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ISE index up 29.03 points

RECORDER REPORT

ISLAMABAD: Equities marched upward at the Islamabad Stock Exchange on Tuesday where fresh buying in trendsetters expanded the overall volume amid increase in index.

Buying spree in the last hour trading expanded the overall turnover to 9,876,310 shares as compared to previous volume Rs 7,514,200 shares.

ISE Network index gained 29.03 points as the psychological barrier managed to stay between 6,405.38 to 6,434.41 points.

Out of 168 companies quoted on the ready-board, 82 were gainers, 52 stocks closed in minus zone while (34) stocks refused to observe net change.

The heavyweight PTCL surged by 40 paisa on a business of 8,282,500 shares. Telecom blue chip opened at Rs 32.70 and closed at Rs 33.10. Second hot favourite ICI Pakistan surged by Rs 1.65 during trading of 961,000 shares as it opened at Rs 16 and finally closed at Rs 17.65. Third trendsetter FFC Jordan opened at Rs 13.80 and closed at Rs 13.75. FFC Fertilizer was marginally down by 5 paisa over 115,500 shares. Engro Chemicals resumed trading at Rs 88.20 and closed at Rs 87.25 and Fauji Fertilizer gained 60 paisa over 6,000 shares.

Zahid Latif Khan of Zahid Securities said that market started the day on a depressed note as weak holders and margin hunters adopted wait and see policy in the morning session. The reverse rallies for the last few days and Spot position of PSO forced the players to remain at the sidelines. The bears dominated the changing hand activity by the end of first session. The market still showed negative signs due to the murder of the defense counsel of former prime minister Nawaz Sharif. However, market managed to recover in the last hour trading due to the fresh buying in safe heavens like ICI Pakistan, PTCL and Hubco. Slight short-covering in top runners was also observed by the end of the day. The small players followed the same suit and market finally closed on a better note.

He said that Banking, Fuel, Energy and Communication sectors recovered with expansion in trade volume.

Synthetic and Rayon sector remained in positive zone as Dewan Salman Fibers showed an increase of Rs 1.55, Dhan Fibers and Pak Synthetics gained 45 paisa each.

Mixed trend was observed in the Fuel and Energy sector as Sitara Energy surged by Rs 1.50, Sui Northern Gas soared by 55 paisa, Sui Southern Gas up 40 paisa, Kohinoor Power showed an increase of 50 paisa, KESC up by 35 paisa, Southern Electric gained quarter of a rupee, while Pakistan State Oil shed Rs 4, Pakistan Oilfields was minus by Rs 2 and National Refinery lost Rs 1.25.

In Banking sector, JOV and Co showed an increase of Rs 4, Bank of Punjab surged by Rs 1.25, PICIC up 65 paisa, Muslim Commercial Bank up by 60 paisa, Al-Faysal Inv. Bank was plus by half a rupee, Askari Commercial Bank gained 45 paisa and Bank Al Habib gained 35 paisa in its value.