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ISE index down 94.64 points

RECORDER REPORT

ISLAMABAD: Equities witnessed broad-based erosion on the Islamabad Stock Exchange where selling pressure in heavyweights affected the low-priority stocks as well.

Bears returned to the driving seat as the ISE Network index shed 94.64 points due to profit-taking in shining stars amid panic selling.

The psychological barrier of ISE moved from 5,830.50 to 5,735.86 points during the day.

The turnover expanded to 10,602,500 shares as compared to Thursday's of 9,344,840 shares.

In total 186 stocks participated in changing hand activity, losers clearly outclassed gainers at a ratio of 113:56 while 17 stocks remained glued to their overnight levels.

PTCL was down by Rs 1.70 during trading of 9,586,500 shares as it opened at Rs 29.30 and finally closed at Rs 27.60. Second hot favourite FFC-Jordan was minus by 95 paisa on a business of 323,500 shares. FFC-Jordan resumed trading at Rs 15.05 and closed at Rs 14.10. Third volume leader ICI Pakistan shed 40 paisa on a business of 232,000 shares as it opened at Rs 13.15 and closed at Rs 12.75. PSO showed decrease of Rs 11.45 over 63,500 shares as it started the day at Rs 215.95 and was closed at Rs 204.50. Engro Chemicals was down by Rs 10.25 on a business of 22,000 shares and Fauji Fertilizer lost Rs 2.70 on a business of 6,000 shares.

Brokers said that market resumed trading on a positive note following buying spree in Communication, Chemical, Fuel and Energy sectors. However, it went down due to the profit-taking on the last trading day of the week. The index continuously moved up and down with directionless sentiment. The second session started on a negative note and market remained in minus column till the end of the day. Leading investors as well as weak holders offloaded their holding throughout the evening session and market finally closed in minus territory.

Major sectors including Banking, Communication, Textile and Synthetic and Rayon also witnessed heavy losses during the day.

Among the major losers, PSO lost Rs 11.45, Pakistan Oilfields, Knoll Pharmaceutical and Lever Brothers were minus by Rs 10 each, Millat Tractors showed decrease of Rs 6.05, Telecard Ltd. was down by Rs 3 and Dewan Salman and KASB and Co lost Rs 2 each.