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Bearish trend on ISE

RECORDER REPORT

ISLAMABAD: Equities moved in downward direction on the Islamabad Stock Exchange where bears demonstrated their presence amid decrease in index.

Trendsetters moved in a narrow band as weak hands and speculative forces offloaded their positions with short-covering in selected blue chips.

ISE Network index was down by 29.22 points as the psychological barrier stayed between 6,485.49 and 6,456.27 points.

The overall volume was higher to 9,826,640 shares as compared to previous turnover of 9,564,620 shares.

In total 158 stocks participated in changing hand activity across the ready-board.

Losers outnumbered gainers in a clear ratio of 69:56, while 33 stocks did not observe any change throughout both morning and evening sessions.

Market driver PTCL opened at Rs 32.70 and was closed at Rs 32.80. High technology stock of communication sector was up by 10 paisa during trading of 8,054,500 shares. Second volume leader ICI Pakistan shed 20 paisa over 775,500 shares as it started the day at Rs 17.85 and was closed at Rs 17.65. Third hot favourite PSO showed an increase Rs 3.50 on a business of 521,300 shares. PSO resumed trading at Rs 241.50 and was closed at Rs 245. FFC Jordan opened at Rs 14.25 and was closed at the same rate. FFC Fertilizer remained glued to its previous level over 108,000 shares. Engro Chemicals opened at Rs 88.01 and was closed at Rs 87.75.

Shafquat Ali Shah of Progressive Investment Management said market opened on a weak note following the announcement of Nawaz Sharif's verdict on April 6. Leading players and weak holders were confused on this news and were not able to exactly predict the direction of the market in coming sessions.

The market remained in minus zone throughout the first session with selling pressure in core scrips. The second spell opened again on a depressed note as cautious players preferred to remain at the sidelines. However, evident buying was witnessed in the PSO, which took the entire board to upward direction.

Fresh buying orders in PSO dragged the index from minus 22 points to positive territory and supported the ready-board activity. Active short covering was observed in the PTCL and Hubco in the last trading hours and market finally closed on a depressed note.

He said nobody knows about the decision of Nawaz Sharif case and genuine players have avoided to take fresh positions and adopted wait-and-see policy.

Fuel and energy moved both ways as DG Khan Electric and Kohinoor Energy shed 20 paisa each, while SG Power gained 95 paisa, National refinery gained 30 paisa, Kohinoor Power 15 paisa, KESC and Sui Northern Gas were plus by 10 paisa each.

In banking sector, Bank of Punjab was plus by Rs 8.25, MCB soared by Rs 1.10, Metrpolitan bank surged by 95 paisa, Union Bank 65 paisa, Crescent Inv Bank gained 55 paisa, Prime Commercial Bank showed an increase of 30 paisa. On the other hand, Jehangir Siddiqui and Co was minus by Rs 1.25, Picic and Bank Al Habib were down by 30 paisa each, Security Investment Bank and First Capital Security lost 25 paisa.

Among the top winners, Philips Industries was surged by Rs 11 while Lever brothers shed Rs 13 as major loser of the day.