Stocks Observer. com

KARACHI: Meezan Bank Limited (MBL) and Asian Development Bank (ADB) recently signed a trade accord in order to facilitate the opening of Letters of Credits. Under the agreement, the Asian Development Bank would indirectly confirm Meezan Bank Letter of Credit. ADB would effectively act as a guarantor for import LC’s established by Pakistaani businessmen, thereby facilitating Pakistani trade transactions. The facility would provide much needed support to Pakistani importers in these challenging times for the global economy. The agreement was signed by M. Saleem Khan, Regional Manager-North and Mustafa Rabbani, Area Manager, Islamabad on behalf of MBL and Rune Stroem, ADB’s Country Director signed on behalf of ADB. Meezan Bank Limited is the largest and fastest growing Islamic Bank of Pakistan with its branch network of 166 branches in 40 cities across Pakistan.

* 100-share index sheds 11.52 points n 30-share index loses 22.38 points KARACHI: The Karachi stock market closed lower on the last day of the trading week Friday as investors preferred profit-taking. The Karachi Stock Exchange (KSE) 100-share index shed 11.52 points or 0.16 percent to close at 7,276.61 points as compared to 7,288.13 points of the previous session. The KSE 30-share index lost 22.38 points and closed at 7,862.85 points as compared with 7,885.23 points. The KMI 30 index also decreased by 48.70 points to close at 10,609.34 points as against 10,658.04 points. Analysts said that other major issues that affected market sentiment included fall in international equity markets and security concerns in the country. The market turnover went up by 21.99 percent and traded 188.83 million shares as compared to previous session’s 154.78 million shares. The overall market capitalisation declined by 0.13 percent and closed at Rs 2.156 trillion as compared to Rs 2.159 trillion traded in...