Wednesday, June 15, 2016

SSUET budget for 2016-17 passed

By Abdul Qadir Qureshi
(Pakistan News & Features Services)

The Sir Syed University of Engineering and Technology (SSUET), Karachi, has passed its budget for the financial year 2016-17.

The budget, passed in a meeting of Board of Governors, was chaired by Vice-Chancellor Prof Dr Jawaid H. Rizvi, brought in its folds two gladdening news for the university’s employees and staff. 

The Board approved the revision of pay scales, an issue which was pending for the last many years, and also announced the launch of health insurance for the employees. 

The approval of these two benefits was the fulfillment of commitment made by Chancellor Jawaid Anwar in his very first speech made after having assumed the office. 

Chancellor Jawaid Anwar had announced to work for upgradation of the university to highest levels under a well conceived planning. 

The board also gave go ahead for purchase of additional lab equipment and carrying out various development schemes. 

Funds were also approved for award of scholarships, Faculty development/new campus, financial incentives to Faculty for carrying out research projects. 

Allocation has also been made for the SSUET’s Research Innovative and Commercialization Centre, which has now been made fully functional under Dr Rabia Inam.

Monday, July 6, 2015

US think-tank develops report on Pakistan economy


By Abdul Qadir Qureshi
(Pakistan News & Features Services)

The Heritage Foundation, a US think tank, has developed a detailed document on the economical conditions of Pakistan and what actions the government of Pakistan must immediately take to revive the economy.

The document has been authored by Huma Sattar, a visiting Pakistani scholar, and James Roberts, senior analyst at the Heritage Foundation, with the title of the special report being ‘Pakistan’s economic disarray and how to fix it’ whose launching event was held on July 1 at the Lehrman Auditorium in Washington DC. 

Huma Sattar remarked on the ocassion that corruption, poor rule of law, regulatory inefficiencies among the myriad of problems that ail the Pakistani economy today have hindered sustainable growth and will continue to do so until the government implements structural reforms to overhaul the tax system and deregulate sectors such as the power sector. 

A large number of experts academia media people and others attended the event and talked about the report. 

Marc Schleifer, Director of Eurasia and South Asia, Center for International Private Enterprise Michael Kugelman, Senior Program Associate for South and Southeast Asia, Woodrow Wilson Center Mark Karns Multi-Sector, Advisor to the Office of Afghanistan and Pakistan Affairs of USAID, were other experts to have shared views in the panel discussion. Lisa Curtis conducted the programme.

Tuesday, April 22, 2014

SECP initiates 86 show-cause proceedings against compamies

The SECP’s Enforcement Department— while enforcing compliance of corporate and allied laws— initiated 86 show-cause proceedings and concluded 54 proceedings against chief executives, directors and auditors of companies in February and March.

While facilitating companies to strengthen their capital base, the department allowed three listed companies to issue shares by way of otherwise than right at a discount and at par.

 In order to strengthen the existing regime of Corporate Social Responsibility (CSR) reporting, the SECP has joined hands with the ICAP for the external assurances of the CSR reports.  CSR reports assist organizations in understanding and communicating their vision of combining a company’s profitability with social responsibility and environmental care. Both the SECP and the ICAP have reaffirmed their commitment to developing a framework for external assurance in accordance with prominent international assurance standards, and within a mutually agreed time frame.

In March 2014, the department organized a joint SECP-ICAP meeting. The issues regarding adoption of the IFRS for SMEs, conversion of ICAP’s Financial Reporting Guidelines into standards for NGOs, accounting issues relating to mutual funds, reforms in practice management regime, and revision of the format of the auditor’s report were discussed in detail. Joint SECP-ICAP committees were formed for further action. Furthermore, a strategy was developed to harmonize the corporate governance regime in Pakistan.

The department accorded approvals and relaxation from certain provisions of laws and rules. The approvals pertained to appointment of cost auditors under the 1998 Companies (Audit of Cost Accounts) Rules, filing of consolidated financial statements, changing the venue of annual general meeting (AGM), printing of computerized national identity card (CNIC) number on dividend warrants, and registering as a group.


