Karachi Stocks at a standstill with low trading turnover

The Karachi stock market witnessed a low turnover once again on Thursday with the absence of positive sentiments that drive the activities of share trading, analysts and brokers said.The Karachi Stock Exchange (KSE) 100-share index remained unchanged for the fourth consecutive trading session at 9,184.09 points. The KSE 30 index and KMI 30 index also remained fixed at 9,981.93 points and 10,003.99 points respectively. The turnover dipped 40 percent and traded 0.109 million shares as compared to 0.182 million shares traded in the previous session.

The overall market capitalisation remained unchanged at Rs 2.826 trillion. Out of 13 companies, four closed in the positive zone, one in negative while seven remained unchanged. Analysts said that it is expected that the unjustified freezing would be lifted on December 1 and the market bailout fund of Rs 50 billion would attract foreign investors back to the arena, but it is uncertain whether they would opt for buying or selling. Chances are of selling. Analysts said the current situation of the market during the last couple of weeks has disheartened many investors as most of them have sought better areas of investment like property and money market.Investors are not even sure that the market’s bailout plan of Rs 50 billion would come into affect as up till now institutions do not seem prepared for funding.

National Assets was the volume leader in the share market with 60,500 shares as it closed at 47 paisas after opening at 42 paisas losing five paisas. Bal Glass traded 10,000 shares, closing at Rs 3.90 after opening at Rs 3.90. Gharibwal Cement traded 10,000 shares as it closed at Rs 17.59 after opening at Rs 17, gaining 59 paisas. Mukhtar Textile traded 8,000 shares as it closed at 62 paisas after opening at 53 paisas, adding nine paisas. Habib -ADM Ltd traded 1,500 shares as it closed at Rs 9.70 after opening at Rs 9.70. Dewan Auto traded 1,000 shares as it closed at Rs 1.45 after opening at Rs 1.45. No trading activity was observed in the futures market.

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