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Bulls hold sway on ISE

Recorder Report

ISLAMABAD: Bulls invaded the floor of Islamabad Stock Exchange where financial institutions and genuine investors booked fresh deals in blue chips amid increase in index.

Brokers termed the present buying spree as a result of rumors injected by speculative forces in order to move the market according to their wishes. Genuine buyers and weak-holders got a chance to re-enter the ring with a bang in the second spell on Thursday.

The ISE network index showed recovery of 41.26 points as the price-based indicator moved from 6,383.46 points to 6,424.72 points.

The overall turnover moved from 10,593,620 shares to 11,357,240 shares.

In total 162 stocks participated in trading activity across the ready-board.

Gainers and losers had a close fight at a ratio of 74: 62 respectively, while 26 stocks remained glued to their previous levels.

High technology blue chips PTCL surged by 70 paisa on a business of 9,895,500 shares as it resumed trading at Rs 30.60 and was sold at Rs 31.30. Second hot favourite ICI Pakistan showed an increase of 75 paisa during trading of 462,000 shares. ICI started the day at Rs 13.80 and was finally closed at Rs 14.55. Third volume leader PSO surged by Rs 16.50 over 321,700 shares as it opened at Rs 240 and was closed at Rs 256.50. FFC Jordan shed 10 paisa on a business of 75,000 shares. FFC Fertilizer resumed trading at Rs 13.40 and closed at Rs 13.30. Engro Chemicals gained Rs 2.50 and Fauji Fertilizer shed 40 paisa in its value.

ISE Director Ch. Ijaz Ahmed said that Islamabad Stock Exchange started the day on a better note as fresh buying was witnessed in PTCL, PSO and Hubco in the morning. The market failed to sustain positive rally as jobbers and margin hunters squared their positions.

The market moved in minus territory and remained in negative territory by the end of first session. The second session resumed on a healthy note as the rumour that President Clinton has decided to visit Pakistan hit the floor. The rumour was so strong that the market rebound in no time and witnessed broad-based recovery. It remained in plus column and finally closed on a bullish note. Major recovery was observed in Fuel, Energy and Communication sectors.

The Synthetic and Rayon sector showed mixed trend as Dewan Salman soared by 25 paisa, Pak Synthetic was up by 70 paisa, Dhan Fibres gained 10 paisa, while Gatron Industries shed Rs 1.50 and Indus Polyester was minus by five paisa.

The Fuel and Energy sector remained in positive territory as Pakistan Oilfields gained Rs 9, Mari Gas Ltd. soared by Rs 2, National Refinery showed an increase of Rs 1.45, Sui Northern Gas surged by 65 paisa, Sui Southern Gas gained 45 paisa and D.G. Khan Electric gained 35 paisa in its value.