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ISE volume shrinks

RECORDER REPORT

ISLAMABAD: The volume of Islamabad Stock Exchange contracted to 10 million shares where profit-taking in trendsetters halted the positive movement across the board.

Equities sank into a deeper depression following selling pressure in heavyweights as reverse rally in leading sectors encouraged the bears to return to arena.

Brokers said the market behaved entirely against the expectations of the genuine investors as downward technical correction and profit-taking in hot favourites forced the bulls to leave the floor.

Negative rally on the eve of US President Bill Clinton's visit to Pakistan is not a good omen for the market. Brokers said that magic spell of commanding bulls appears to be vanishing on the last trading day of the week.

The statements of White House and British Foreign Office on Friday on the LB polls schedule forced the cautious players to adopt wait-and-see policy for a while, they added.

ISE Network index showed a decrease of 92.57 points as the price-based indicator of the bourse moved from 6,580.14 to 6,487.57 points.

The trade volume was lower to 10,827,545 shares as compared to last volume of 18,518,420 shares.

Out of 178 active stocks traded on Friday, losers outclassed gainers at a clear ratio of 95: 45 while 38 stocks stayed put.

High-tech stock of telecom sector opened at Rs 34.65 and was closed at Rs 33.40. Pakistan Telecommunication Company Limited fell by Rs 1.25 on a business of 8,975,000 shares. Second volume leader ICI Pakistan shed 65 paisa over 796,500 shares. ICI resumed trading at Rs 18.10 and closed at Rs 17.45. Third hot favourite FFC Jordan lost a rupee on a business of 385,500 shares. FFC Fertilizer opened at Rs 15.30 and was closed at Rs 14.30. Engro Chemicals showed a decrease of Rs 2.30 during trading of 55,000 shares. PSO opened at Rs 253.95 and was closed at Rs 248. PSO shed Rs 5.95 during trading of 65,000 shares.

Brokers said the market started the day on a depressed note as overbought situation in speculative scrips forced the investors to square their positions. The market remained in minus zone and selling orders in communication, fuel and energy sectors affected low priority stocks as well. However, the market slightly recovered in the second session and closed on a negative note.

They were of the view that weak holders and margin hunters followed suit of major players and foreign-funded brokerage houses.

Major downward movement was observed in PTCL, ICI, Hubco and FFC Jordan.

Fuel and Energy sector showed negative signs throughout the day as Kohinoor Energy lost Rs 1.15, Sui Southern a rupee, Sui Northern Gas 90 paisa, KESC 85 paisa, Genertech Pak 45 paisa, Kohinoor Power 40 paisa and DG Khan Electric quarter of a rupee.

In transportation and communication sector, Telecard Ltd. lost Rs 2.05, PIA shed 75 paisa and PNSC 40 paisa.

Among top losers, Lever Brothers shed Rs 25, Knoll Pharmaceutical Rs 3.25.

Among major gainers, Faisal Spinning bagged Rs 2, Millat Tractors gained Rs 1.50, Gatron Industries Rs 1.35, Chakwal Cement Rs 1.25, Zainab Textile Rs 1.15 and National Refinery 75 paisa.