ISLAMABAD: Islamabad Stock Exchange (ISE-10) on Friday witnessed bullish trend as the index gained 1.19 points to close at 2,592.95 as against the closing of a day earlier.
Stock Analyst, First National Equity Pvt Ltd, M.M Hassan told APP that after being the political situation normal, the local equity markets performed well.
He said that crude oil prices rebounded and trading around 80 appeared to be a savior against any big nose down in oil based heavy index of our exchanges with good current valuations in oil stocks.
He added that banking sector also seemed stable with annual results scheduled in January and February with clear sector growth coming.
Senior Equity Dealer, Ismail Iqbal Pvt Ltd, Zaheer Ahmed told APP that the local equity market remained range-bound because the investors were in the wait and see position till monetary policy to be announced tomorrow (Saturday).
He said that fertilizer stock had undergone some profit taking in second session with gas curtailment issues making impacts in giant stocks.
"There were rumors in the market that fertilizer companies might reverse their recent price increase or to some extent concession of tax by government after a meeting on Thursday, in Islamabad", he added.
Total shares traded were 157,000, which was down by 74,868 as compared to trading of previous day.
Out of 139 companies, the price of 79 was increased while the price of 60 decreased.
The price of top gainer Bhanero Textile was increased by Rs 11.19 while the price of top loser Siemens Engineering decreased by Rs. 45.81.
Arif Habib Corporation (AHCL), PTCL and Bank of Punjab (BOP) remained volume leader on Friday, with volume of 61,000, 35,000 and 25,000 shares respectively.
Copyright APP (Associated Press of Pakistan), 2011
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