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ISE index falls by 17.78 points

RECORDER REPORT

ISLAMABAD: Bulls and bears had a close fight on the Islamabad Stock Exchange (ISE) where equities showed mixed trend amid decrease in index.

ISE Network index shed 17.78 points as it moved from 5,761.12 to 5,743.34 points.

Fluctuation in speculative scrips expanded the overall turnover from 11,047,200 shares to 13,843,000 shares on Thursday.

In total 170 stocks changed hands across the board. Seventy-two stocks managed to gain strength, 57 moved in negative direction, while 41 scrips remained glued to their previous levels.

Heavyweight PTCL did not observe any change during trading of 11,419,000 shares. Telecom blue chip resumed trading at Rs 30.40 and was finally closed at the same rate. Second hot favourite ICI Pakistan shed 25 paisa on a business of 1,878,500 shares. ICI started the day at Rs 13.60 and was closed at Rs 13.35. Third most wanted stock FFC Jordan managed to consolidate its overnight level on a business of 61,000 shares. Engro Chemicals lost Rs 2.95 over 24,500 shares as it opened at Rs 108.95 and was closed at Rs 106. Fauji Fertilizer was minus by 25 paisa during trading of 8,000 shares.

Zahid Latif Khan of Zahid Securities said that market resumed trading on a healthy note as margin hunters and blank sellers took new positions in core scrips.

The market managed to show positive signs under the lead of PTCL, Hubco and ICI Pakistan. However, its failed to maintain its positive rally and went in minus territory in the second session. Short sellers went on a rampage and investors squared their positions to book profits. Selling pressure continued by the time traders called it a day and closed in negative column.

In banking sector, MCB shed 80 paisa, Bank of Punjab declined by 55 paisa, Askari Commercial Bank lost 40 paisa, Al-Mal Securities and Services was down by 30 paisa while Al-Towfeek Inv. Bank soared by 60 paisa and Bank Al Habib gained 45 paisa in its value.

Among the major gainers, Siemens Engineering, Sitara Chemicals and Abbott Laboratories were up by Rs 2 each, Searle Pakistan showed an increase of Rs 1.40, Apollo Textile, Millat Tractors and Pakistan Oilfields were plus by a rupee each, Sui Southern Gas 85 paisa, Crescent Spinning soared by 80 paisa, Askari Leasing gained 75 paisa, Sui Northern Gas 70 paisa and PIA soared by 50 paisa.

Among the major losers, BOC Pak lost Rs 5, 5th ICP Mutual Fund lost Rs 4.20, Fazal Textile Rs 3, Telecard Ltd lost Rs 1.50, Premier Insurance was minus by Rs 1.05 and National Refinery was down by a rupee.