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Bulls prevail on ISE

RECORDER REPORT

ISLAMABAD: Bulls managed to stay in the driving seat at the Islamabad Stock Exchange here on Thursday amid increase in both index and volume.

The positive rally continued with buying spree in communication, energy and fuel sectors as speculative scrips remained in plus territory by the time traders called it a day.

The trade volume went up to 24,043,920 shares as compared to previous turnover of 20,360,000 shares.

ISE computers showed a prominent increase of 137.77 points as it moved from 5,556.94 to 5,694.71 points.

Out of 153 active companies traded during the day, 108 gainers led the scene, 20 closed in minus territory, while 25 remained glued to their overnight levels.

The market resumed trading on a bullish note following active trading in trendsetters like Hubco, PTCL, ICI, and PSO. The sentiments of the market remained highly bullish throughout the day with expansion in volume of trade.

However, the rumour of hijacking of a plane at the Islamabad Airport hit the market in the last trading hour. This created panic among the weak holders as well as short-term margin hunters and they squared their positions. Selling pressure was observed in almost all blue chips with signs of fear among the short sellers and blank sellers.

The Islamabad market, however, managed to hold its current levels and surprisingly closed on an extraordinary positive note, said Zahid Latif Khan of Zahid Securities.

Brokers termed the panic as an attempt of digital desperadoes and manipulators to move the market according to their wishes. However, market rebound very quickly and bears failed to take place of aggressive bulls on the second last working day, they added.

The heavyweight PTCL showed an increase of 70 paisa on a business of 21,555,000 shares. PTC opened at Rs 29.35 and was closed at Rs 30.05. Second most wanted ICI Pakistan was plus by 50 paisa on a business of 914,500 shares as it opened at Rs 12.55 and was closed at Rs 13.05. Third volume leader PSO surged by Rs 5.50 on a business of 611,800 shares as it opened at Rs 230.50 and was closed at Rs 236. FFC Jordan was marginally down by 5 paisa over 85,000 shares. Engro Chemicals opened at Rs 123.30 and was closed at Rs 123.90 and Fauji Fertilizer gained Rs 2.35 during trading of 35,000 shares.

Among the major gainers, Knoll Pharmaceutical surged by Rs 12, BOC Pak by Rs 8.90, Telecard soared by Rs 7.90, Crescent Steel by Rs 3.25, Millat Tractors was up by Rs 2.50, PEL Appliance and Crescent Modaraba Ist gained Rs 2.40 each, 4th ICP Mutual Fund showed an increase of Rs 2.25 and Sui Northern Gas was plus Rs 2.20.