ISE-10 witnesses bearish trend

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ISLAMABAD: The Islamabad Stock Exchange (ISE-10) on Monday witnessed bearish trend as the index closed at 2,418.19 after losing 0.31 points as compared to previous day's trading.

Manager of First National Equity Pvt Ltd, M.M. Hassan told APP that extra ordinary pressure in Asian markets and buying of gold had turned sentiments negative in the local markets.

He said that despite this, selected scrips remained favourites in local markets like shares of refinery, power and banking sectors.

Senior Equity Dealer, Ismail Iqbal Pvt Ltd, Zaheer Ahmed said that the fear of recession in the international markets caused bearish trend.

He said that investors preferred to be sidelined during the trading session and this caused low volume in the markets.

According to the National Clearing Company of Pakistan Limited, foreign selling was witnessed worth 0.834 million dollar while a few local institutions had taken positions at lower level of index.

Ahmed said that majority of investors were expecting markets positive, because of buying by local institution at lower level of index and expectation of positive results of blue chips companies to be announced in this week.

Total shares were 3,600 were traded on Monday, which were down by 25,900 as compared to previous day's trading.

Out of 106 companies, the price of 29 increased while the price of 77 decreased.

The price of top gainer National Refinery was increased by Rs6.43 while the price of top loser decreased by Rs261.49.

Fauji Fertilizer Bin Qasim, Attock Refinery and Engro Corporation remained top volume leaders with 1,500, 1,000 and 1,000 shares respectively.