KSE 100 index gains 182 points: hopes of leverage products approval

The Karachi stock market closed at more than a 30-month high Thursday on strong valuations in the scrips of oil and gas and fertilizer sectors across the board, ahead of earnings announcement session.

Bullish sentiments continued to hit retail and institutional investors in an anticipation of early approval of leverage products by the Security and Exchange Commission of Pakistan.

The Karachi Stock Exchange’s benchmark 100-share index ended 1.50 percent, or 182.63 points, up at 12,323.47, its highest close since June 2008. The index had closed at 12,140.84 on Wednesday.

Volumes stood at 144.29 million shares against 168.22 million shares of Wednesday. Market capitalization amounted to Rs3, 336.28 billion or $38.89 billion. Ready market value accounted for Rs7.91 billion or $92.17 million.

The KSE 30-index surged by 1.46 per cent or 171.15 points to close at the level of 11,888.43. KSE future volume came at 7.83 million shares while value stood at Rs1, 189.35 million with 1.12 per cent future spread.

According to a market report, the local participants despite positive sentiments, stayed cautious, as depicted by declining trend in the turnover, nevertheless oil heavy weights made sure that the benchmark continues the trend of testing new highs of recent times.

The leading stocks for oil and gas exploration stocks reinvited aggressive influx that not only pulled the bazaar from going into stagnation, massive rate appreciation gave the daring day traders ample trading opportunity, although the momentum did carry a color of speculative activity, various rumors regarding discoveries and high off-shore influx did allow the stocks to trade at new highs of recent times.

Weighing the pros and cons of the likelihood of rollback of the fuel price increase, its tough financial implications on fiscal if the price hike is undone, and political repercussions if the decision of rollback is not executed, kept the local participants in a confused mode, adding to the uncertainty and nervousness was the objection raised by senate committee on the appointment of the new Security and Exchange Commission of Pakistan Chairman, thus restricting the investment horizon, despite aggressive support by the index heavy weights. (Nation)

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