Islamabad Stock Exchange index witnesses bearish trend

ISLAMABAD: Islamabad Stock Exchange (ISE-10) on Wednesday witnessed bearish trend as the index closed at 2640.64 after losing 7.76 points as compared to a day earlier's closing.

Senior Analyst, Association for Investors' Awareness, Fahim Akhtar told APP that the local markets was seen as dull, lackluster and directionless with picking of attractive stock with good yield during Wednesday session.

The role and participation of Foreign Investors Portfolio Investment (FIPI) and funds will remain significant particularly fertilizer stocks appreciating with the price hike in market price of product by leading companies and anticipation of analyst for affected earning of banks with lower interest rate.

Equity Dealer, Ismail Iqbal Pvt Ltd, Jeewan said that market also sought some catalyst for upward movement with existing good valuations in many blue chips and asked cautious investment plan implementation taking into account to wait and watch on political relationship front.

He added hat MCB is oversold and getting into attractive level for long term investment for high capital gains.

Total shares traded were 116,199, which were down by 220,386 against trading of a day earlier.

Out of 125 companies, the price of 60 increased while the price of 64 decreased and price of one remained unchanged.

The price of top gainer Bhanero Texile was increased by Rs12.21 while the price top loser Siemen Engineering decreased by Rs25.81.

Fatima Fertilizer, Bank of Punjab (BOP) and Lotte PTA remained volume leaders on Wednesday, with volume 25,600, 25,400 and 17,000 shares respectively.

Copyright APP (Associated Press of Pakistan), 2011