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The members of the Karachi Stock Exchange on Tuesday elected five directors to the board of the exchange for a one year term beginning Jan 1, 2009. In all nine candidates were in the run. The KSE said that 158 of the 200-member strong fraternity of stock brokers participated in the annual elections. The successful candidates with number of votes secured by each (in parentheses) were as follows: Muhammad Yasin Lakhani (134), Munir M. Ladha (130), Zafar S. Moti (112), Haji Ghani Haji Usman (106), and Asad Iqbal (73). As provided in the Articles of Association of the KSE, four non-member directors would now be nominated by the Securities and Exchange Commission of Pakistan for the next term and the chairman shall be elected by the board from amongst those non-member directors. The Managing Director, Adnan Afridi, by virtue of his office, would be the 10th director on the board.

The Karachi stock market’s index remained unchanged on Tuesday amid concerns among investors over liquidity crisis and prevailing law and order situation in the city, analysts said.The Karachi Stock Exchange (KSE) 100-share index was unmoved at 9,187.10 points. The KSE 30 index and KMI 30 index were motionless at 9,981.93 points and 11,224.18 points respectively. The market turnover gained 93.13 percent and traded 0.197 million shares as compared to 0.102 million shares traded in the previous session. The overall market capitalisation remained unchanged at Rs 2.820 trillion. Out of 11 companies, five closed in positive zone, one in negative while five remained unchanged. Analysts said depressed activity continued as the bailout package to support the market fell short of funds and KSE’s request to SECP for lifting of floor on funds availability failed to attract investors. They said finally the update on the issue of ‘unfreezing’ got an official backing as participants were briefed on

The Karachi Stock Exchange (KSE) has extended the suspension period of 15 companies for 60 days upon failing to comply with required regulations. According to a notice of KSE on Tuesday, the action has been taken to protect the interest of trade and public. KSE management will remove the suspension after these companies comply with the requirements. These companies are First Tawakkal Modaraba, Kohinoor Looms Ltd, Mian Sugar Mills, Tawakkal Garments Industries, Zahur Textiles, Tawakkal Polyester Industries, Tawakkal Ltd, Standard Insurance Co, Ayaz Textiles Mills, Mohib Exports Ltd, Data Agro Ltd, Muslim Ghee Mills Ltd, Ittefaq Textile Mills, Harnai Woolen Mills and Bela Engineering Ltd. staff report