20000208

ISE index up 64.73 points

Recorder Report

ISLAMABAD: Bullish spree in communication sector expanded the volume of Islamabad Stock Exchange to 17 million shares where equities marched in positive direction amid increase in index.

ISE network index showed an increase of 64.73 points as it moved from 5,760.07 to 5,824.80 points.

Out of (160) active companies traded during the day, gainers outnumbered losers at a ratio of 79:53 while (28) stocks remained pegged to their previous levels.

The overall turnover was higher to 17,831,000 shares as compared to last volume of 11,109,000 shares.

The heavyweight PTCL gained 55 paisa on a business of 16,585,500 shares. Telecom blue-chip resumed trading at Rs 30.70 and was finally closed at Rs 31.25. Second hot favorite ICI Pakistan shed 10 paisa over 6,65,000 shares as it opened at Rs 13.30 and was closed at Rs 13.20. Third volume leader FFC Jordan was marginally down by five paisa during trading of 85000 shares. FFC Fertilizer started the day at Rs 13.15 and was closed at Rs 13.10. Engro Chemicals was plus by Rs 2.10 on a business of 26,000 shares and Fauji Fertilizer opened at Rs 64.90 and was closed at Rs 64.60.

Zahid Latif Khan of Zahid Securities said that market resumed trading on a sound note following fresh buying in speculative scrips. The market went up to 13 points plus with expansion in overall volume in the first session. Absence of motivating factors forced the margin hunters and blank sellers to square their positions. However, buying in PTCL and Hubco again took the market in plus territory and market finally managed to close on a healthy note.

The market appeared to be waiting for some encouraging news on economic front to demonstrate its real strength and positive outlook.

PSO on Spot position resumed trading at Rs 263 and was closed at Rs 264.05. The market is expecting heavy volumes in PSO as soon as its Spot position ends.

Mixed sentiment was observed in banking sector as First Capital Security gained Rs 1.75, Prime Commercial Bank and Security Investment Bank were plus by quarter of a rupee each, while Al-Mal Securities and Services was down by 85 paisa, MCB lost 40 paisa and Union Bank was minus by 25 paisa in its value.

Insurance sector under the lead of Askari Gen. remained in plus territory as Askari showed an increase of half a rupee, Premier Insurance soared by quarter of a rupee and Business and Industrial Insurance was plus by 20 paisa.

Divergent movement was observed in fuel and energy sector as few scrips moved in positive direction while other shed values. Pakistan Oilfields was surged by Rs 9.80 while Kohinoor Power shed Rs 2.45, Sui Northern Gas was minus by Rs 1.05, Sui Southern Gas was down by a rupee, Sitara Energy lost 75 paisa and Mari Gas showed a decrease of half a rupee.