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Bullish trend on ISE

Recorder Report

ISLAMABAD: The bulls were in a commanding position on the Islamabad Stock Exchange (ISE) where brisk buying in shining stars resulted in a broad-based activity on Friday.

The digital desperadoes and speculative forces failed to create any panic among the investors as participation of financial institutions and foreign-funded brokerage houses in heavyweight sectors helped weak holders as well as margin hunters to enter into game, said brokers.

ISE Network index showed an improvement of 106.33 points as the psychological barrier moved from 6,250.58 to 6,356.91 points.

The overall turnover was lower to 13,844,150 shares as compared to Thursday's volume of 15,320,040 shares.

Ready board activity moved around 185 active companies. Gainers were double than losers in the ratio of 106:50 while 29 stocks remained pegged at their previous levels.

Lever Brothers took a big leap of Rs 105 in each share as it started the day at Rs 1,060 and was managed to close at Rs 1,165 by the time traders called it a day.

The heavyweight PTCL surged by 95 paisa on a business of 11,565,500 shares as it resumed trading at Rs 30.60 and was sold at Rs 31.55. Second volume leader PSO continued its upward journey with a capital gain of Rs 10.50 during trading of 485,000 shares. PSO started the day at Rs 245 and was finally closed at Rs 255.50. Third hot favourite ICI Pakistan shed 10 paisa over 465,500 shares. ICI opened at Rs 12.60 and was closed at Rs 12.50. FFC Jordan was down by 10 paisa during trading of 87,000 shares as it opened at Rs 14.45 and was closed at Rs 14.35. Engro Chemicals was surged by Rs 3.10 on a business of 1,000 shares as it opened at Rs 97.15 and was closed at Rs 100.25 and Fauji Fertilizer gained 10 paisa over 8,000 shares.

Brokers said market resumed trading on a healthy note following participation of leading investors and financial institutions in communication, fuel and energy sectors. Buying spree in PSO, PTCL and Hubco resulted in, across the board, positive rally. Nobody was ready to fight with the aggressive bulls as jobbers and blank sellers took new positions on the last trading day of the week. The positive rally continued throughout the day and market finally closed on a positive note. PTCL and PSO remained hot favourites of the leading investors and short-term margin hunters. Slight profit taking was witnessed in the second session as few investors booked profit and squared their positions in blue chips.

Brokers said market has celebrated different positive news on economic front while privatisation of PTCL, determination of government to resolve Hubco issue, increase in oil prices on the international market and interest of foreign fund managers in capital market boosted the overall sentiment of all the three bourses of the country.

Fuel and energy sector dominated the changing hand activity as Pakistan Oilfields was up by Rs 15.20, Attock Refinery gained Rs 15, National Refinery was surged by Rs 3, Mari Gas Rs 1.70, Sui Southern Gas showed an increase of Rs 1.40 and Sui Northern Gas soared by Re 1.

Mixed trend was observed in banking sector as Jehangir Siddiqui gained Rs 2.50, Picic soared by Rs 2.40, Crescent Investment Bank was plus by Rs 1.90 and Soneri Bank showed an increase of Rs 1.15, while Security Investment Bank shed 25 paisa, Bankers Equity was down by 20 paisa, MCB shed 10 paisa and Prime Commercial Bank lost five paisa.