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ISE: equities move in narrow band

Recorder Report

ISLAMABAD: Equities moved in a narrow band at the Islamabad Stock Exchange on Wednesday where selling-pressure in trendsetters halted the price run-up amid increase in index.

The reported news that White House has confirmed President Clinton's visit to Pakistan has a positive impact on the market. However, profit-taking in the second spell affected the across the board activity. The profit-seekers as well as margin hunters squared their positions and weak holders preferred to remain at the sidelines with moderate volume, brokers said.

ISE Network index was up by 15.76 points as the psychological barrier stayed between 6,498.17 and 6,513.93 points.

Trade volume amounted to 10,955,620 shares as compared to the 10,433,020 shares of the previous day.

The horizon of trade contracted to 164 active shares, 71 stocks managed to close in positive territory, 67 stocks closed in minus zone while 26 stocks refused to observe net change.

The volume leader PTCL gained 20 paisa on a business of 9,337,000 shares as it opened at Rs 33.20 and was closed at Rs 33.40. ICI Pakistan was plus by half a rupee during trading of 474,500 shares. ICI resumed trading at Rs 14.90 and was closed at Rs 15.40. Third hot favorite PSO shed 25 paisa on a business of 258,300 shares as it opened at Rs 261.25 and was finally closed at Rs 261.

FFC Jordan was down by 15 paisa during trading of 115,000 shares. FFC Fertilizer started the day at Rs 13.70 and was closed at Rs 13.55. Engro Chemicals showed decrease of Rs 12.65 on a business of 2,000 shares and Fauji Fertilizer remained pegged to its previous level of over 2,000 shares.

Brokers said that market resumed trading on a healthy note following news of President Clinton's visit to Pakistan. The market took the news positively and buying was observed in communication, fuel and energy sectors.

However, the market failed to sustain positive rally and selling pressure in speculative scrips which moved the entire board to negative direction.

Speculative forces and digital desperadoes manipulated the situation according to their wishes as every body was expecting extraordinary bullish activity across the board. The market behaved divergently and blank seller as well as jobbers offloaded their positions in the present scenario.

They said that major activity was witnessed in Engro Chemicals with a capital loss of Rs 12.65. Most of the weak holders and small investors squared their positions.

Among the top gainers, Bank of Punjab showed an increase of Rs 6.70, Philips Electric was up by Rs 2.50, Noon Sugar and Diamond Industries were plus by Rs 2 each, Interfund Modarba gained Rs 1.20, Schon Modarba soared by Rs 1.10, Highnoon Laboratories showed an increase of Rs 1.05 and Union Bank was up by a rupee.

Among the major losers, Lever Brothers shed Rs 15, Packages Limited showed decrease of Rs 5, Mustehkam Cement was minus by Rs 3.50, Kohinoor Weaving lost Rs 3.45, Millat Tractors was down by Rs 2.25, Pak Datacom lost Rs 2, Nishat Mills Rs 1.90, National Refinery shed Rs 1.50, Gadoon Textile lost Rs 1.20 and Premier Insurance was minus by Rs 105 in its value.