The Karachi stock market ended more than 1 percent lower on Monday as a potentially destabilising dispute between the Supreme Court and the president over judicial appointments worried investors. Moreover, expectation of rising confrontation between the leadership of the PPP and the PML-N also affected the market sentiment. The Karachi Stock Exchange (KSE) benchmark 100-share index, which opened in the red zone with a loss of 78.44 points, ended 1.06 pc, or 104.06 points, lower at 9,701.81. Volume was at a one-month low as 78.86m shares were traded. The volumes were thin and stood at 132m shares, 40 percent lower than Friday’s volume. The government officials meeting with the IMF personnel, for the release of IMF’s fifth tranche was unable to boost investors’ interest. Institutional investors’ participation was quite low as political uncertainty forced them to stay in the sidelines. Nevertheless, individuals continued to participate in the market mainly in sideboard stocks like TRG,...

Securities & Exchange Commission of Pakistan (SECP), in exercise of its powers conferred under sections 282 E & F of the Companies Ordinance, 1984 has superseded the entire Board of Directors of Innovative Investment Bank Limited (IIBL) including its Chairman and appointed Mr. Khalid Sherwani as Administrator with effect from January 28, 2010. Mr. Sherwani as Administrator of IIBL shall exercise all the powers vested in Chief Executive and the Board of Directors to manage the affairs of IIBL. Mr. Sherwani is a former President of Allied Bank Limited (ABL), United Bank Limited (UBL) and Managing Director of House Building Finance Corporation. Mr. Sherwani, having 39 years of diversified experience at his credit, is ranked amongst the country’s top bankers for his independent professional approach. His major achievement include the recapitalization, functional restructuring and turn around of UBL and ABL. He is expected to put in all reasonable efforts for restructuring of IIBL ...

The Karachi Stock Exchange ( KSE ), which gained 146.93 points last week, lost 149.07 points this week and closed at 9,774.07 points; failing to achieve 10,000 psychological level despite touching it twice this week amid uncertainty over the implications of the detailed verdict on NRO . The average turnover remained 207.882 million shares as compared to 157.020 million shares of the previous week; up 50.862 million shares. On the other hand, the KSE 30-index also lost 188 points and closed at 10285.97 as compared to 202.27 points gain in previous week. Bears overwhelmed the market for three days while bulls dominated the equity for two days only. The bourse started business on Monday with negative note when KSE 100-index shed around 28 points. On Wednesday and Thursday, market also lost heavily as KSE shed 50, 151 points respectively. Local investors opted for panic selling on Thursday on renewed concerns over judiciary action after NRO detailed judgement. Though, bourse lost almost...

The Karachi Stock Exchange ( KSE ) continued the upward march on the last trading day of the week as benchmark-100 index crossed 9,900 points level after a gap of 17 months. The local equity market kicked-off the day in green zone and the trend lasted till the closing. KSE-100 index touched intraday highest level of 9,969 points during the session. Foreign players remained bullish in energy and banking stocks while local investors also preferred buying ahead of December result announcements on expectation of record results for banks, fertilizer and oil/gas sectors. Stocks ended 121 points above at 9,923 points. Market turnover inched up to 204 million shares while PTCL was witnessed as the volume leader, up Rs0.71/share to close at Rs20.20.

Mr. Zubyr Soomro was elected as Chairman of Karachi Stock Exchange (KSE) for the term commenced from January 01, 2010. The unanimous decision was taken at the first meeting of re-constituted Board of KSE, which was held today. Mr. Zubyr Soomro is a career banker having worked for 36 years with Citibank across multiple boundaries, roles and assignments. Mr. Soomro also served as Chairman & President of United Bank Limited from 1997-2000. He has aproven track record in turning around public-sector organizations. Due to this attribute, among many, he simultaneously has extensive experience in working and dealing with regulators and governments and he is often approached by top financial managers representing the government for his expert advice. Recently, Mr. Soomro has established a financial services consultancy firm by the name of ‘Hikmah Consulting’ where he is engaged as a ‘Consultant’. Earlier, one re-elected and four newly elected member directors of KSE took charge for the ...

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...

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 point...