In addition, 72 investor complaints pertaining to non-issuance of shares, non-verification of transfer deeds and non-payment of dividends were resolved. 

Thursday, April 10, 2014

SECP takes action against KASB Securities, DJM Securities

The development of transparent and efficient securities market is one of the prime objectives of the Securities and Exchange Commission of Pakistan (SECP). Accordingly, Securities Market Division of the SECP took enforcement actions and penalized the market participants for non-compliance with the regulatory framework during the month of March.

Subsequent to the onsite inspections, enforcement actions were taken against three brokerage houses of the Karachi Stock Exchange Limited. A penalty of Rs500,000 was imposed on KASB Securities Limited primarily for failure to maintain segregation of clients’ assets by the brokerage house. Moreover, a penalty of Rs100,000 was imposed on DJM Securities (Private) Limited  because of  irregularities identified in the calculation of net capital balance. Furthermore, a warning letter was issued to Time Securities (Private) Limited in the same context.

In addition, 12 orders were passed for late filing of returns of beneficial ownership, while directors/beneficial owners of 9 listed companies were penalized under Section 224 (4) of the Companies Ordinance 1984.

During the month, 3 complaints pertaining to listed companies were also resolved. 


Wednesday, February 12, 2014

Criminal proceedings against YS Securities initiated

The Securities and Exchange Commission of Pakistan has filed a criminal complaint in the court of an additional sessions judge, Lahore, against Farooq Younas Khan, director/chief executive, Muhammad Junaid Ahmed, director, and Muhammad Zulsham Younas Khan Sherwani, former director, of the YS Securities and Services (Private) Limited, a former member of the Lahore Stock Exchange.

The complaint has been filed under Section 28 of the 1997 Central Depositories Act and Section 32(5) of the 1997 Securities and Exchange Commission of Pakistan Act, 1997. After examining documentary evidence and recording of the witness statement, the court has summoned the accused for February 22, 2014.

The SECP received numerous complaints against the YS regarding non-payment of funds, non-transfer of shares and closure of its offices without any notice to the LSE. Taking cognizance of the matter, the SECP directed the LSE to take appropriate action against the accused. The governing board of directors of the LSE suspended trading rights of the YS on April 9, 2012, with immediate effect. Subsequently, the board terminated its membership with effect from April 23, 2012.

In exercise of the powers under Section 21 of the Securities and Exchange Ordinance, 1969, read with Section 29 of the SECP Act, the SECP ordered an enquiry against the YS on May 11, 2012, and assigned officers to look into the matter. Moreover, SECP forwarded the names of the accused to the relevant authorities to be placed on exist control list.   

The enquiry report established the fact that the accused did not conduct trading in the clients’ accounts despite receipt of the payments from them. The accused provided false statements to its clients and dishonestly showed their respective shares as “available”, however as per the CDC’s record, the said shares were not available in investors’ accounts.
The accused also moved shares from clients’ CDC-sub-accounts to benami accounts without their authorization, and subsequently misappropriated them in violation of Section 24 of the 1997 CD Act. Furthermore, the accused failed to provide the record and appear before the enquiry team, despite repeated notices issued by the enquiry team under Section 21 of the ordinance and under Section 32 of the SECP Act. As per the enquiry report, 984 complaints/claims of Rs342, 706,769 were filed against the YS with the LSE and the SECP.

Apart from the above, the SECP has also forwarded case to the NAB for action against the accused, and is also providing full assistance to the NAB in this regard.   

