ISE index gains 81.27 points

ISLAMABAD: Islamabad Stock Exchange (ISE-10) on Monday witnessed bullish trend as the index was up by 81.27 points to close as compared the trading of previous day.

Senior Equity Dealer, Ismail Iqbal Pvt Ltd, Zaheer Ahmed told APP that the cut on discount rate by 150 basis points (bps) led the bullish rally in the local stock markets.

He said that the major beneficiary is the Fertilizer and Power sectors or independent Power Producers (IPPs) because these companies run their business the leverage.

Among the other companies, Kapco and Engro will take major benefit from this cut on discount rate announced on October 8.

Stock Analyst, Association for Investors' Awareness, Fahim Akhtar said that the markets were expecting the cut on discount rate upto 100 pbs but it went down to 150 pbs.

He said that this would create a positive atmosphere for the private sectors to avail loans at nominal rate.

He added that this is positive steps by government and cut on discount rate would increase earning of major beneficiary companies.

Total shares traded were 194,200, which was down by 37,200 as compared to the closing of previous day.

Out of 133 companies, the prices of 92 were increased while that of 41 decreased.

The price of top gainer unilever was increased by Rs31.44 while the price of top loser Sitara Chemical decreased by Rs3.61.

PTCL, Bank of Punjab (BoP) and Fatima Fertilizer remained volume leaders on Monday, with volume of 88,000, 21,000 and 15,600 shares respectively.

Copyright APP (Associated Press of Pakistan), 2011