ISE witnesses bullish trend

ISLAMABAD: Islamabad Stock Exchange (ISE-10) here on Monday witnessed bullish trend as the index closed at 2412.60 with the 35.15 points higher when it was compared to previous day's trading.

Senior Equity Dealer, Ismail Iqbal Pvt Ltd, Zaheer Ahmed told APP that the major participation of investors caused positive sentiments in the local markets after Eid holidays.

He said that majority of these were intra-day traders who took positions at the opening of local markets and at end of day, they off-loaded their major positions for profit-taking.

He added that the local market remained at oversold stage due to consecutive bearish trend during Ramadan.

Stock Analyst and member, Association for Investors' Awareness, M.M Hassan told APP that despite bearish trend in international market, the institutional buying supported local stocks at attractive values of scrips at lower level of index.

He said that NETSOL remained favorite scrips in the local market because of the best dividend yield.

He added that major buying was witnessed in Pakistan Petroleum Limited (PPL),Pak LOTPTA PTA and Fauji Fertilizer Corporation (FFC) for long term investment.

Total shares traded were 71,799, which was down by 75,483 as compared to previous day's trading.

Out of 123 companies, the price of 66 were increased while the price 57 decreased.

The price of top gainer National Refinery was increased by Rs.6.93 while the price of top loser Unilever Pakistan decreased by Rs.156.10.

D.G Khan Cement,Arif Habib Corporation (AHCL) and Attock Refinery (ATRL) remained volume leaders here on Monday, with volume of 49,000, 6,000 and 3,499 shares respectively.

Copyright APP (Associated Press of Pakistan), 2011