Friday, December 27, 2013

Karachi Stocks closes slightly up

With year-end right around the corner, participation remained dull at the bourse. The benchmark index rose by mere 3 points to close at 25370.03 level compared to 25366.69 points of the previous day.
Equity dealer at Topline Securities Asad Siddiqui said positive momentum continued in the cement sector and specially in FCCL, out of 17 listed stocks in the sector 12 closed in the green zone while one remained unchanged. 
On the other hand, profit-taking was seen in oil and gas sector while some pressure was seen in fertilizer stocks barring Engro, which closed with gains of 3pc. FCCL, PTC and PAEL made up for the top 3 volume leaders with trade of 16.7m, 10.2m and 9.7m shares, respectively. KSE-Allshare index shed by 30.02 points or 0.16 percent to end the day at 18690.70 points, KSE-30 share index off by 8.19 points or 0.04 percent to close the day at 18941.99 points while KMI-30 share index misplaced 69.59 points or 0.16 percent to end the day at 42739.21 points.
 
The day turnover of market climbed to 191.970 million shares from 146.610 million shares due to low participation volume settled at Rs 6.331 billion compared to Rs 5.507 billion of a day earlier. Capitalisation of the market stabled at Rs 6.071 trillion after opening at Rs 6.089 trillion. 
Analysts said bullish global stocks and renewed institutional interest in cement and textile stocks on strong earnings outlook on EU grant of GSP Plus status and rising local cement prices played a catalyst role in positive close at KSE. Concerns for rising trade deficit, rising government borrowings and limited foreign interest impacted the sentiments.
During the session out of 401 companies 241 closed in positive and 138 in negative while the value of 22 stocks remained intact. 
Unilever Foods led the downhill trend decreased by Rs 500 to Rs 9500 followed by Nestle Pak off by Rs 399.99 to Rs 7900.01. Siemens Pakistan and Sanofi-Aventis toped the gainers list up by Rs 37.47 to Rs 1444 and Rs 31.56 to Rs 662.82.  With the turnover of 16.664 million shares Fauji Cement led the active list off by Re 0.08 to Rs 15.30. PTCLA was on the seconds position with 10.211 million shares shed by Re 0.43 to Rs 30.87. It was followed by Pak Elektron Ltd with 9.689 million shares as it closed at Rs 20.15 after opening at Rs 19.80, Maple Leaf Cement with 9.535 million shares decreased by Re 0.40 to Rs 26.68 and DGK Cement with 8.248 million shares grew by Re 0.34 to Rs 85.23. (Nation)

Saturday, December 7, 2013

Karachi Stocks 100 index tests 25,000 pts in intraday, closes 70 pts up

The Karachi stock market on the last trading day of the week Friday made an intraday high of 25,000 points for the first time in the history of Pakistan and closed below the said level with a rise of 70 points.

Analysts cited hopes for improved Indo-Pak bilateral relations and interest of international investors in setting up power plants in Pakistan as the main reasons for the positive trend.

The Karachi Stock Exchange (KSE) 100-share index gained 69.86 points or 0.28 percent to close at 24,870.55 points as compared to previous session’s 24,800.69 points. The KSE 30-share index rose 10.48 points to close at 18,624.99 points as against 18,614.514 points. 

“After testing the psychological level of 25,000 points the index was seen scaling back to close at 24,870 points,” said Habib Metropolitan Financial Services’ Muhammad Sultan. “During the second session the index pared gains posted earlier in the day, largely driven by profit-taking by risk averse investors.” 

The analyst believed positive sentiments will drive the market upwards; however negative headwinds emanating from pressure on foreign exchange reserves and a depreciating currency can be inimical triggers to watch out for. The 100-share index might test 25,000 points and can possibly cross that barrier.

The market turnover went up 27.94 percent and traded 241.17 million shares as against 188.49 million shares of the previous session. The overall market capitalisation gained 0.18 percent and traded Rs 6.013 trillion as compared to Rs 6.002 trillion. Gainers outnumbered losers 180 to 153, while 26 stocks were unchanged.

“With no sign of weakness observed despite the technically overbought state, the 100-share index marched past another milestone of 25,000 points and concluded today’s session at an all time high of 24,871 points,” said JS Rsearch analyst Wasi M Khan. “Investors are actively participating in the market as witnessed by higher trading volumes, which indicates that the bullish tread is still intact. This is despite of today’s news flow that the government is unlikely to meet FY14 fiscal deficit target due to its inability to achieve revenue target and expected slippages in subsidy and interest payments.” 

