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ISE suffers widespread losses

Recorder Report

ISLAMABAD: Equities suffered widespread declines at the Islamabad Stock Exchange where bears dominated the proceedings amid contraction in volume.

ISE Network index was down by 95.19 points as the psychological barrier stayed between 6,487.57 and 6,392.38 points.

The overall turnover was lower to 9,111,740 shares as compared to previous volume of 10,827,545 shares.

In total 156 active companies were quoted on the ready-board, 85 landed in negative territory, 37 reflected the general lull while 34 closed in positive territory.

PTCL shed Rs 1.60 during trading of 7,557,500 shares. It opened at Rs 33.50 and closed at Rs 31.90. Second volume leader ICI Pakistan resumed trading at Rs 17.45 and closed at Rs 16.65 losing by 80 paisa over 798,000 shares. Third hot favourite FFC Jordan was down by 55 paisa over 180,000 shares. FFC Fertilizer opened at Rs 14.30 and closed at Rs 13.75. Engro Chemicals opened at Rs 89.10 and closed at Rs 87. Engro shed Rs 2.10 over 25,000 shares.

Brokers said that market resumed trading on a depressed note following absence of major players and genuine investors in the first session. The market remained in negative territory throughout the day and finally closed on a negative note.

They said that leading sectors like Fuel, Energy, Communication and Chemical showed negative signs, which ultimately affected low priority stocks as well.

Financial institutions and foreigners adopted wait and see policy and avoided new positions in the present environment.

In Fuel and Energy sector, Pakistan Oilfields lost of Rs 22, PSO Rs 12.70, National Refinery Rs 3.75, Mari Gas Rs 1.10, KESC 65 paisa, Ibrahim Energy 30 paisa and Kohinoor Energy 5 paisa.

Among the major losers in Banking sector, Bank of Punjab lost Rs 1.80, PICIC Rs 1.45, Union Bank Rs 1.40, Soneri Bank Rs 1.25, MCB 80 paisa, Bank Al Habib 30 paisa and Askari Commercial 10 paisa.

Mixed trend was observed in Cement sector as Kohat Cement lost Rs 1.50, Fauji Cement 35 paisa while Lucky Cement gained 25 paisa.