ISE witnesses bearish trend

ISLAMABAD: Islamabad Stock Exchange (ISE-10) on Monday witnessed bearish trend as the index fell to 5.45 points to close at 2,543.21 as against trading of previous day.

Senior Equity Dealer, Ismail Iqbal Pvt Ltd, Zaheer Ahmed told APP that the decline in the Asian Markets caused negative impacts in the local markets.

He said that the investors was expecting major announcement by the government regarding the resolution of circular debt and it would improve the liquidity of Pakistan State Oil (PSO).

The local investor, Tousif said that the reason of this bearish trend was continuously the off-loading the positions by foreign investors whenever the index got strength.

Stock Analyst, First National Equity Pvt Ltd, M.M Hassan said that the local equity markets remained range-bound because the major institutions did not take positions.

He said that the government's decision for concession of Capital Gain Tax (CGT) in coming days would improve the participation of the investors in the local markets.

Fauji Fertilizer Bin Qasim (FFBL), Fauji Fertilizer Corporation (FFC), Fauji Cement Company (FCCL) Fatima Fertilizer and OGDCL remained favorite scrips for the investors in the local equity markets.

Total shares traded were 312,401, which was up by 99,001 by compared to previous day's trading.

Out of 124 companies, the price of 45 was increased while the price of 79 decreased.

The price of top gainer Unilever Pakistan was increased by Rs. 30.18 while the price of top loser Siemens Engineering decreased by Rs. 44.19.

Bank of Punjab (BOP), Fauji Cement Company (FCCL) and D.G Khan Cement remained volume leaders on Monday, with the volume of 92,001, 50,000 and 50,000 shares respectively.

Copyright APP (Associated Press of Pakistan), 2011