ISE-10 witnesses bullish trend

ISLAMABAD: The Islamabad Stock Exchange (ISE-10) here on Wednesday witnessed bullish trend as the index was up by 16.33 points to close at 2,446.07 as compared to the pervious day's trading.

Senior Equity Dealer, Ismail Iqbal Pvt Ltd, Zaheer Ahmed told APP that the circulating rumors of generating of Rs200 billion by the government through Pakistan Investment Bond (PIB) auctions to resolve the issue of circular debt caused positive sentiments in the local bourse.

He said that due to this, 50 basic points of interest rate would likely be decreased from 13.50 per cent to 13 per cent in the upcoming monetary policy of State Bank of Pakistan.

The major buying witnessed in oil sectors especially Pakistan State Oil (PSO) because it was the main beneficiary of resolving of circular debt.

Stock Analyst and President, Association for Investors' Awareness, M.M Hassan said that the local equity market remained rang-bound because of concerns of investors of bearish trend in European markets due to Greek Debt and recent Floods in the country.

He said that the market was 45 points negative at the points but at the closing it was positive due to major participation by the investors at lower level of the index.

He further said that the major participation witnesses in the some selected counters especially in Fertilizer and Oil sectors because those were still at oversold position.

Today, total shares traded were 34,319, which were up by 17,169 as compared to previous day's trading.

Out of 113 companies, the price of 59 was increased while the price of 54 decreased.

Lotte PTA Pakistan, National Bank of Pakistan (NBP) and Pakistan Oilfields (POL) were remained volume leaders on Wednesday, with volume of 30,000, 2,000 and 1,000 shares respectively.

Copyright APP (Associated Press of Pakistan), 2011