KSE 100 index falls psychological level of 12,500 points

The bear-run entered third day on Thursday, with the KSE 100-share index falling under the psychological level of 12,500 points, owing to profit-booking by the investors in the scrips of the blue chip companies across the board.

Limited foreign interest, concerns over rising fiscal deficit affected the investor sentiment despite value buying of selected scrips on expectation of strong earnings announcements

The Karachi Stock Exchange's benchmark 100-share index closed at 12,411.81 points after losing 165.74 points. The index had ended at 12,577.61 on Wednesday.

According to daily market statistics, volumes shrunk to 183.61 million shares from 188 million shares traded previously. KSE market capitalization amounted to Rs3, 358.14 billion or $39.18 billion. Total ready market value was recorded at Rs7.57 billion or $88.34 million.

The market data showed that KSE 30-index closed at 12,115.84 with massive decline of 210 points or 1.70 per cent. KSE future volume came at 11.67 million while future value was at Rs1, 477.78 million, showing a spread of 5.21 per cent.

According to market expert, low volume price erosion forced substantial decline in stock values. Corporate support in specific stocks besides restricting the losses in the benchmark to 1.7 per cent, technical recovery provided volumetric trading opportunities, mainly the stocks those witnessed maximum decline during intraday trade.

Expert said that gloomy economic, financial and political horizon and absence of update on leverage yet again kept the investors in search of bottom, which stayed away from the sight in case the process of leverage introduction faces delay.

This sentiment kept the sellers cued-up at market rates, fearing roll-over pressure and post result sell-off next week in case main board stocks fail to match over optimistic payout expectation of the investors , and then likely increase in interest rate in policy review in last week of running month have left no cue for positive activity, other then technical pull back, wherein the market men will target off-loading in various comparatively illiquid speculative stocks, unable to invite buyers during bear-run.

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

THK Associates (Private) Limited: Shares Registrar

THK Associates (Pvt) Limited was formed in 1989. The company is engaged in providing specialized services relating to the corporate sector and in particular acts as share transfer agent for a number of companies. THK Associates (Pvt) Limited is one of the leading service provider of Share Registrar, Transfer Agent, Balloters for IPO’s and Share Accounting Services and is managed and run by a set of professionals having indepth knowledge and expertise of organizing and managing diversified corporate activities including depository related Share Registrar activities. THK Associates (Pvt) Limited, previously an associate of KPMG Taseer Hadi & Co., has been restructured in terms of requirements of Clause XL of the Code of Corporate Governance and the shareholding of THK partners has been divested in the year 2004. Mr. Yunus Dawood, Chief Executive of DYL Motorcycle Limited, a shareholder and Director was appointed as Chairman of the Company in 2008. Mr. Javed Iqbal, former Chairman an

Stocks Observer. com

Search This Blog