20000304Mixed trend on ISE

RECORDER REPORT

ISLAMABAD: Mixed trend was observed on the Islamabad Stock Exchange where selling pressure in fuel and energy sector strengthened the position of bears amid expansion in volume.

ISE Network index was minus by 15.56 points as the psychological barrier moved from 6,424.72 to 6,409.16 points.

The trade volume was higher to 11,357,240 shares as compared to previous volume of 11,370,200 shares.

Out of 158 stocks traded during morning-evening sessions, 76 closed in negative column, 54 in plus territory, while 28 stocks remained glued to their overnight levels.

According to the official statistics, telecom sector opened at Rs 31.30 and was finally closed at Rs 31.40. PTCL showed an increase of 10 paisa during trading of 9,935,000 shares. PSO was down by Rs 3.50 on a business of 620,200 shares. PSO resumed trading at Rs 256.50 and closed at Rs 253. ICI Pakistan shed 10 paisa on a business of 251,500 shares as it opened at Rs 14.55 and closed at Rs 14.45. FFC Jordan gained 15 paisa on a business of 45,000 shares. Engro Chemicals opened at Rs 95.50 and was closed at Rs 94.30. Fauji Fertilizer was minus by 35 paisa over 6,000 shares.

Brokers said that the market started on an extraordinary bullish note as buying spree in PTCL, PSO and Hubco encouraged the weak-holders and genuine investors to take fresh positions in speculative scrips. Small investors and margin-hunters remained active in buying of PSO by the end of first session. The second spell also opened on a healthy note where PSO went maximum up to Rs 270.90. PTCL also showed positive signs. At that moment market took U-turn against the expectations of the players and PSO went down to Rs 254. Selling pressure in fuel, energy and communication sectors created panic across the ready-board.

The market moved in minus territory and remained in negative zone by the end of second session. The market finally closed on a depressed note that also effected low priority stocks as well.

In fuel and energy sector, Mari Gas Limited was minus by Rs 1.25, Ibrahim Energy shed 50 paisa, Southern Electric lost 30 paisa while Sui Northern Gas shed 10 paisa.