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ISE index up by 41.54 points

RECORDER REPORT

ISLAMABAD: The buying spree in speculative scrips remained bullish on the Islamabad Stock Exchange where positive rally expanded the overall turnover and the horizon of trade on Wednesday.

ISE network index showed an increase of 41.54 points as the priced-based indicator moved from 5,719.58 points to 5,761.12 points.

Bears were forced to leave the arena, as the trade volume was higher to 11,047,200 shares as compared the previous turnover of 9,828,600 shares.

The bulls were in a commanding position with expansion in the horizon of trade to 160 active companies. Gainers outnumbered losers at a clear ratio of 74:42, while 44 companies remained pegged to their overnight values.

The market was again led by usual trio of PTCL, ICI Pakistan and FFC Jordan.

PTCL opened at Rs 29.70 and was finally closed at Rs 30.40. The heavyweight gained 70 paisa on a business of 9,917,500 shares.

ICI was up by 50 paisa during the trading of 489,000 shares. ICI started the day at Rs 13.10 and was closed at Rs 13.60.

FFC Jordan opened at Rs 13.30 and was finally closed at Rs 13.40. FFC Fertilizer was up by 10 paisa over 65,000 shares.

Engro Chemicals opened at Rs 106 and was closed at Rs 108.95 and Fauji Fertilizer gained 50 paisa during the trading of 4,000 shares across the board.

Zahid Latif Khan of Zahid Securities said that the market resumed trading on a negative note following selling pressure in the first session.

The market remained in minus column due to the statement of President Clinton regarding visit of India in March. However, buying in core scrips like Hubco, PTCL and ICI changed the sentimental outlook of the market and it managed to move in plus territory.

The market players took new positions as the bullish spree in communication, fuel and energy sectors expanded the volume. The market moved around a few blue chips and finally closed on a plus note.

Hubco resumed trading at Rs 28.50 and went up to Rs 28.80 before bouncing back to Rs 28.75, he added.

Blank sellers as well as short-term margin hunters remained busy in trading of heavyweights, while speculative forces dominated the changing hand activity in both the sessions, he added.

In fuel and energy sector, Pakistan Oilfields showed an increase of Rs 11, PSO gained Rs 1.90, Sui Northern Gas was up by Rs 1.10, Sui Southern Gas was up by Rs 95 while Kohinoor Energy shed 75 paisa in its value.

In the communication sector Telecard Ltd. soared by 50 paisa and PIA gained 20 paisa in its value.

Dewan Salman gained 90 paisa on a business of 43,000 shares in the synthetic and rayon sector, while Gatron Industries was down by 50 paisa over the trading of 4,000 shares.