Karachi Stocks closes early due to glitch

The Karachi Stock Exchange closed early on Friday, after the board was forced to cancel the day's second session due to a power supply problem.

KSE director, Asad Iqbal said the outage meant members in the exchange were unable to use the Karachi automated trading system (KATS), while those operating from remote sites were able to access KATS. "It needs to be a level playing field for all, so the second session has been cancelled," Iqbal said.

"The rule is that if more than 20 percent of KATS are out of operation, then trading is suspended." Iqbal further said.

The benchmark 100 shares index KSE stood 1.29 percent higher, up 73.07 points at 5722.56 at the unscheduled close on Friday.

The market was reeling earlier this week from fears of a brewing political crisis. Former prime minister Nawaz Sharif, leader of the country's second largest party, called for people to protest after he and his brother were barred by the Supreme Court on Wednesday from contesting elections and their party was ejected from power in Punjab province.

Comments

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

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

Dewan Motors launch electric cars in a glorious ceremony

By Abdul Qadir Qureshi (Pakistan News and Features Services) Way is paved for assembling and later gradual manufacturing of electric cars and bikes in Pakistan with the launching of electric cars by the Dewan Motors Limited (DML), a reputed name in the automobile sector, at a glorious launch ceremony at the Convention Centre of DHA Golf Club on June 4. The Chairman of Senate, Syed Yusuf Raza Gilani, also a former Prime Minister, was the guest of honour as hundreds of participants from various walks of life celebrated another remarkable achievement by Pakistan. Speaking on the occasion, he acknowledged and applauded the ground breaking initiative undertaken by the Yousuf Dewan Companies (YDC) in the automotive sector. “The establishment of a state-of-the-art vehicle assembly plant equipped with cutting-edge robotics technology, signifies the strength and capabilities of the company,” he remarked. He was confident that, based on its reputation and track record, the YDC will not o

Stocks Observer. com

Search This Blog