KSE shrugs off violence in Karachi

Positive activity was witnessed at the stock market on Monday as the PPP as well as the MQM decided for joint action against target killing in Karachi. Dealers said that investors bought shares on hopes of strong corporate results and shrugged off the factional violence in the country’s commercial capital.
The KSE 100 index continued its march, although slow, towards the desired five-figure level. It seems market participants are cautious, keeping options open for retrieval to minimize the possible losses in case of reversal at the bourses.
Stock market analysts observed that the investors discounted the political situation after couple of violent days in Karachi where the prominent coalition partner of the government threatens to leave the coalition, and political chess board may take a shift, which may affect the investment climate, they added.
The KSE 100 Index opened in green zone with a gain of 39.31 points and at the end of the day closed at 9,797 level with a gain of 20.79 points. KSE 30 index closed at 10329.24 level with a gain of 39.97 points.
All shares index closed at 6942.43 level with a gain of 11.51 points.
Trading activity was minimal as compared to the last trading session as the Ready market volume stands at 178.320mn as compared to last trading session 227.130mn. Future market volume however stands at 1.602mn shares as compared to 1.708mn shares last trading session.
Market Capitalization stands over Rs. 2.811tr, as total trades increases to 105,474 as compared to last trading session 105,315, while 171 companies advanced, 213 declined and 18 remained unchanged.

Comments

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 f

Chairman SECP Reaffirms Commitment to Facilitate Businesses

The Securities and Exchange Commission of Pakistan (SECP), as part of its efforts to promote ease of doing business through meaningful stakeholder engagement, held an interactive virtual session with representatives of Overseas Investors Chambers of Commerce & Industry (OICCI). The session was chaired by the Chairman SECP, Aamir Khan, who briefed the participants about recent improvements in the regulatory ecosystem and highlighted some key changes, including introduction of digital certificate of incorporation, creation of special portal for banks to facilitate account opening, digitization of account opening process for resident and non-residents for investment in the capital market etc. These reforms have greatly improved efficiency of processes, which have been duly reflected in country’s global rankings. During the session, the Chairman apprised the OICCI’s representatives about SECP’s future endeavors in this regard to simplify regulatory requirements, reduce compliance c

Sohail Wajahat Siddiqui made new Chairman of PSO

The Ministry of Petroleum and Natural Resources has notified appointment of Sohail Wajahat Siddiqui as chairman of the board of directors of Pakistan State Oil (PSO) . Siddiqui has replaced Nazim F Haji with immediate effect. Sohail heads Siemens Pakistan Engineering Company Limited as its Managing Director and Chief Executive Officer. He has served as the president of the Overseas Investors Chamber of Commerce and Industry (OICCI) and also served as chairman of Pakistan Red Crescent Society, Sindh. Siddiqui has also served as board member of Pakistan Steel. He is also the founding member of the Pakistan Business Council. In recognition to his contribution towards the national cause, he has been awarded Sitara-e-Imtiaz. (The News)

Stocks Observer. com

Search This Blog