The exploration and production, banking and cement sectors remained in the limelight. Main movers were OGDCL which established a new high around Rs 285 and POL which breached the Rs 500 level (Rs 502 high). He advised investors to book profits at higher levels as he expects a correction on technical basis.

The KMI 30-share index shed 89.71 points to close at 41,535.13 points as compared to 41,624.84 points. The KSE all-share index gained 33.18 points to close at 18,448.49 points after opening at 18,415.31 points.

“During the session market crossed the psychological level of 25,000 points,” said Topline Sec Senior Manager Research Asad I Siddiqui. “Market participation was on the higher side with volumes increasing to Rs 11.1 billion, up 17 percent.” 

Bank Al-Falah was the volume leader in the market with 35.59 million shares as it closed at Rs 25.82 from its opening at Rs 25.31, gaining 51 paisas. NBP traded 21.27 million shares and closed at Rs 55.90 as compared to its opening at Rs 54.43, rising 47 paisas. PTCLA traded 15.40 million shares as it closed at Rs 30.33 as compared to its opening at Rs 30.34, shedding one paisa. Fauji Cement traded 15.13 million shares as it closed at Rs 13.87 after opening at Rs 14.02, falling 15 paisas. (DailyTimes)

Friday, October 11, 2013

SECP facilitates companies on the election of directors

The election of directors of the companies is held in general meetings, on completion of the term of office of directors after every three years as laid down in Sections 178 and 180 of the 1984 Companies Ordinance.

The SECP has received many queries from the companies that the date of election of directors coincides with the forthcoming Eid-ul-Adha holidays. The SECP in this regard clarifies that if the date of election of directors of a company overlaps with the holidays, the company can hold the election of its directors immediately after the official holidays.

Besides the election of directors, if any other requirement of the Companies Ordinance, which is time-constrained and its deadline coincides with the holidays, the companies are advised to comply with the respective statutory requirement, immediately after the holidays.

The SECP has taken this decision to facilitate companies and encourage participation of maximum shareholders in the general meeting convened for election of directors.


Saturday, August 31, 2013

BoP’s profit up by 146% in 1H of 2013


The Bank of Punjab (BoP) has posted 146 percent yearly increase to Rs 1.00 billion profit after tax (PAT) in first half of 2013 as compared to Rs 405.5 million PAT in the same period of last year. The company’s earnings per share (EPS) increased to Rs 1.90 in first half of 2013 as compared to EPS of 77 paisas in the corresponding period of 2012, according to the company’s notice sent to the Karachi Stock Exchange on Friday. The company announced its financial results for half year and second quarter period that ended on June 30, 2013, where the company’s board of directors has not recommended final cash dividend and bonus shares to its shareholders for the half-year period that ended on June 30, 2013. However, on quarterly basis the BoP witnessed a massive increase in profitability by 155 percent to Rs 672.9 million PAT with EPS of Rs 1.90 in second quarter (April to June) of 2013 as compared to Rs 268.1 million PAT with EPS of 51 paisas in the corresponding period of last years. 
The deposits of the bank also jumped by 11 percent in first half 2013 to Rs 295.7 billion while it stood at Rs 266.1 billion in the corresponding half of 2012. Equity of the bank for the first half period that ended on June 30, 2013 stood at Rs 13.3 billion, registering a growth of 7.0 percent over the total equity in the first half 2012 of Rs 12.4 billion. 
The bank’s profit before tax witnessed 66 percent increase in first half of 2013 to Rs 1.5 billion when compared to Rs 602.2 million in the same period last year. However, on quarterly basis it increased by 166 percent to Rs 1.1 billion in second quarter of 2013 if weighed against Rs 389.5 million in the same quarter
of 2012. (DT Report)