ISE-10 witnesses bearish trend

ISLAMABAD: Islamabad Stock Exchange (ISE-10) on Wednesday witnessed bearish trend as the index shed 6.68 points to close at 2,600.97 as compared to trading of previous day.

Senior Equity Dealer, Ismail Iqbal Pvt Ltd, Zaheer Ahmed told APP that the due to current political situation in the country, the local equity markets remained under pressure.

He said that despite this situation, the fertilizer sector remained favorite as the major institutions took positions in this sector on the hope of the better earning in future because of the current rise in price of urea by the this industry.

Stock Analyst, First National Equity Pvt Ltd, M.M Hassan said that the profit-taking caused the local markets to remain range- bound.

He said that today (Wednesday) the markets had touched the high 12000 of index and then bearish trend was witnessed in last because of profit-taking by the major investors.

"There was no such negative sentiments in the local equity markets in the near future", he added.

Total shares traded were 360,170, which was up by 25,366 as compared to closing a day earlier.

Out of 119 companies, the price of 57 was increased while the price of 62 decreased.

The price of top gainer Unilever Pakistan was increased by Rs. 24.00 while the price of top loser Linde Pakistan decreased by Rs. 4.29

PTCL, Nishat Mills (NML) and D.G Khan Cement remained volume leaders on Wednesday, with volume of 90,000, 83,850 and 60,000 shares respectively.

Copyright APP (Associated Press of Pakistan), 2011