortune changed on the Islamabad Stock Exchange where brisk trading in trendsetters elevated the index amid expansion in volume.

Bulls were settling on the floor of ISE as overall turnover was higher to 9,727,740 shares as compared to previous volume of 6,798,110 shares.

Plus signs dominated the whole proceedings as the ISE Network index was plus by 60.76 points. The psychological barrier stayed between 6,514.25 and 6,575.01 points.

Out of 164 companies traded during both the sessions, gainers outclassed losers at a clear ratio of 82:53 respectively while 29 companies remained stagnant by the end of the day.

The market driver PTCL gained 30 paisa on a business of 7,009,500 shares as it opened at Rs 33.75 and was closed at Rs 34.05. Second heavyweight ICI Pakistan was plus by 50 paisa over 1,166,000 shares. ICI opened at Rs 19.10 and was finally closed at Rs 19.60. Third hot favourite FFC Jordan showed an increase of 35 paisa on a business of 789,000 shares as it resumed trading at Rs 15.80 and was closed at Rs 16.15. Engro Chemicals opened at Rs 90.85 and was closed at Rs 94 by the end of the second session. Fauji Fertilizer soared by Rs 1.45 during trading of 5,500 shares.

Brokers said that market commenced the week on a plus note following the President Clinton's forthcoming visit to Pakistan. The market celebrated the statement of the US President that his visit to South Asia was to reduce tension between Pakistan and India. Major players as well as small investors showed their confidence in the capital market and margin hunters as well as blank sellers took new positions on the first working day. Fresh buying in Synthetic, Chemical and Communication sectors expanded the trade volume of ISE to 9 million shares. However, profit-taking in speculative scrips slightly moved the index in minus territory. However, institutions injected fresh investment in the stock exchange and market quickly recovered. Helpless bears took their heels and vanished from the scene. The market managed to remain in positive territory and finally closed on a healthy note.

However, the price range of low priority scrips was narrow in both morning-evening sessions. The market showed healthy rally on the back of further improvement in Synthetic and Communication sectors.

Synthetic and Rayon sector showed improvement as Dewan Salman was surged by Rs 5.20, Dhan Fibers soared by Rs 4.25, Pak Synthetic gained Rs 2.25, Gatron Industries was plus by Rs 2, Pak Fibers showed an increase of Rs 1.50, Rupali Polyester was up by 95 paisa and Indus Polyester 40 paisa.

Most of the stocks of the Cement sector also remained in plus zone as Fecto Cement gained Rs 1.25 and DG Khan Cement showed an improvement of 90 paisa.

Among the major loser, Lever Brothers shed Rs 20 on a business of 40 shares as it started the day at Rs 1,050 and was finally closed at Rs 1,030.

Mixed trend was observed in Fuel and Energy sector as certain scrips gained strength while other shed values across the ready board.