ISLAMABAD: The Islamabad Stock Exchange (ISE-10) witnessed bullish trend here on Tuesday, the index closed at 2,444.75 after gaining 22.56 points as compared to previous day.
Senior Equity Dealer, Ismail Iqbal Pvt Ltd, Zaheer Ahmed told APP that last 25 minutes before closing the markets, the on news of approval of proposalby Economic Coordination Committee (ECC) in the increase in profit margin of Oil Marketing Companies (OMCs) converted negative sentiments into positive sentiments in stock markets.
He said that the approval of the proposal would increase earning per share of Pakistan State Oil (PSO), Shel and Attock Petroleum (APL) by roughly Rs. 9.50, 7.00 and 3.50 respectively.
Manager, First National Equity Pvt Ltd, M.M. Hassan said that the news of the increase in the profit margin for OMCs witnessed bullish trend especially oil sectors.
He further said that majority scrips were oversold in the stock markets when compared to their expected earnings to be announced and the news attracted the sidelined investors to take positions.
"Long term investor had accumulated blue chip in huge quantity when showed weakness", he added.
Total shares traded were 22,200, which was up by 18600 as compared to previous day's trading.
Out of 97 companies, the price of 46 was increased while the price of 51 decreased.
The price of top gainer Unilever Pakistan was increased by Rs.250.11 while the price of top loser Millat Tractor decreased by Rs.26.97.
Allied Bank of Pakistan, Bank of Punjab and Attock Refinery remained volume leaders in today's trading with volume of 8,000, 7,500 and 4,000 respectively.
Copyright APP (Associated Press of Pakistan), 2011
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