Islamabad Stock Exchange index witnesses bullish trend

ISLAMABAD: Islamabad Stock Exchange (ISE-10) on Tuesday witnessed bullish trend as the index gained 18.48 points to close 2477.17 against the trading of previous day.

Senior Stock Analyst, Ismail Iqbal Pvt Ltd, Zaheer Ahmed told APP that the announcement of corporate results caused the positive sentiments in the local equity bourse.

He said that Pakistan Petroleum Limited (PPL), Lucky Cement, Bank Alfalah (BAFL), DG cement and MCB announced the best earning while the earning of Kapco and Nishat Power was not satisfactory.

MCB has announced the earning per share (EPS) of Rs18.55 and dividend of Rs3 per share for 3rd quarter of the current year.

Analyst, Association of Investors' Awareness, Faheem Akhtar said that the volatile session was observed in ISE with index gaining and subsequently loosing points from the day high.

He said that the day commenced with investors interest in blue chips trading with good valuations and later some profit taking and exit from market took the index in almost same position from where started.

Some results of significant nature were announced in which MCB reported an EPS of 18.55 for first nine months of current year which was slightly below the expectation and PPL 1st quarter 2011 EPS was 7.52 in line with analyst expectations.

While United Bank Limited (UBL) and BAFL reported EPS of 8.95 and EPS of 2.22 for nine months of 2011.

Total shares traded were 42,100, which was up by 10,932 as compared to previous day's trading.

Out of 124 companies, the price of 53 was decreased while the price of 71 decreased.

The price of top gainer Premier Sugar was increased by Rs.2.10 while the price of top loser decreased by Rs.107.99.

Fatima Fertilizer, Arif Habib Corporation (AHCL) and Engro Corporation remained volume leaders on Tuesday, with volume of 17,200, 5,000 and 3,400 shares respectively.

Copyright APP (Associated Press of Pakistan), 2011