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Bulls stay on ISE

RECORDER REPORT

ISLAMABAD: Bulls remained in a commanding position on the Islamabad Stock Exchange as the equities scored handsome gains under the umbrella of chemical, communication and polyester sectors.

Values rose on the second consecutive day as brisk trading was observed in the single session of the last trading day.

The market saw fresh spree of buying during the pre Eid-ul-Azha positive rally as bullish sentiment resulted in across-the-board healthy activity.

Only morning session was held on Thursday as financial institutions and foreign investors appeared to be out of the game for a while.

ISE Network index showed an increase of 88.94 points as the composite index of the bourse closed at 6,514.25 points.

Absence of major players and speculative forces contracted the overall turnover to 6,798,110 shares as compared to previous volume of 8,362,920 shares.

The horizon of trade contracted to 101 shares as compared to 173 quoted companies on Wednesday. Gainers outclassed losers in a clear ratio of 101:15 while 27 stagnant stocks refused to observe any change.

The market was again led by usual trio of PTCL, ICI Pakistan and FFC Jordan as evident from their trade volume.

The overall volume of Pakistan Telecommunication Company Limited contracted to 5,592,500 shares as compared to Wednesday's turnover. High technology stock of Communication sector, the volume leader, managed to close in plus territory. Second trendsetter ICI Pakistan showed positive signs throughout the single session with a volume of 686,000 shares across the board.

The market driver ICI opened at Rs 17.50 and was closed around Rs 19. Third hot favourite FFC Jordan remained higher with a volume of 215,500 shares. FFC Fertilizer started the day at Rs 14.85 and was finally closed at Rs 15.70 by the end of the day.

Brokers said the market resumed trading on an extraordinary bullish note as fresh buying in the ICI Pakistan, PTCL and other stocks of Polyester, Synthetic and Rayon sectors encouraged the ready-board activity. The market remained in plus territory throughout the single session and market finally closed on a positive note.

They said blank sellers and margin hunters did not participated in the trading of PSO because its spot position. However, other scrips of Fuel and Energy sector moved in upward column with moderate volume. Slight selling pressure was observed in speculative scrips because the forthcoming Eid-ul-Azha holidays. Short-term margin hunters and small investors preferred to offload their position to book available margins.

They said the PTCL, ICI Pakistan and Dewan Salman remained star performer of the day. However, Engro Chemicals, Sui Northern Gas and Sui Southern Gas remained active throughout the first session.

Among the major gainers, Lever Brothers showed an increase of Rs 61 while its counterpart 1st Pak Modaraba was at no one among the losers.