ISE-10 witnesses bearish trend

ISLAMABAD: The Islamabad Stock Exchange (ISE-10) witnessed bearish trend here on Thursday, as the index fell to 42.67 points at 27,15.76 as compared to previous day.

Manager First National Equity Islamabad, M.M. Hassan said that stock markets had witnessed bearish trend because foreign investors started to book profits at this level of index.

He added that positive corporate results of majors’ scrips like MCB, FFBL and Lucky Cement boosted the confidence of investors.

Senior Equity Dealer, Ismail Iqbal Securities Pvt Ltd, Zaheer Ahmed told APP that profits taking by big institutions had caused panic selling in the market.

He said that Pakistan largest cement company Lucky Cement (LUCK) were remained favourite for investors on Thursday because it is expected to show an improvement of 14 percent in its earnings to Rs3.57bn and earning per share Rs11.07 in financial year 2011.

Total shares of 158,268 were traded, which were down by 112,538 shares as compared to previous day.

Out of 117 companies, the price 31 was decreased while the price of 86 decreased.

The price of top gainer National Refinery was increased by Rs3.54 while the price of top loser decreased by Rs53.84.

Bank of Punjab, Lotte Pakistan and Maple Leaf Cement were remained volume leaders on Thursday with volume of 116,068, 17,000 and 11,100 respectively.

Copyright APP (Associated Press of Pakistan), 2011