The last day of business week Friday was the fourth consecutive day in Karachi Stock Exchange when bourse witnesses bullish activities where self-assured investors remained busy in share trade frequently and propel the market to land into positive column at the closing time which gained 3.7467 per cent following the buying in leading scrips by government institutions as well as local investors. The Karachi Stock Exchange’s benchmark KSE-100 index gained 194.20 points to close at 5,377.42 points as compared to 5,183.22 points on Thursday. Volume remained at 190,797 million shares significantly downward compared to Thursday which is far below the average of 250 million shares traded daily last year. The market opened on Friday with positive note and gained near 100 points within hour but within first session the bourse went down slightly on account of profit taking tactics of traders while the second session the bourse further gained some points and at the closing time of the market achi...

KARACHI: Stock market listed companies have been allowed to use securities market price as fair value for making the financial statements for the period ending December 31, 2008. Securities and Exchange Commission (SECP) said that the companies could use stock exchange listed securities’ market price as fair value for the financial statement made for the period ending December 31, 2008 and in the wake of it the profit or loss incurred would be resolved under IAS-39.

KARACHI: Active participation of investors in banks, oil and fertiliser scrips and NIT State Enterprise Fund helped the Karachi stock market to maintain the bullish trend on Thursday. The Karachi Stock Exchange (KSE) 100-share index gained 43.29 points to close at 5,183.22 points as compared to 5,139.93 points traded in the previous session. The KSE 30 index also increased by 89.17 points and closed at 4,961.95 points as compared with 4,872.78 points of the previous session. The KMI 30 index also went up 35.13 points and closed at 6,894.75 points as against 6,859.62 points of the previous session. The market turnover rose 42.17 percent and traded 143.88 million shares as compared to 248.80 million shares traded in the previous session. The overall market capitalisation added 0.48 percent to close at Rs 1.645 trillion as compared with Rs 1.637 trillion traded in the previous session. Out of 288 companies, 97 closed in the positive zone, 185 in negative while six remained unchanged. Anal...

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Wednesday launched “Business Performance Index”, the first of its kind in the history of the country. FPCCI President, Tanveer Ahmed Sheikh announced the launching of the index at Federation House in a ceremony, which was attended by the business community. Talking to media, FPCCI President said that the index has been launched to project transparently the business activities in the country and hoped that it would be distinguished one in achieving its objectives. Highlighting the features of the index, he said it would determine the quantum of cedit off take by the private sector, foreign direct investment, collection of sales tax and forex reserves position of the country. He informed newsmen that on fifth of every month, the details of the index would be announced and it would also forecast the future prospects of the exports and imports of the country. He said that the information to be available on the index ...

The Securities & Investment Institute (SII) is for the first time ever launching its suite of qualifications in Pakistan. The SII, the membership body for those who work in the securities and investment industry, has launched its Education Programme for the Capital Markets with the Karachi Stock Exchange (KSE) as part of the KSE's Education Programme for their Capital Market Participants. Taster training sessions were made available recently, run by one of the SII's Accredited Training Providers, the College of Accounting and Management Sciences (CAMS) in Karachi. The launch follows a series of roadshows and presentations to leading broking, investment houses, banks and universities which the SII has been offering over the past month with CAMS and its other training providers, USM and IFIS. The SII's accredited training providers in Pakistan have begun offering face-to-face training courses to the Capital Markets for the SII's Risk Management, Certificates in Securi...

KARACHI: Structured Solutions (SS) has agreed to cooperate with the Karachi Stock Exchange (KSE) in marketing Pakistani indices outside the country. Structured Solutions will market KSE indices abroad, especially in Western Europe, to find potential licensees who are willing to launch structured products, ETFs (exchange-traded funds) and other financial products, stated a KSE statement issued here on Tuesday. The cooperation is based on marketing of existing indices calculated by the KSE and Index Development, and marketing of new indices which will be tailor-made for investment banks to launch structured products and other financial instruments. Structured Solutions AG is a leading consulting company in the structured product business in Germany and Western Europe. It provides structured products for institutional investors and has a joint venture with Boerse Stuttgart AG, one of the largest derivative trading platforms, concerning the index platform S-BOX.

By Muhammad Yasir KARACHI: The prolong gloom and doom at the Karachi Stock Exchange (KSE) has wiped out government’s revenue by around 87 percent at the end of first half of 2008-09 compared to the same period of previous fiscal year. According to the data made available to Daily Times, the Regional Tax Office (RTO) Karachi has witnessed sharp decline in tax collection from equity market on direct tax accounts. The overall tax generation stood Rs 241.866 million in 1HFY09 as compared with Rs 2.010 billion tax revenues collected in 1FY08 by RTO Karachi. The tax collection on the account of Withholding Tax (WHT) has been Rs 152.284 million during July-December 2008. RTO has received around Rs 1.045 billion taxes under the same account and in the corresponding period last fiscal, showing 85 percent reduction year-on-year basis. Only in December 2008, the same tax has been recorded Rs 217.146 million as compared with Rs 1.078 million in the same month of previous year, depicting almost 100...