ISE-10 witnesses bearish trend

ISLAMABAD: The Islamabad Stock Exchange (ISE-10) here on Monday witnessed bearish trend as the index suffered fall of 4.66 point and closed at 2346.16 as compared to closing of previous day's trading.

Stock Analyst and Member, Association for Investor's Awareness, Faheem Akhtar told APP that the bearish trend in last session of international markets before week end close down and with limited sessions left before 4-5 days off caused dull sentiments in the local stock markets on Monday.

He said that market was around 140 points negative at the time of opening but the buying in heavy weight index shares recovered the index at the time of closing.

The price of one of heavy weight index share Nestle Pakistan was increased by Rs153.88 on the turnover 65 shares.

According to the National Clearing Company of Pakistan (NCCPL), the net buying by Foreign Investors Portfolio Investment (FIPI) was witnessed worth 0.726 million dollar.

Senior Equity Dealer, Ismail Iqbal Pvt Ltd, Zaheer Ahmed said that initiating of revision of first phase of margin witnessed bullish trend in selected scrips of oil sectors.

He said that with 13-16 paisa per liter increase in petrol and diesel margins, Pakistan State Oil (PSO)'s annualized earnings would improve by Rs4-5 per share and similarly, annualized earnings of Attock Petroleum Limited (APL) would improve by Rs1.5per share.

He said that the selling pressure in National Bank of Pakistan (NBP) due to the concerns of the investors of the increasing non-recovery loans caused again NBP to pass through another lower circuit breaker at Rs36.18 on the turnover of 7.65 million shares.

In today's trading, total 150,684 shares were traded, which was up by 99174 as compared to previous day's trading.

Out of 115 companies, the price of 66 was increased while the price of 48 decreased.

The price of top gainer Sitara Chemicals was increased by Rs4.35 while the price of top loser Fazal Textile decreased by Rs14.97.

D.G Khan Cement, Netsol and Attock Refinery remained volume leaders here on Monday, with volume of 138,199, 6,910 and 2,000 respectively.

Copyright APP (Associated Press of Pakistan), 2011