ISE-10 witnesses bearish trend

ISLAMABAD: The Islamabad Stock Exchange (ISE-10) on Wednesday witnessed bearish trend, the index closed at 2447.69 with 6.46 points lower as compared to previous day's trading.

Senior Equity Dealer, Ismail Iqbal Pvt Ltd, Zaheer Ahmed told APP that the equity market remained range-bound because in keeping a view floods situations in the country, the investors off-loaded major positions for profit-taking.

He said that due to major buying participation by local and foreign institutions, markets were bullish for last three consecutive days because before Eid session it remained at oversold position.

Stock Analyst and President, Association for Investors' Awareness, M.M.Hassan said that institutional and foreign buying numbers yielded bullish sentiment in the local equity markets in the beginning but later it remained range-bound.

He said that international Market pressure and political concerns in the country remained sore point and concern for Bull Run along with dull volumes which was a termite for the market.

He added further that NETSOL in the back drop of annual result announcement and Engro Foods with sound fundamental outlook remained top pick.

Total shares traded on Wednesday were 54,942, which were up by 37,217 as compared to the previous days trading.

Out of 117 companies, the price of 68 companies increased while that of 49 companies decreased.

The price of top gainer Unilever Pakistan was increased by Rs15.00 while the price of top loser Milat Tractors decreased by Rs17.62.

Lottee Pakistan PTA, Bank of Punjab and Fatima Fertilizer remained volume leader on Wednesday, with volume of 26,000, 10,000 and 5,000 shares respectively.

Copyright APP (Associated Press of Pakistan), 2011