ISE-10 witnesses bearish trend

ISLAMABAD: The Islamabad Stock Exchange (ISE-10) witnessed bearish trend here on Tuesday as the index fell to 29.86 points to close at 2301.77 as compared to a day earlier.

Senior Equity Dealer of Ismail Iqbal Pvt Ltd Zaheer Ahmed told APP that due to the crisis in the international markets and prevailing situation in Karachi, the local stock markets were dominated by negative sentiments.

He said that despite this situation, the institutions had took position in fertilizer, selected scrips of power and Pakistan Oil fields.

"Both lower levels of index and the best dividend yields attracted the both local institutions and foreign institutions to accumulate selected scrips for long-term investment", he added.

According to the National Clearing Company of Pakistan Limited (NCCPL), the net buying by Foreign Investors Portfolio Investment (FIPI) was witnessed worth US$ 2.322 million.

Stock analyst and member of Association for Investors' Awareness (AIA) Fahim Akhtar said that the call for a mourning day in Karachi caused bearish sentiments in local markets.

He said that the selling at international front and record buying in gold was another factor which caused negative sentiments in local stock markets.

In today's trading, 8,900 shares were traded, which were down by 25,770 as compared to previous day's trading.

Out of 85 companies, the prices of 39 increased while that of 46 decreased.

The price of the share of top gainer Pakistan Oilfields (POL) increased by Rs.8.17 while the price top loser Unilever Pakistan decreased by Rs.46.04

Lotte Pakistan PTA, Pakistan Oilfields (POL) and Fauji Fertilizer Company Limited (FFC) remained volume leaders in today's trading with volume of 3,000, 2,500 and 1,200 shares respectively.

Copyright APP (Associated Press of Pakistan), 2011