ISE-10 witnesses bearish trend

ISLAMABAD: The Islamabad Stock Exchange (ISE-10) witnessed bearish trend here on Tuesday, as the index ended 12.75 lower points at 2772.74 as compared to trading of previous day.

Manager First National Equity Islamabad, M.M Hassan said that despite bearish trend, scrip of MCB were remained favorite in the markets because MCB bank announced 1st Half 2011 earning per share (EPS) of Rs12.6 as compared to EPS of Rs9.5 last year,which was up by 33 per cent.

He added that many investors preferred to hold stance on MCB at current levels because the scrip is currently trading at 2011 pricing earning ratio (PE) of 8.1x with dividend yield of 6 per cent.

Senior Equity Dealer, Ismail Iqbal securities Pvt Ltd, Zaheer Ahmed told APP that the investors stayed away to take fresh position in the markets because monetary policy of State of bank was to be announced on July 30, 2011.

He said that the process financial results of corporate sectors was started as positive results announced by MCB Bank and tomorrow would be the turn of FFBL.

He further said that this would bring bullish trend in the stock markets.

In today's trading a total 46,525 shares were traded, which were up by 20,525 as compared to 26,000 shares traded previous day.

Out of 129 companies shares, the price of 47 companies increased while the price of 82 decreased.

The price of top gainer Blessed Textile was increased by Rs4.20 while price of top loser Unilever Pakistan decreased by Rs102.76.

Fauji Fertilizer Bin Qasim (FFBL), Lote PTA and Bank Alflah (BAFL) were remained volume leaders on Tuesday with volume of 26,500, 10,000 and 7,000 respectively.

Copyright APP (Associated Press of Pakistan), 2011